Fairfield and Westport CT Real Estate Guide

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

Tag Archives: home buyers


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And They’ll Live Happily Ever After!

The couple in the long distance relationship had to come together sooner or later, and they did just that in Fairfield’s university area this month!

Gary was living in his New York apartment and working in Manhattan. Jackie was working and living in her house in New Hampshire with her son. Every Friday, Gary took the train to Boston and then drove another half hour to Jackie’s house to be with her for the weekend. He didn’t mind the weekend trips, but travel and distance was still a barrier between them.

Since Jackie had a house to sell and didn’t know how long it would take, they figured they would rent in Fairfield where Gary’s parents live until they could get more settled with their plans. It turns out, I had the perfect house to show them, and they loved it. Jackie put her house on the market the next week and sold it in one day!

So they came together in Fairfield, and the rest is history!
5 Ermine Gary & Jackie at Closing
5 Ermine Gary & Jackie

Spring Tulips!

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Spring Tulips!

I just sent this beautiful post card to three of my clients who are having home buying or selling anniversaries this spring. One was a two-month anniversary, one a two-year, and the third was a seven-year anniversary!! Isn’t Spring great?


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Beach Area Housing Market Still Hot & the Buyers Are Out!

One might think that in the wake of the storm and with the approach of the holidays, the Fairfield beach area real estate market might be sluggish.

Not if the open house activity at a new beach area listing last Sunday was any indication!  A colonial farm house on Charles Street (see photo) had 17 buyer groups and one agent come for a look!  The home is on the market for $525,000 and located about a half a mile from town and a mile from the beach.

House Beach Grass Optimized 800x600

Another sign of market strength in the beach area is the reduced months of inventory.  This October there were just 10 months worth of homes for sale compared to last October when there were 23 months worth.  Months of inventory is calculated based on the number of active listings and the average rate of sales during the prior recent months.  Fewer months of inventory suggests that properties are selling and the market is healthier.

Last but not least, the median (midpoint) sale price of single family homes in the beach area has been rising since the low of $605,000 in 2010.  It reached $750,000 this year in October, approaching the 2007 level (see attached chart).  This shows that homes have been selling across a good range of price points, and it may even suggest that home values could be improving!

Fairfield Beach Area SF Median Sale Price Nov2012

So there you have some positive real estate news to be grateful for this Thanksgiving! Feel free to contact me any time to talk about your real estate questions and moving plans, 203-912-4440, linda.raymond@raveis.com. – Linda

Originally Posted on Fairfield Patch November 20, 2012 at 11:05 pm


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Craving that Pre-Storm Beauty Again… Plus Some FAQs on Our Local Housing Markets

I’m sure I’m not alone in missing the feeling of safety and normalcy we knew before Sandy hit.  The loss of that state of calm is captured in the stark difference between the two photos.  The first picture was taken about two weeks ago on the bridge from Sasco Hill Road to Harbor Road and the second at the stop sign between Reef Road and Oldfield on Halloween.

View from Sasco Bridge Oct 2012

Photo Oct 31, 3 56 38 PM
But as they say, the show must go on.  So here are some responses to frequently asked questions about our towns’ housing markets, and I must say, the outlook appears rather sunny!

Are sales up or down?
Sales were up ten percent in Fairfield through September this year and down slightly, (-3%) in Westport compared to 2011.  There were  44 more homes sold in Fairfield, and Westport sales were off by just eight.

Are sale prices up or down?
In Fairfield, there was virtually no change (less than one percent) in the midpoint (median) sale price, and the average sale price was down slightly, at four percent less than last year.

In Westport, the average sale price was up six percent, and the median jumped 32% to $1,225,000 from $1,086,000 last year.

What are the hottest price points?
Forty percent (111) of homes sold in Westport this year closed between $1,000,000 and $2,000,000.  The next highest selling category was $500,000 to $1,000,000 with 99 homes sold, accounting for 38% of the sales this year. Fifteen homes sold for $3,000,000 or more.  The lowest sale price in Westport this year to date was $390,000 and the highest was $5,250,000.

In Fairfield, 185 homes sold between $250,000 and $500,000 contributing to 40% of the sales.  The close second-place category was $500,000 to $1,000,000 with 180 sales and 38% of the total.  The lowest sale price was $90,000 and the highest was $5,750,000.

Have buyers and sellers been in close agreement on price?
The average sale to list price ratio has been at 96% since last year in Fairfield.  The ratio in Westport was 95% at the end of September, down slightly from 96% last year.  This means that there has been fairly close agreement among buyers with the sellers’ final asking price.   In some cases, the sellers needed to adjust their prices before attracting an offer, but in many cases sellers were able to price accurately with the market and obtain one or several strong offers.  Many sellers received full price offers.

