What’s going on in our local Connecticut housing markets as 2022 comes to a close? What’s UP, what’s DOWN? Join me in following this weekly update of what happens in Fairfield and Westport, and you will know first hand!
FAIRFIELD Single-Family
Nov 28 – Dec 4
Dec 5 – 11
Dec 12 – 18
Dec 19 – 25
Dec 26 – Jan 2
NEW
6
REDUCED
2
ACCEPTED OFFERS
3
SOLD
17
AVG % OF ASK
99%
YTD MEDIAN SALE PRICE
$820,000
WESTPORT Single-Family
Nov 28 – Dec 4
Dec 5 – 11
Dec 12 – 18
Dec 19 – 25
Dec 26 – Jan 2
NEW
5
REDUCED
6
ACCEPTED OFFERS
2
SOLD
7
AVG % OF ASK
98%
YTD MEDIAN SALE PRICE
$2,011,000
Source: SmartMLS
DID YOU KNOW that people move all year long and in every market?
Last year in November and December of 2021, 195 people successfully bought or sold a single-family home in Fairfield and Westport, and in 2019 there were 159 single-family sales during these two months. So you shouldn’t feel like you have to wait around for spring if you want to be in your ideal home now.
The best time to sell is when the timing matches your life goals. You can absolutely do it any time of year and in any market!
If you’re feeling concerned about the market conditions but wish you could move on to the home that truly matches your needs and lifestyle, reach out to me now, and let’s have a conversation.
What’s really going on in our local Connecticut housing markets? Does it all boil down to supply and demand? Join me in following this weekly update of what happens in Fairfield and Westport, and you will know first hand! (Click each image below to view a quick Reel on Instagram.)
FAIRFIELD Single-Family
Oct 17 – 23
Oct 24 – 30
Oct 31 – Nov 6
Nov 7 – 13
Nov 14 – 20
Nov 21 – 27
NEW
14
14
8
8
8
1
REDUCED
11
12
7
11
7
2
ACCEPTED OFFERS
11
11
9
9
6
12
SOLD
22
9
13
6
9
9
AVG % OF ASK
98%
97%
98%
97%
98%
97%
YTD MEDIAN SALE PRICE
$810,000
$810,000
$820,000
$817,000
$815,000
$815,000
WESTPORT Single-Family
Oct 17 – 23
Oct 24 – 30
Oct 31 – Nov 6
Nov 7 – 13
Nov 14 – 20
Nov 21 – 27
NEW
8
9
15
6
5
1
REDUCED
4
5
3
5
4
1
ACCEPTED OFFERS
4
6
4
2
7
2
SOLD
3
5
8
1
6
4
AVG % OF ASK
98%
94%
96%
95%
98%
99%
YTD MEDIAN SALE PRICE
$2,050,000
$2,032,500
$2,050,000
$2,050,000
$2,050,000
$2,015,000
Source: SmartMLS
Nov 28: No one made a move in the middle of Thanksgiving and Black Friday, right? Actually they did! 27 happy parties made a big move with 14 accepted offers and 13 sold homes last week! Sale prices averaged 97% in Fairfield and 99% in Westport, so homes are selling close to asking price. Take a look at my quick video update.
Nov 21: Nothing happening the week before Thanksgiving, right..?
Observations: There was actually an UPTICK in accepted offers last week! The median sale price has been pretty steady in both towns in the last five weeks. It’s actually UP a bit in Fairfield from five weeks ago. Sale prices have been averaging 98% of asking, which is what we typically see in strong markets. New listings have been trickling in though.
So my takeaway is that we need more new listings!
DID YOU KNOW that people move all year long?
Last year, in November and December 2021, 195 people successfully bought or sold a single-family home in Fairfield and Westport, and in 2019 there were 159 single-family sales. So you shouldn’t feel like you have to wait around for spring if you want to be in your ideal home now.
The best time to sell is when the timing matches your life goals. You can absolutely do it any time of year and in any market!
If you’re feeling concerned about the market conditions but wish you could move on to the home that truly matches your needs and lifestyle, reach out to me now, and let’s have a conversation.
Oct 13: Observations: The biggest things that jump out at me right now are the price reductions and the ratio of the sale price to the asking price.
We saw ZERO price reductions for quite some time, but in the last four weeks we saw some. I still think these happened when sellers priced too optimistically versus pricing conservatively with comparable sales in the current market.
