Fairfield and Westport CT Real Estate Guide

Local insights on buying, selling, and living in Fairfield County

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Last Local Housing Market Update for the Year, Plus Some Holiday Bloopers!

As we head towards the final holiday week before the New Year, I wanted to give you the current housing market snapshot.   I’ll give you the full-year summary once we are well into Q1 of 2015 and all the numbers are in.  So here’s the scoop for now-

Inventory of homes for sale was up in Fairfield (21%), Westport (16%) and Weston (6%) at the end of November compared to 2013.

Sales were down in Fairfield (-25%) and Weston (-30%), but up thirteen percent in Westport compared to November last year.

Even though sales dipped in Fairfield in November, the average days on market was 24% less than it was a year ago (99 vs. 131).  However the average market time was up nineteen and twenty percent respectively in Weston and Westport.

Click here to see tables with more detailed information. Let’s see what happens in the New Year.   My phone has been known to ring on January 1!

In the spirit of holiday entertaining fun, why not enjoy some cooking bloopers from Martha Stewart. Happy Holidays, and send in any questions or request you may have below!

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Linda Raymond, Realtor
William Raveis Real Estate
2525 Post Road
Southport, CT 06890
203-912-4440 direct


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Great Finds on Both Sides of Town!

Whether you know someone looking for a cute cape close to Black Rock Turnpike shopping and the new Fairfield Metro Center, or a proposed new construction on the beach near Fairfield’s bustling downtown scene and train, there’s a home for the taking!

Fairfield Metro StationHere are two featured properties for sale.  Scroll down for a link to browse all listings or request to have a search set up for you.

Beautiful Updated Cape, also for rent, in a super convenient location near ample amenities and the new train station! Some of the great features include three bedrooms, two full baths, vaulted ceiling family room with sliders, renovated kitchen, covered deck, central air, fully fenced and landscaped back yard with newly expanded shed and double driveways. Opportunity knocks!

A rare moment is here for you. Introducing Beach Life. Have your custom home built by world class craftsmen on a spectacular near-third acre stretch of beach with mature trees and high dunes! Deep sandy beach and 51 feet of beach frontage at the coast’s curve offer expansive views of the entire shoreline. Dreamy vistas of changing light, tides and the iconic Penfield Light House never lose their magic. Other multi-million dollar new homes nearby add to the great value and good company. Your home will be finished on three levels with a spacious carport underneath for two cars plus extra multi-use space and plenty of expansion potential. One of the very deepest and highest sections of beach five minutes from town, restaurants and train, and an hour from Manhattan is where you will call home. Get ready for your new beach life to begin!

Photo Oct 30, 11 37 20 AM    Photo Oct 30, 11 47 19 AM

 845 FFBR - elevation- 10 - 21 - 14  Photo Oct 30, 12 55 20 PM

 

 

 

 

Search for your home here or submit a request below.   I’m here to help. 🙂

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Quick Scoop on July’s Local CT Housing Markets

Word on the Street: Fairfield, Westport & Weston
2013 vs. 2014

House Clip Art

Just checking in with a quick report on the real estate markets in July before joining the masses and taking a little vacation-

We would expect the housing market to be seasonally slower in the months of July and August as people are in full summer mode and focused on enjoying the warm weather.  However, this July appeared to be slower than last July in Westport and Fairfield.  Weston was singing a different tune though-

In Fairfield, unit sales were down almost 43% from 122 to 70 last month.   The median (midpoint) sale price was also down 9% to $577,500.  The average time on market was up 9% to 97 days.   All this is good news for the buyers out there though since it affords them more bargaining power.    One measure that favored sellers was a 5% increase in the price per square foot from $290 to $305 of homes that sold.

Sales were also slower in Westport with a 6% reduction and 44 July closings.  The median sale price was $1,225,000, down almost 2% from last year.  Market time increased 37% to 101 days.  Yet the price per square foot increased 11% to $436.

Sellers take note: Weston rallied last month with numbers in your favor!  Unit sales were 24% higher this July with 31 compared to 25 last year. The median sale price was up 6% to $820,000.  Giving some leverage to buyers was market time up 40% to an average of 137 days and price per square foot down 3% to $257.

So that’s the quick scoop for now.  Check out the charts with more numbers and print this report following the link below.  I assume there will not be much change in pace next month, but I’m anticipating a rally in September and October when everyone works on making their moves before the holidays and cold weather take over.

