The 2021 housing market is still hot and median sale prices are still up! 📈⬆️⭐️
Did you know you can easily compare real-time sales and inventory trends on our Local Housing Data link which you can keep right on your phone? Or for comprehensive local data reports, sign up for our Local Market Insights newsletter on raveis.com.
Take advantage of all of our curated tools to help you make your move and contact me today, 203.912.4440.
How’s the single-family housing market in Fairfield and Westport Connecticut as of February? Take a look at the bullets and graphs below to see how things have changed dramatically this February compared to last February, 2020.
If you would like access to our William RaveisLocal Housing Data tool and run your own graphs like the ones below, just send me a note for the link! Here are the specifics.
In WESTPORT
Single-Family HomesSales are UP 68% from 25 to 42 homes sold. The Median Sale Price is UP 44% from $1,115,000 to $1,600,000. Inventory is DOWN 48% from 308 to 159 homes for sale. Months of Supply is DOWN 71% from 10 months to less than 3! Market Time is DOWN 55% from 155 to 70 days.
In FAIRFIELD
Single-Family HomesSales are UP 39% from 36 to 50 homes sold. The Median Sale Price is UP 33% from $525,000 to $697,500. Inventory is DOWN 60% from 474 to 191 homes for sale. Months of Supply is DOWN 73% from 8 months to 2! Market Time is DOWN 32% from 113 to 77 days.
The trend of extremely low inventory, increasing median sale price, and short market time continues through February. The pace of Fairfield’s market appears to be limited even more than Westport’s by the severe decline in inventory. The strong buyer demand in the face of this limited choice is causing multiple offer situations at nearly every turn.
Opportunities exist for both buyers and sellers, but the market can unquestionably benefit from more sellers entering the market! Vaccines are here, spring is coming, buyers are waiting….
Your home has been just perfect with plenty of space for you and all your needs…until now.
But since the pandemic you may be finding that you, and possibly your family members, have very different needs. This challenging time has certainly given you opportunity to test and evaluate how well your home is serving your changing demands. If you have transitioned to working from home, and may even be alongside your students doing the same, your need for extra space may have become increasingly obvious.
Now you may be wishing you had extra rooms for his and her offices, a homework space, and room for a home gym. If you’re coming from the Manhattan or Brooklyn areas, you are likely craving not just interior rooms, but outdoor space, beauty, privacy and peacefulness. The vicinity to downtown centers and train stations may not be as important as it once was now that the need for frequent commuting is likely a thing of the past.
On the flip side, perhaps your family has college students who have been off to school or will soon be graduating and leaving extra un-wanted space. This would be a prime time to make a move to a better-fitting home. Selling your too-much-space house would also free up your larger home for the many of you who in dire need of more space.
Whether you are feeling too close for comfort or a need to scale back, the current housing market with ultra-low inventory and high demand is beyond prime for sellers, and the current low interest rates also offer a huge opportunity to make a purchase. Feel free to set up your own search here if you would like to peek at market activity near you. Reach out to me anytime if would like to know your options for making a move and want to know what your home is worth in the current market.
So how did our single-family housing markets in Fairfield and Westport Connecticut do this January compared to January 2020? As you’d probably expect, it’s been a chilly market for buyers! In a nutshell, sales and prices were UP, market time and inventory were DOWN. If you would like me to send you the link to the William RaveisLocal Housing Data tool so you can run graphs like the ones below, just send me a note! Here are the specifics from William Raveis.
In FAIRFIELD
Single-Family Homes Sales Increased 77% from 35 to 62. The Median Sale Price Increased 1.4% from $639,000 to $648,000. Market Time Decreased 43% from 114 to 65 days. Inventory Decreased 53% from 425 to 207 homes for sale.
In WESTPORT
Single-Family Homes Sales Increased 50% from 22 to 33. The Median Sale Price Increased 31% from $1,187,500 to $1,555,000. Market Time Decreased 44% from 156 to 87 days. Inventory Decreased 51% from 296 to 146 homes for sale.
Of particular note is that the number of homes for sale began to decline in June 2020 in both towns at the same time that sales were rising. Unit sales spiked in July through September in Fairfield and July and August in Westport. This trend is self-limiting by the lack of homes on the market. Inventory is now at an all time low, and new listings have been dripping into the market very slowly. There is not nearly enough choice to satisfy the current buyer demand and the added buying incentive of low interest rates. The series of snow storms during the past few weeks has also contributed to discouraging would-be sellers.