At the height of the frenzy, the sale/list ratio ran between 103% to 105%. In the last four weeks this ratio moved to the 95%-97% range which is closer to what we see in a more balanced market. Buyers had some opportunity to negotiate again in some cases. However, keep in mind there were still multiple offers and sales at and above the asking price as well.
The median sale price has been fairly consistent in both towns over the last four weeks.
Every market brings uncertainties, risks, rewards, and opportunities.
People always ask me if they should sell in the winter, or wait until the spring. Some say they think they should wait for various numbers to go up, or come down.
Should I Wait Until Spring?
The truth is, seasonal opportunities exist year-round. Yes, more sales typically occur in the spring, but there are also many more people simply browsing around for fun, and there’s much stiffer competition for sellers. Whereas in the winter, things may be cooler, but the buyers out looking are very focused and serious. People, in fact, have always moved all year-round!
I Think I’ll Wait Until the Numbers Change
Yes prices are high right now and interest rates have ticked upward. But rates are still historically low, and both prices and rates are forecast to increase further. Is it better to sit and wait to see if prices continue to appreciate over the next five years or more along with potentially higher rates? Or is it better to buy now, get into the home with the place and space that suit your current lifestyle, and enjoy the equity gains that have been predicted? The market will always fluctuate upward and downward, but real estate has proven to be a wise investment in the longterm. What is your quality of life worth?
It’s Too Overwhelming to Start Now
I may have given you more questions than answers here, but hopefully I’ve given you something to think about! If part of your concern is feeling overwhelmed with how to begin and all the steps to take, rest assured, I’ll be there for you to help make it all happen. In the meantime, here is a Buyer’s Guide and Seller’s Guide to answer many of your questions upfront. But don’t worry, you don’t have memorize it all, I’ve got your back!
So if you have the chance to sit it out or dance, I hope you dance! Joy and opportunity await! 🕺🏡 💃🏻🏡 🪩🏡 🩰
Good news in our local housing markets: Fresh New Listings to Choose From!
17 homes 🏡 Sold last week in Fairfield and Westport! There are 207 Available listings, 65 of which are New (less than 14 days old), plus 10 more are Coming Soon 🏃♀️, offering the opportunity for more people to find a new dream home 🎉!
Good news in our local housing markets! The spring market is in full bloom!
34 homes 🏡 Sold last week in Fairfield and Westport! There are 205 Available listings, 97 of which are New (less than 14 days old), plus 12 more are Coming Soon 🏃♀️, offering the opportunity for more people to find a new dream home 🎉!
NOTE, THERE WERE TWICE AS MANY NEW LISTINGS LAST WEEK THAN THE WEEK BEFORE! 👍🏻
20 homes 🏡 Sold last week in Fairfield and Westport! There are 156 Available listings, 48 of which are New (less than 14 days old), plus 11 more are Coming Soon 🏃♀️, offering the opportunity for more people to find a new dream home 🎉!
20 homes 🏡 Sold last week in Fairfield and Westport! There are 156 Available listings, 48 of which are New (less than 14 days old), plus 11 more are Coming Soon 🏃♀️, offering the opportunity for more people to find a new dream home 🎉!
21 homes 🏡 Sold last week in Fairfield and Westport! There are 169 Active listings, 56 of which are New (less than 14 days old), plus 8 more are Coming Soon 🏃♀️, offering the opportunity for more people to find a new dream home 🎉!
Here’s Some Good News in Our Local Real Estate Markets
23 homes 🏡 Sold last week in Fairfield and Westport! There are 168 Active listings, 31 of which are New (less than 14 days old), plus 7 more are Coming Soon 🏃♀️, offering the opportunity for more people to find a new dream home 🎉!
Hello, IT’S GOOD NEWS MONDAY, and I’M SHARING SOME GOOD NEWS 🌸 AND OPTIMISM🌻 WITH YOU! Feel free to share your good news in the comments.
There’s an easy way you can support Ukraine one loaf at a time!
Donate $100 minimum and receive a special Ukrainian stuffed poppyseed bread baked by my client’s friend at Yale School of medicine, Professor Irina Esterlis, Phd. Please send donations and bread orders to her at poppies4ukraine@gmail.com. Read the story and consider donating to one of the alternative charities here.
Support Ukraine, one loaf at a time!
Here’s Some Good News in Our Local Real Estate Markets
12 homes 🏡 Sold last week in Fairfield and Westport! There are 158 Active listings, 43 of which are New (less than 14 days old), plus 5 more are Coming Soon 🏃♀️, offering the opportunity for more people to find a new dream home 🎉!
Fairfield and Westport CT Real Estate Guide 