Word on the Street Snapshot JULY 2014


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Spring-to-Summer Real Estate 2014: Fairfield, Westport & Weston CT

Spring came slowly and went fast this year!   So let’s take a look at our local Fairfield, Westport and Weston markets compared to last year, January through May.  If we compare the inventory, number of sales, prices and the ratio of selling to asking price for single family homes, we can see some consistency across the three towns.

Rare beachfront property with summer cottage. $1,395,000

Rare beachfront property with summer cottage. $1,395,000

The inventory (number of homes on the market) was up across all three towns with an increase of 13%, 11% and 4% in Fairfield, Westport and Weston respectively since last year.

The median sale price was also higher at of the end of May compared to last year in all three towns.  The median sale price is the price where half the homes sold for more and half sold for less.  It gives an idea of the mix of price points without being skewed by an extreme high or low sale as would result with an average.  The median sale price in Fairfield was $549,500 at the end of May, up 4% from $529,500 last May. The median price was also 4% higher this year in Westport moving to $1,335,705 from $1,285,000.  In Weston it was up 11% this May at $791,500 from $712,250.

Unit sales varied among the towns.  Fairfield sales increased almost 7% from 216 to 230 this spring.  However, Westport sales volume fell 20% relative to the end of May last year, from 162 to 130.  Weston sales were also down 8% from 48 last year to 44 this year, but the town was showing a strong come-back during the month of May with a 33% increase year over year from 12 to 16.

  • Fairfield: Inventory Up 13%, Sales Up 6.5%, Sale/List Ratio at 95%
  • Westport: Inventory Up 11%, Sales Down 19.8%, Sale/List Ratio at 97%
  • Weston: Inventory Up 4%, Sales Down 8%, Sale/List Ratio at 97%

The sale-to-list ratio indicates how close to the asking price a property sold for.  The average at the end of May was between 95% and 97% in the three towns.   There was little change in Fairfield for this metric, as it shifted from 96% last year to 95% this year.  The ratio had been lower last year in Westport and Weston, at 92% and 94% respectively, but they both increased to 97% this spring.

In summary, seller confidence seems to have been strong given the higher inventory levels.   More homes in higher price points entered the market and sold this year as indicated by the higher median sale price.   Sales volume was down in two out of three towns and up somewhat in Fairfield, raising questions about the momentum of the spring market.  These unit sales numbers could have been a residual effect of the harsh winter causing a delayed spring market.  In the sales that closed, the high ratio of sale- to-asking price indicated that buyers and sellers were of a similar mindset on value.  Overall, this market snapshot positions us with a nice window of opportunity to make a move this summer- before the masses escape to Vacationland!

2014 Spring Snapshot Local Housing Data Tables

Cool Cape with central AC, private fenced yard, two driveways and many updates

Cool Cape with central AC, private fenced yard, two driveways & many updates.  List Price: $379,000 Open Houses: Thursday July 29 10 AM-1 PM & Sunday August 10 1 PM-3 PM

 

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2013 Fall Housing Market: Westport & Fairfield CT

1284 Fairfield Woods Rd, Fairfield CT

1284 Fairfield Woods Rd, Fairfield CT Sold for $445,000 on September 17, 2013

It’s safe to say that our local single family housing markets have been doing well this year compared to September 2012!  Sales and prices are up, and inventory is down.

In Westport, the number of homes for sale through September decreased 11% from 364 last year to 324 this year.  Sales jumped 29.4% from 279 to 361homes sold this year.  The median sale price increased 3.5% from $1,225,000  to $1,268,000 at the same time this year.

In Fairfield, we also saw inventory down from 501 last year to 482 this fall, a reduction of 3.8%.  Unit sales were up 18.4% from 479 to 567 homes sold.  And the median sale price was also up 4.7% from $549,000 to $575,000.  Take a look at the chart for more detail.

Please contact me with questions, comments or new business opportunities!

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How’s the Winter 2014 Real Estate Market Fairfield in County CT?

We sure have been hit hard with winter extremes since the New Year with everything from sub-zero temperatures to multiple blizzards and some freezing rain mixed in for good measure! No doubt the weather has been keeping our spring real estate market at bay, but how did sales look in our neighborhood markets in January after the holidays?
Let’s take a look at a few measures across three towns, and see how they relate to last year. Comparing the number of homes on the market, total sales and the average market time in January, we see some promising numbers.  View or print charts here.
 