However, as of the third week of February, the pace of new listings entering the market appears to be picking up. With vaccine distribution on the rise and a much anticipated spring around the corner, things may be heating up very soon!
Buyers are waiting. Home sale prices are up. Interest rates are outrageously low. Is there a price at which you would consider selling your house? If there is a price that motivates you, are there other barriers?
It sure appears to be the perfect storm for owners to want to sell their homes, right? Sure, except for two major roadblocks- As a potential home seller, where do you move with the limited choice in the market? And if you could work through these details, do you really feel ready?
If you are one of these homeowners, here are three things you can do to manage the logistical challenge.
You can list your home with a published contingency to find suitable housing. This relieves the pressure of not having your destination pre-determined by letting potential buyers know up-front that you reserve the right to take the time to find a new home. It also gives you an ‘out’ if you cannot find a suitable solution. You can reach out to me and also select a real estate attorney to learn more.
Alternatively you can put your home on the market and negotiate a long closing period, such as a few months, when you receive an offer- or multiple offers. Many buyers are flexible with timing, especially if they are buying a second home. This will give you time to look around.
A temporary housing plan is another key option. Are you aware that you may even be able to sell your home and rent it back from the buyers for a period of time! This can be an excellent solution for bridging the gap until you find your new home. Even if this is not doable, there are other options. If it is feasible to stay with family, go to a second home or vacation home, or get a short term rental, and put things in storage for a while, this is a great way to take the timing pressure off. It may not be convenient, but it may still be worth it in order to capitalize on the opportunities of this market and move to the home that truly satisfies your current needs and desires.
Get creative!At William Raveis, we are here to get creative with solutions to our clients’ challenges. We understand the complexities of the current market and in bridging the gap between buying and selling. So we have an entire array of services that can enable you to become a cash buyer before you sell, fix up any issues with your house without paying until it’s sold, and bridge the financial gap as well. Call me today to discuss your ideal outcome, and let’s discuss how to get you there!
All that being said, what if the above solutions are all well and good, but you still feel hesitant? It is even more important than strategizing the logistics to be sure your heart is really in it. You must be sure you are ready to sell before going on the market. Here’s the journey one home seller went through to get ready to ultimately make her dream come true.
Keep in mind that even though the inventory of homes for sale is low, the market time is also short, so the choices of homes to purchase is constantly refreshing and there are always new homes to choose from if you want to make a move.
Imagine if all you homeowners who would love to sell but have been sitting on the sidelines decide to go for it using some of the safeguards and creative solutions above? The market would be rich with choice for everyone searching (yourselves included!), and many more home buyers and sellers would be on the move toward making their dreams a reality!
You can browse around and set up some searches for yourself here if you would like to get a feel for the markets as you think about your plans. Call me today to discuss your options, 203-912-4440. We will have a brief consultation to understand your goals, the market, and how I might be able to help.
What’s the pulse of the local single-family housing market in Fairfield and Westport, Connecticut in the first three weeks of January 2021? How many accepted offers? Where are they? What are the price categories? Days on market? Inventory levels and new listings? Here’s an update from the SmartMLS.
FAIRFIELD ACCEPTED OFFERS AND INVENTORY
Fairfield CT locations of accepted offers
69 New Year accepted offers!
Offers are located all over town
PRICE BREAKDOWN? 64% Priced < $1 million 36% Priced > = $1 million
69 Median days on market
At the end of December 2020, Fairfield inventory levels were at historic lows, as illustrated by the graph below from William Raveis Real Estate.
There have been 25 new listings since January 1, ranging in price from $285,000 to $4,295,000.
WESTPORT ACCEPTED OFFERS AND INVENTORY
18 New Year accepted offers!
Westport CT locations of accepted offers
Offers appear to be concentrated near the downtown area and the Post Road
28% Priced < $1 million 72% Priced >= $1 million
18 Median days on market
At the end of December 2020, Westport inventory levels were at historic lows, as illustrated by the graph below from William Raveis Real Estate.