What’s the upcoming forcast?
From the listings already under contract and with accepted offers, we can expect to see at least 58 sales in Westport and 127 in Fairfield in the next few months.  This is very positive compared to last year at this time when there were only 44 anticipated sales in Westport and 87 in Fairfield.  These numbers suggest a 32% increase in anticipated sales in Westport and 46% increase in Fairfield since last year!

As always, please continue to contact me with your questions about the local housing market and your personal plans for moving forward!

Originally Posted on November 6, 2012 at 3:47 pm


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Serene Summer Sail and an Update on the Housing Market!

While doing my morning jog and swim at the beach this week, I saw some folks about to drift off from Jennings Beach in a small sail boat.  The scene was so peaceful and serene, I had to take a snapshot with my phone.  Enjoy the moment in the attached photo.  Sailboat at Jennings

And now on to a more dynamic topic such as our local housing markets-

What’s the Word for Sellers?
If you were thinking of selling your home now but decided to wait for a better time, you might want to think again.   Right now your competition is reduced, affordability is increased by interest rates that are even lower than before, the average sale price is steady or up depending on the town, and the sale to list ratio is strong.

At the end of July, the number of single family Homes on the Market in Westport was down to 335 from 348 in July 2011.  In Fairfield, the reduced inventory was significant with just 421 active listings versus 504 last July.  Between the two towns, there were nearly 150 fewer homes on the market to compete with as of July than there were last year at this time!

Sales were up four percent after the second quarter compared to last year in Fairfield, though  down sixteen percent in Westport.  The Average Sale Price was up sixteen percent in Westport and held steady in Fairfield.  Looking ahead a month or so, 66 sales can be expected in Westport  and 149 in Fairfield based on the tally of existing binders  and  contracts.  The percentage of active Listings with Accepted Offers can be a helpful indicator of the market condition when comparing one year to another.  In Westport, six percent of active listings had a binder at the end of July compared to seven percent last year, suggesting a fairly consistent market.   Accepted offers in Fairfield amounted to fourteen percent of the active listings, which was way up from eight percent last year.

The Sale to  List Ratio tells how close the sale price was to the asking.  The average ratio in both towns was 95% after the second quarter, and was fairly consistent with last year.  This means that sellers have been pricing their homes appropriately with the current market, and buyers have been stepping up to the plate with their offers.

And the Scoop for Buyers?
The market information above suggests a stablizing market.  Prices have been coming down since 2007, and interest rates are down to the 3% range.  With such lows, there’s really only one direction for things to go from here.  This presents a rare window of opportunity.  Need I say more?

Featured Listing!
479 South Benson Road- Charming Main House & Attached Guest Cottage
If you know of someone looking for two homes in one near the beach, marina, Sand Castles Playground, town and train, this may be the perfect opportunity for you.  Come visit during the OPEN HOUSE on September 23, 1-4pm and check out the home photo and listing information following the link below.

479 South Benson Front
http://www.realtor.com/realestateandhomes-detail/479-S-Benson-Rd_Fairfield_CT_06824_M43008-99091

As always, please continue to contact me with your questions about the local housing market and your personal plans for moving forward!

Send a note or request to join my quarterly Word on the Street e-newsletter distribution providing the latest updates on Fairfield and Westport real estate: Linda.Raymond@Raveis.com
Visit my Facebook Page: https://www.facebook.com/LindaRaymondRealEstate

Originally Posted on August 3, 2012 at 3:31 pm


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DARE to Resist! Plus an Update on Our Housing Market

Along with many other Roger Sherman Elementary School parents yesterday, I attended the 5th Grade graduation ceremony for the multi-week D.A.R.E program taught by Fairfield Police Officer George Buckmir.  The Drug Abuse Resistance Education program teaches the kids the facts about the dangers of cigarettes, alcohol, drugs and bullying.  More importantly, the program gives our kids the confidence and tools to stand up to peer pressure, resist bullies and even to discount our country’s misleading advertising.  The children each had to write an essay about what they learned, and four were chosen to read theirs during the ceremony.

This is a critical program offered to our kids at a critical age!  Take a look at some of the photos.

DARE 5 DARE 1 DARE 2 DARE 3 DARE 4

 

|DARE 6

It isn’t all bad out on the streets though, as good folks are continuing to buy and sell homes!

Although single family sales in Fairfield have not reached last year’s 212 total as of this date, there have been 145 homes sold so far this year with many more on the horizon.  Right now, there are 16% more homes with accepted offers than at the end of May last year and 24% more homes under contract.  This translates to 67 houses under binder and 125 under contract meaning that we can expect about 192 more sales in the coming month or so.