In Weston, Westport and Fairfield inventory of homes for sale was up between nine and twenty-two percent suggesting stronger seller confidence in the market this year.   Sales in fact, were way up in Weston (50%) and Fairfield (42%) compared to January 2013. Westport sales were down twenty-two percent, but there had been a big spike in the December sales.  The average days on market was way down (-40%) in Westport, though up a bit in Weston and Fairfield (5% and 12% respectively).
 
Overall, the increased inventory and sales in addition to average market time as low as 80 days in Westport, suggest to me that there is pent up demand on both the buy and sell sides of the market.   It would be great to see the market jump up to the pace noted in my post from last June.   I expect to see a flurry of activity in the housing market instead of snow as soon as Mother Nature decides to get the weather under control!
 
Image

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Home Buyers & Sellers Unite!

When Mike called me to take a look at his house after seeing my name on a For Sale sign nearby, I was happy to oblige. After touring the house, I returned a few evenings later to meet with him and his wife Kagin to discuss their plans for moving to Florida and how we could work together to make this happen.   Within two weeks, Mike and Kagin were ready to put their house up for sale!

1000 Burroughs (69)

Hitting the market in pristine condition with fabulous photos and a price based on comparable sales- we had instant interest, and a lot of it!   Within the first week we had multiple offers including one at full price.    Mike and Kagin went with the offer with the best terms for them.

It’s a win-win for everyone when they can work together in a positive and productive way.   I truly enjoyed working with my clients to unite them in this successful sale!

Mike & Kagin 11-22-13       
If you would like a complimentary market valuation for your home or have a question or comment about this post, please use the form below.

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Housing Market Update Post-Storm 2013, Westport, Fairfield, Weston CT

Housing Market Update Post-Storm 2013, Westport, Fairfield, Weston Connecticut

Hurricane-blizzard Nemo, the second ‘biblical’ weather event to hit us within a short time frame, has caused another lull in the local housing markets.   But has it really dampened this year’s market compared to last year?   Are we still a buyer’s market, or are the scales tipping in favor of sellers?  Read on to find out!  I’ve looked at the data and prepared this ‘housing market update post-storm 2013, Westport, Fairfield & Weston Connecticut’ to answer these questions for you.

In Favor of Sellers
There are  a number of indicators that mean good news for sellers- low inventory, lots of offers,  low interest rates and a strong average sale-to-list price ratio.

113 Charles St, Fairfield CT

113 Charles St, Fairfield CT
$525,000 MLS# 99009704

Low inventory- The number of homes for sale dropped significantly from last January to this January.  There were 14% fewer homes on the market this year in Weston compared to last year and 26% fewer in Fairfield.   This equates to 165 fewer homes for sale this January among the three towns. The shortage of homes for sale was not matched by a shortage of buyers however, so this meant more buyers for each listing.

TABLE FOR BLOG jpgLots of offers- As a result, the number of accepted offers (binders) surged this January.   The percentage of active listings with binders was 5-10% in Westport, Weston and Fairfield last year at this time.  But binders jumped to 12-13% this year in all three towns!  Contracts were also way up, almost doubling in Westport with 22 last January and 43 this year.

Low interest rates-  Although the lending environment was quite challenging with stricter regulations, the interest rates remained extremely low and encouraged buyers to shop and make offers.  When homes were priced in line with recent comparable sales, appraisals matched the sale price and transactions were successful.  Low rates also enabled a larger pool of buyers to afford the homes for sale.

Strong sale/list price ratio- For sellers pricing their property in accordance with the current market, sale prices remained close to asking.  Sale prices averaged 95% of list with some homes going for full price or more while many of these sellers enjoyed multiple offers and fast sales.  Five homes in Fairfield sold at or above the asking price in January.

111 Mill Hill Rd,    List: $325,000  Sale: $333,500

133 Arbor Dr,        List: $349,900  Sale: $365,130

2698 Easton Tpk,   List: $369,900  Sale: $370,000

29 Flora Blvd,        List: $559,000   Sale: $562,000

30 Carroll St,          List: $1,030,000 Sale: $1,030,000

In Favor of Buyers

Lowest interest rates ever- Buyers continued to capitalize on low prices and the absolute lowest interest rates in history .   Those prepared to act quickly and step up to the plate on price experienced a successful purchase and the joy of a new home.   Others remained out there looking and awaiting the home of their dreams to hit the market.

