Chief Economist for NAR (National Association of Realtors®) just gave a one-on-one interview with Chris Raveis for all William Raveis agents (early April 2023) , and he had some key takeaways.
💡The rates of sales should pick up as the year goes on.
💡New construction starts have risen for three consecutive months on a nationwide scale.
💡Mortgage rates have improved since last month.
💡The gap between the current rates and what many homeowners have now is narrowing.
💡His advice?
🏠Sellers: It doesn’t matter when you sell- if you sell high, you will buy high, and vice versa. So you should act based on your lifestyle needs.
🏡Buyers: The key is to get into the ownership ladder if you’re not already. You should also act based on your lifestyle needs, and if rates improve, refinance later.
New home for sale with a pool in the Fairfield, Connecticut Beach Area: 21 Rhoda Avenue, Fairfield, CT 06824!Click the image below for a quick video preview!
UPDATE: HOME SOLD OVER ASK FOR $2,225,000. CONGRATULATIONS TO MY SELLERS!! 🎉🎉
Get ready for pure joy! Move into this fabulous beach-and-town home and let the pool party begin!
Set on one of the most coveted streets a few blocks from the beach, within walking distance of the downtown train, and about an hour from NYC, you will relish your new home. Vibrant new landscaping with roses and custom greenery welcomes you. Take in a view of your treasured neighborhood from the spacious covered front porch before heading inside. The elegant foyer draws you into the open flow and stunning spaces.
Create a meal or snack in your white kitchen with a marble island and high-end stainless appliances. Enjoy it in your chic dining room or out on the deck overlooking the pool. After a day at the beach or in your heated pool, you can cozy up to the gas fireplace in the family room. Work hard in the study then unwind in the great room or poolside, on the patio.
Five bedrooms can accommodate everyone comfortably. The sumptuous primary suite includes a spacious spa bath and walk-in closet. Three more bedrooms, two guest baths, and a laundry room complete the second floor. The newly finished third level offers all the options you need. A fifth bedroom, extra family room, gym, office, and studio are a few ideas.
Check all your boxes here with the perfect location, space, and pool for the summer. Did I mention the home is FEMA-compliant with transferrable flood insurance for just ~$350/year?
The home that brings it all is Rhoda Avenue. Welcome to pure joy!
Each week there are specific days for each town when Realtors® can tour new listings on the market. Doing this enables us to help you best value your house when you’re ready to sell as well as guide your offer when you purchase.
I wanted to share three featured tours with you, because they are so special and completely different from one another! One is the bright condominium complex that is being constructed in the beach and downtown area. Another is a romantic antique in Greenfield Hill with property that dreams are made of, and the third is a grand and spectacularly renovated home near the Brooklawn Country Club!
Here’s a behind the scenes peek at The Reef at Fairfield Beach. The complex is within walking distance to the train, town, and beach and is comprised of nine townhouse-style units, each with elevator or elevator potential. One unit is under contract at the time of this post. (Click image for tour and tab through the clips.)
The next tour takes you back in time to an antique home in Greenfield Hill with this description in the listing introduction, “ENCHANTED GARDENS – With a magical setting created by renowned botanist and floral designer, Peter Stephens, this beautiful and enchanting 2.9 acre property is enveloped in secluded, private terraces, bubbling fountains, remarkable flower and vegetable gardens, whimsical secret vignettes and meandering pathways, garden sheds, barns (flowers, recreation, storage, poultry, ponies), twin paddocks, and meadows and river beyond.” Relax and enjoy the short video montage!
Last, but not least is a vintage home owned and decorated by an artist in the Brooklawn area of Fairfield. Brooklawn Park is a 69-lot subdivision that gets its name from the private sprawling Brooklawn Country Club founded in 1895. It was a prestigious development built in the early 1900s to serve the elite industrial businessmen at the time. The homes are palatial in size and each has its unique character.
If you would like more information or a tour of these properties, reach out to me using the form below!
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 Median Sale Price – March 2023 DOWN 3%
Fairfield Median Price Per Square Foot UP 14.2%
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).
Westport Median Sale Price – March 2023 DOWN 18.5%
Westport Median Price Per Square Foot – March 2023 UP 4.9%
Westport Months of Supply – March 2023 UP 3.8%
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.
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.
What keeps you up at night? 🛌 🥱 🏡 If it’s the house that you’re in, what about getting a new one? I know the current market presents its challenges, but doesn’t every market? 🧐 Yet, people make their moves during all times of year and in all markets.
In fact YTD as of today, April 16, 2023, a total of 215 home buyers and sellers made successful moves ➡️ in Fairfield and Westport. There are 167 additional happy people celebrating accepted offers. And there are 181 active and Coming Soon listings on the market ready for their next occupants. 🥳
Bridging the gap is not always easy, but it absolutely can be done. If you think a local move is hard, consider my client who was able to sell her home in California and buy her new home here in Southport. The timing is right on target for an end-of-April closing! You’ve heard the saying, ‘when there’s a will there’s a way’, right?
If your home is keeping you up at night, why not give me a call to see if we can move you and your bed to a better place! 📲203-912-4440.
Something OLD and something NEW were added to the Fairfield Connecticut market this week providing more of a range of options to buyers. I saw the Victorian home 🏡 on tour, and previewed the new construction near the beach 🌊 to share via WhatsApp with my client in LA.
Reach out if you would like to learn more about the local real estate markets and may be thinking about a move.
We had a great dinner and fun night at the new Gabagool Wine Bar in downtown Fairfield!
I had the salmon piccata and Mark had chicken parmesan, both of which were very good. We had the blueberry lemon cheesecake for dessert which was also delicious.
You will love the new bar and a fun Sopranos theme. The new chairs are also cushy and comfy. The owner, Antonio is the best, so come by with your appetite and leave with your mug shot!
We went back for Super Bowl Sunday and had the antipasto and spicy pizza. Both were delish! Thank you, Antonio!!!
The restaurant is located at 70 Reef Road, Fairfield Connecticut 06824
Fairfield and Westport CT Real Estate Guide 