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!
Fairfield and Westport CT Real Estate Guide 