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 the latest market update.
The charts below show a summary of what happened in May compared to May 2022. And my What Sold Reports show all the single-family homes that sold in May 2023 in Fairfield and Westport Connecticut.
FAIRFIELD SINGLE-FAMILY – MAY 2023
WESTPORT SINGLE-FAMILY – MAY 2023
Low inventory and strong buyer demand continue to push prices of many homes higher and also limit the overall market pace in Fairfield and Westport.Here are four key points to understand about the marketin May this year compared to May 2022.
UNIT SALES WERE DOWN in both towns.
THE MEDIAN SALE PRICE WAS UP in both towns.
MARKET TIME INCREASED from last May and averaged 41 days to contract in Fairfield and 83 days in Westport. However, the May Median days on market in both towns was less than in April!
30-40% of all sales in May were CASH deals.
The amount of cash offers nearly doubled since before the pandemic. Thirty-three percent of all sales in Fairfield from January through May were cash deals, versus 18% during the same months in 2019. In Westport, forty percent of the sales YTD through May were cash, up from twenty-two percent in 2019.
If you are buying, there’s a 30-40% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer.
When you are buying in this market, you want to be prepared with a mortgage pre-approval or proof of funds in hand so you can make an offer quickly when you see a home you want!The good news is that 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.
If you will be selling a home that you paid cash for, you will enjoy full equity and a high selling price!
There are multiple offers on some properties, while others receive just one. Homes on average, are selling close to the asking price. This means some are selling for full price, some above, and others below. It depends on the demand for the individual property.
Bottom line: Now is a still a great time to sell! The inventory is still low and buyer demand remains high.
Reach out to me anytime with your questions about the market and to talk about your plans. Not ready to think about your move yet? Please refer your friends to me using the form below. Referrals are a win-win!
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.
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.
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.
I took a continuing ed course taught by Birgit Anich of BA Staging and Interiors last week. I have taken staging classes before, but I didn’t realize that such a strong positive psychological impact can be achieved when applying staging strategy and design techniques.
The goal of staging is to merchandise a property to position it most competitively for sale by eliciting strong positive emotion from those who enter the space.
When you walk into a home, you may feel nothing. You might even feel an aversion. Or your heart may skip a beat, and you experience a “chemistry”, a feeling of excitement, or joy.
We all make decisions based on emotion. We then back up our emotions with fact. Therefore, as a homeowner, when you prepare your house for sale, ensuring your buyers experience a “wow” as soon as they arrive and walk in should be part of your investment in achieving your top dollar sale.
When you put your house on the market, you want buyers to feel the love when they walk in.
Here are four guiding concepts:
Everything has a place and a purpose! If it doesn’t, take it out.
Curb appeal is key. This is the first impression. Every home needs a wow-factor, so incorporate something to evoke a positive emotion even before entering the home.
Everything the buyer sees tells a story, so make it the story you want to tell. For example, if closets are jam-packed, it tells the buyer there might not be enough storage. Closets should ideally be 70% full and arranged by color.
Create lifestyle moments. Create the idea of an “aspirational lifestyle”. An example of this is the big soaking tub. Most people never use them, but they love the idea of it when they see it! An alternative can be to have a big coffee table book open to a page showing a luxurious vacation spot or collectible cars.
What are some of the strategies?
Feature the features. Guide the eye toward what you want to showcase. Any custom elements should be featured such as a new kitchen. All assets should be featured, such as great views, fireplaces, and vaulted ceilings.
Make sure there’s no “wasted space”. Clearly define the use of all space and give it a purpose. Be sure to separate adult space from kids’ space.
Minimalize. Use a “less is more” approach.
Create “memory points”. For example, after seeing four homes, someone might say, “Yes, I remember that house. It’s the one with the pink cushions!”
Out with the old, in with the new. Refresh items and elements that give a dated or tired impression. For example, swapping out dated light fixtures can make a huge difference in the impression it makes!
Appeal to the senses. Clean and fresh is key. There is actually a special type of light bulb that can eliminate stubborn odors, such as from pets. Don’t over-do-it with strong scents from candles or oils. Lighting is important too. Be sure to avoid using bulbs with cool lighting.
Texture, color, placement, materials, metals, mirrors, vignettes, and ‘signs of life’ are just a few elements Birgit employs for her strategy. Here are some tricks of the trade!
Proper lighting wattage and color is important. Use warm lighting with 2700-3000 Kelvin in the living room. A bit cooler lighting in the kitchen is okay, 3000+ Kelvin.
Furniture placement is important. The heaviest piece of furniture should be on the wall opposite the entrance to the room. Make sure there is at least three feet clearance to walk around furniture, especially tables, but no more than four feet.
Use big area rugs to anchor furniture in a room and give it a connected, cohesive, luxurious look. For luxury spaces, have a big rug with all furnishings set completely on it. For more informal spaces, use a big rug with furnishings off-set or extending off the edges.
Coordinate colors.
Balance rooms with symmetry.
Group accessories in sets of three and five (odd numbers).
Repeat design themes throughout the home.
Use mirrors as a design element to reflect light, reflect pretty views opposite them, and let the buyers see themselves in the space!
Incorporate “signs of life“, like plants to add a warmth and an organic component to the space.
Add pops of color to make space memorable and help guide the focus to where you want it.
Set accessories on angles so they are not too predictable looking.
Create “special moments“. Use vignettes to suggest a moment in time and create a lifestyle feel. For example, you can display a decorative board game on a coffee table and have a couple of the pieces out in play as though people were just playing.
Mix metals. For example use a black metal with a gold metal to add interest and variation.
Add “plush” (textures). For example, add fur seat cushions or open a lively book to a specific page and put it on a desk or coffee table.
Use lighting to center the space.
In a gourmet kitchen, use lifestyle accessories.
In bedrooms, neutralize bedding with whites for a fresh clean impression.
Mix patterns and solids.
Use timeless glass.
I bet you can’t wait to try a few of these ideas in your own home! Here are some pictures to get the juices flowing. But if you are thinking about making a move and feel overwhelmed by everything you have do, don’t worry, there is ample help to guide the process and get you there. In fact, when it comes to repairs and staging, I even have a program that will take care of everything for you at no out of pocket cost until you close!
Fairfield and Westport CT Real Estate Guide 