Hello May,🌷and hello home 🏡 sellers in Fairfield, Westport, and surrounding towns!

I know many of you are thinking of making a move but may be trying to figure out the best timing. We are still in a seller’s market, and here’s what you need to know.

The charts below show a summary of what happened in the month of April this year compared to 2022 and 2021. And my What Sold Reports show what single-family homes sold in April 2023 in Fairfield and Westport Connecticut.

Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall markets in Fairfield and Westport. Here are four key points to understand about the market this April:

• New Listings – are DOWN from the previous two years at this time but have been increasing since January.
• The Median Sale Price – is UP from the past two years and from last month.
• Pending Sales – are DOWN in April compared to April 2022 and 2021.
• Months of Supply is UP.

There are multiple offers on some properties, while others receive just one. Some homes are selling on average, close to the asking price. This means some are selling for full price, and some above and others below. The time on market from list to contract is between 50 and 60 days in Fairfield and Westport, respectively, which is up from about 30 to 45 days last April. So buyers are enjoying a little more time and leverage in some cases. It depends on the level of activity on the individual property.

Bottom line: Now is a great time to sell! The inventory is low but has been increasing since January, so listing your house now gets you in front of buyers before peak competition. As a buyer, you have a little more time to make a decision than you did last year, and new homes are coming to the market each day.

FAIRFIELD

Fairfield April New Listings: DOWN 19.3%

Fairfield April Median Sale Price: Up 8.6%

Fairfield April Pending Sales: DOWN 27.8%

Fairfield April Months of Supply: UP 4.5%

WESTPORT

Westport April New Listings: DOWN 1.9%

Westport April Median Sale Price: UP 20%

Westport April Pending Sales: DOWN 40%

Westport April Months of Supply: UP 52.2%

So when you are buying, you want to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!

Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.

Hello Spring 🌸! Where are prices going?

I know many of you are thinking of making a move but may be hesitating due to uncertainty. Of course, no one has a crystal ball for the future, but the charts below and the What Sold Reports show what happened with single-family homes March 2023 in Fairfield and Westport Connecticut.

One thing we know is that the low inventory environment will not be changing anytime soon. Also of note in the following Fairfield and Westport graphs is that the months of supply peaked in June last year. So, if this year follows suit, June will be the time of highest competition for sellers and the most choice for buyers. Feel free to reach out to me for values in additional towns.

FAIRFIELD PRICES & INVENTORY

The median (midpoint) sale price was down 3.1% in March compared to March 2022 (first graph), however it has been increasing since January. This is likely the result of more smaller homes selling. The average price per square foot actually increased 12.9% (second graph)! Smaller homes tend to sell for more per square foot, and prices may be heading upward as well. Lastly, the inventory has remained incredibly low with only 1.8 months of supply (third graph). This low level is the same as last year at this time. A balanced market has 5-6 months of supply!

Fairfield Months of Supply 2.5 UP from 2.1 in March 2022

WESTPORT PRICES & INVENTORY

The median sale price was also down in Westport, by 18.5% from last March (first graph). But the sale price per square foot was up 4.9% suggesting price increases (second graph). The months of supply did improve by 3.8% since last month but still remains low at 2.7 months (third graph).

Tight Inventory and Strong Buyer Demand Continued

We saw some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. However, this leverage was only on a a case by case basis.

Due to the tight inventory, many homes still sold very quickly and with multiple offers.

So when you are buying, you want to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!

Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.

Happy March! Has spring fever 🌸 hit you yet?

I know many of you are thinking of making a move but may be hesitating due to uncertainty. Here’s what’s happening in Fairfield and Westport, Connecticut. Reach out to me for values in additional towns.

Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers when comparing February 2022 vs February 2023 market stats. (March numbers will be out soon.)

FEBUARY 2023 MARKET HIGHLIGHTS

New Listings & Sales Volume: DOWN In Both Towns

New listings were down 27% in Fairfield and 49% in Westport which limited the sales volume. Unit sales were down 53% in Fairfield and 42% in Westport. Average days on the market also increased in both towns.

Price Per Square Foot: UP in Both Towns

Although the Fairfield median and average sale price metrics were down this February, the average sale price per square foot was up! When you look at what sold this February, you can see that more smaller homes sold (average square foot =1,741) and only one sale was above $1M compared to last year. In February 2022 the average size home that sold had 2,215 square feet, and there were seven sales between $1M and $3M. So it appears to be more about the mix of homes that sold that resulted in the appearance of prices decreasing in Fairfield.

In Westport, prices were up any way you look at it!

Tight Inventory and Strong Buyer Demand Continued

We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. However, this leverage was spotty and remained only on a a case by case basis.

Due to the tight inventory, many homes still sold very quickly and with multiple offers.

So when you are buying, you want to to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!

On a national note, the experts predicted that prices would remain relatively stable by the end of 2023 followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!

Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.

It’s February, but March is Just Around the Corner!

The January numbers are in, so where do things appear to be going at the moment? I know many of you are thinking of making a move but may be hesitating due to uncertainty (see 3rd video below). I will keep you abreast of home values in Fairfield and Westport Connecticut each month here on the blog. Reach out to me for values in additional towns.

Since we are starting a New Year, I pulled the report showing 12 months ending in January compared to the same timeframe the previous year. Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers.

Home values were up.

The median and average sale prices were up as well as the average sale price per square foot in both towns compared to the 12 months ending in January 2021.

Inventory and new listings were down, putting upward pressure on prices. Homes sold on average for 102% of the list price, compared to 100% in the previous year.

In favor of buyers, unit sales and contracts were down. We have seen some opportunity for buyers to have a little more time, choice, and negotiating ability depending on the demand for the particular property. This leverage is very much on a case by case basis.

Due to the tight inventory, many homes are still selling very quickly with multiple offers. So buyers should be prepared with a mortgage pre-approval or proof of funds so they can make an offer quickly if they see a home that they like.

Below are my market comments for the last week in January and second and third weeks in February. (Click each image for the 60-second videos on Instagram). We saw an increase in new listings, but the accepted offers far exceeded this count! 🤷‍♀️ So we need new listings! 🏡 🏠 🏡

On a national note, the experts anticipate prices to remain relatively stable followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!

Reach out to me anytime with your questions about the market and to talk about your plans. Not sure about your move yet? Please refer your friends to me using the form below.