The average sale price this year to date is $637,000 compared to $727,000 at this time last year.  The change appears to be due in part to a large buyer pool seeking properties priced under $500,000.  The current inventory is very close to what it had been last May, with just under 500 single family houses on the market.

If you are thinking of selling, especially if you have a house to sell for less than $500,000, we need you in this market!  Call or email me, for assistance or more information, 203-912-4440, Linda.Raymond@Raveis.com, William Raveis Real Estate, Southport, CT

Originally Posted on May 22, 2012 at 5:24 pm


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A Blast at McKinley Carnival Plus a Bulletin on Our Housing Market

Friday kicked off the first day of the carnival season with the McKinley Carnival, and the kids had an absolute blast!  Check out the pictures, and take a virtual ride on the Rip Cord! (See video-)

CARNIVAL 1  CARNIVAL 2 CARNIVAL 3 CARNIVAL 4

 

 

 

Meanwhile, Friday’s “hotsheet” for our Fairfield housing market showed six new listings ranging in price from $499,900 to $1,099,000.  There were seven price reductions, 11 listings with accepted offers, and five homes under contract.  Five homes sold with an average asking price of $540,000.  Sale prices ranged from $200,000 to $1,200,000.

Stay tuned for the next update on the fun happenings around town and what’s going on in our real estate market.

Originally Posted on Fairfield Patch April 29, 2012 at 7:57 pm


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Take Advantage of the Port Jeff Ferry, Plus an Update on our Local Housing Markets

Within convenient driving distance from Fairfield and Westport is the Bridgeport-Port Jefferson Ferry, which runs year-round from Bridgeport Harbor to Long Island.

FERRY1

Many commuters use the ferry and enjoy its Internet access while traveling daily to and from work. But the ferry also makes for a fun ride across the Sound: and Port Jefferson on the other side offers a host of great restaurants and shops for an entertaining afternoon. Plus, kids ride free. If you have family across the water, as I do, you may already be a frequent sailor!

FERRY2

And now for a word on our local real estate market – 

“The market’s not that bad!” Bill Raveis CEO of William Raveis Real Estate said recently.

Westport sales year to date at the end of Q3 showed some improvements compared to last year even though the median price dipped a bit to $1,090,000 from $1,125,000. Sales increased by almost three percent and the months of supply dropped twenty-two percent from 15.5 down to 12 months.

In Fairfield the median sale price improved by more than seven percent by the end of Q3. The months of supply also improved, moving to 10.8 months from 12.4. Unit sales were down almost eleven percent as was the inventory.

The percentage of homes for sale with an accepted offer (binder) gives an idea of the activity to come and also a good reference to compare to the previous year. Accepted offers at the end of October were at the same level as in 2010 in both towns.

Four percent of the listings had binders in Westport and five percent in Fairfield. Binders peaked at nine and thirteen percent in Westport and Fairfield going into the spring market in early April. So binder activity was consistent last month with what we saw last year, and we should expect another spike before April next year. Take a look at the attachments to see the numbers and a list of third quarter sales.

As we approach the holiday season, we don’t expect to see peak numbers typical of springtime quite yet, but overall, sales and prices have been holding relatively steady. In support of a good season to come, Fairfield just earned second place ranking behind Greenwich in Connecticut Magazine’s “Rating the Towns” issue that was recently released. Westport is sure to follow suit in the next issue that ranks smaller towns. So it’s likely that sellers will find their buyers this season, and buyers will find their new dream home for the coming year!

Source: Raveis.com Local Housing Data, CMLS

Originally Posted on Fairfield Patch November 10, 2011 at 5:20 am


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The Calm Before the Storm (Irene)… and a Quick Update on the Housing Market

I live a good 0.8 of a mile from the beach, so I wasn’t as concerned about flooding as I was about the wind.

By the look of Sasco Beach Friday at 7 p.m., it was hard to imagine the rough tides, flooding and high winds to come.

CALM 1   CALM 2

Nevertheless, I opted to pass the storm at my parent’s house in Westport. It so happened that our friends on Fairfield Beach Road were then able to spend Sunday night at our Fairfield house after returning from a Shelton hotel to find ample flooding around their home. The flooding extended more than a block inland from the shore!

CALM 3 CALM 4 CALM 6 CALM 5

A bit less dramatic this week, was our Fairfield housing market.

With 495 single family homes for sale at the time of this post, the inventory was lower by nine houses compared to last month and five homes compared to last year at this time. Seven percent of the homes had accepted offers which was consistent with binder counts at the end of August in the past three years and just one percent less than in July. Sixty listings were under contract for pending sale. This count was down by 74 contracts last month but up by five contracts from last year. Eighteen new single family listings hit the market during past week, and many more will likely follow suit as we recover from Irene and head into back-to-school mode.

Originally Posted on Fairfield Patch August 29, 2011 at 10:07 am


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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