Mortgage Trend since 2009

And that’s the scoop on the housing market update post-storm 2013, Westport Fairfield & Weston Connecticut.

So if you are looking to buy, keep looking!  More homes are being listed for sale each day.  Contact me using the form below to help you find that perfect home or start browsing homes now by clicking the Search Like an Agent! tab at the top of this blog.  For a  mortgage pre-approval with a top-notch lender, submit a request in the form below to reach Mark Hawkins at William Raveis Mortgage.   Raveis Mortgage is currently averaging an unbeatable 33 days commitment time from submission, and Mark will be happy to assist you.

And if you are thinking of selling your house, now is prime time to get it on the market while your competition is low, shoppers are poised to buy and interest rates are offering you the largest pool of buyers for your price.  Give me a call or send me a request using the form below for a complementary pricing analysis for your home and any other market questions you may have.

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Linda Raymond, Realtor Licensed in Connecticut
William Raveis Real Estate Mortgage & Insurance
203-912-4440
Linda.Raymond@raveis.com


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Loyal Praying Mantis Loves Fairfield, Plus an Update on the Housing Market

The loyal Praying Mantis has returned to our front porch again this year!

I was working in the garden outside our front door on Sunday and suddenly felt something on my back, which I instinctively brushed off.  There on our front walk landed a beautiful bright green mantis. Oddly, every summer we see a mantis appear right at our front door. This year, he obliged me with a photo shoot and live video performance. Take a look…

The mantis knows a good town when he sees it!

PRAYING MANTIS

Let’s take a quick look at the Fairfield housing market. As of today (Aug. 16), we have 493 single family homes for sale, 34 (7%) of which have an accepted offer. This ratio of accepted offers to active listings has held steady over the last few weeks. Seventy-one more homes have a signed purchase contract.

Since January, 315 homes have sold compared to 422 during the same time frame last year, reflecting a 26-percent reduction. However, the average sale price during this time was $690,000, which is just 1 percent away from the average sale price  of $698,000 last year.

The average sale-price-to-list-price-ratio for these transactions was 94 percent last year and 95 percent this year — indicating an improvement. Attached is a chart showing how many homes sold in each Fairfield market area.

Sales by Market Area Aug 2011If you would like to see an upcoming blog post with a breakdown of sales activity in your market area, just send me a note!

Originally Posted on Fairfield Patch August 17, 2011 at 9:30 am


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Fantastic Fairfield Fireworks & A Housing Market Update

What a fantastic evening for the Fairfield fireworks last night!

After attending a picnic with some fine company and delicious dining, my husband and I visited more friends on the beach for the remainder of the evening. Low tide provided extra space on the sand bars this year for added festivities and some pre-show fireworks. As the warm pastel sunlight faded to dusk, the bejeweled horizon of sparkling lights from boats and waterfront homes became the new feature.

Once darkness fell, the DJ from the party next door created the perfect moment when he sang his own blues-inspired rendition of America the Beautiful just as the spectacular fireworks display was launched from the barge off Jennings Beach. Ah, there’s nothing like the Fourth of July in Fairfield!

Of course we’re all back to work now, so let me provide an update on the housing market for you – As of today, we have 491 single-family homes and 85 condos for sale in Fairfield, down from the count in my last post on June 22. However, there has been a jump since then in the number of binders and contracts, which is a positive sign.

One of the metrics I like to watch as a leading indicator of what’s to come is the percentage of active listings with a binder. A little over a week ago, 10% of the homes for sale had an accepted offer. At the time of this post, there are 70 homes with a binder equating to 14% of the available homes. Considering that the ratio had been 12-13% this spring in March through May, this is quite encouraging! The number of contracts is currently 133, also up from 105 a little more than a week ago.

Three more homes have sold since I last wrote, ranging in price from $450,000 to $875,000. The tally of sold homes in June recorded as of today is 23, with an average sale price of $600,000. Although there are sure to be more June sales recorded in the next few weeks, we are still quite far off from the single-family sales in June 2010 which totaled 71 with an average sale price of $658,000.

Okay, so who is ready to jump into the market to buy and sell, and catapult our numbers for July?!

Fairfield Boaters july 4 2011 Fairfield Beach & Barge July 4 2011

Originally Posted on Fairfield Patch  July 5, 2011 at 5:38 pm