There have been 26 new listings in Westport in all price points, ranging from $699,000 to $12,000,000!
So it’s fair to say that the Fairfield and Westport housing markets have been ramping up following the lull of the December holidays and there is a good amount of activity. Despite the new listings that have been trickling onto the market though, there is not enough choice to satisfy the current buyer demand and the added purchasing incentive of low interest rates.
Who would think that Penfield Beach was the place to be at around noon on Christmas Eve 2020?
The temperature was mild but the winds were high, so the walkers, dogs, and sea gulls were there along with about a dozen kite boarders in wet suites. The scene was festive and vibrant as always, and a great way to kick off the holiday week!
What a fabulous town to call home! If you are thinking of making a move, you can set up your own search here to browse homes in any areas that intrigue you. If you are thinking of moving cross-country or overseas, I can refer you to the perfect agent through my elite brokerage network and oversee your satisfaction with them. Give me a call at 203.912.4440, visit my website, or send a note in the form below, and let me lead the way!
Fairfield residents always love a new eatery when one comes to town, and the new “Reef ShackFFLD” has just opened on Reef Road!
The set-up resembles a hybrid of The Pantry, Starbucks, and the beach concession stand with a a separate barista counter and a beach-glam flair. The menu is large and fabulous with eats for breakfast, lunch, and dinner. The space can completely open via glass garage doors to a cute patio with a beach shack vibe.
Charming patio for all kinds of weather!
For some more background, here’s the story from the CTPost. Check out their website at https://www.reefshackffld.com to browse the menu. It’s a good idea to call in your order until they have set up their online ordering service. Be sure to stop by!
If you have any questions about this post or the housing market in the neighborhood or surrounding areas, reach out using the form below, visit my website or call me direct at 203.912.4440.
It’s a very dynamic time right now in real estate and a great time for anyone interested to jump into the action. Here are five things you should know.
Inventory Is Low!– There are fewer homes for sale resulting in a limited choice for buyers right now which creates competition for the homes on the market and can push up the selling price. Look at the difference in the number of homes for sale in Fairfield and Westport in May compared to May of 2019! The marketplace is in need of more homes for sale. This creates a huge opportunity for sellers!
Interest Rates are at an All Time Low! – Although there has been daily fluctuation in interest rates, they have remained extremely attractive. In fact, this week the rate for a conforming loan up to $510,400 has dipped to 2.85% for purchasers with high credit scores and a twenty percent downpayment. So there’s an excellent opportunity for buyers to finance a purchase at an amazingly low rate. This is great news for sellers as well because these low rates make their homes more affordable! Click the image from your phone and download the mortgage app!
Summer is the New Spring!The real estate marketplace is very busy right now for a few key reasons. Realtors and everyone else in the industry have adapted to working in safe mode, there is pent up demand from the initial pandemic slowdown, and it’s a great time to buy and sell! If you are thinking of buying a home and want to take advantage of the low interest rates and increased home affordability, reach out to me so I can help you get that perfect new home. Sellers, take note of the sample prep list above and the new Raveis Refresh program that’s here to help you with it. Reach out to me, and I will help you to make the process seamless!
Raveis Refresh Is Here for You!
Quick Video explaining Raveis Refresh
If you have thought about selling but feel overwhelmed by what needs to happen to get your house ready, fear not! Raveis Refresh is a new service that is here to provide you with nearly anything you need, from help packing, to staging, painting, kitchen or bathroom renovations, and repairs, small to large. The cost is completely deferred until closing, so no worries about that either.
Real Estate is Expected to Drive Economic Recovery! Did you know that a recent study by the National association of Realtors indicates that the sale of just one home in the US results in an economic boost of $88,416? Because of this, many experts are predicting real estate to lead to the country’s economic recovery.
So there are exciting opportunities for everyone right now, and you can even boost the economy when you make a move to help yourself. Reach out to me anytime so I can help you with your next steps.
Most Fairfield locals have heard of the Lake Hills Association, but many don’t know much about it, as it remains one of those best-kept neighborhood secrets! -Until now. 🙂
Beach 2 on Samp Mortar Drive
If you are moving into the area and are looking for some special neighborhood amenities, ask your agent to alert you to homes for sale with deeded membership to this association. If you may want to sell in the future, track your home’s estimated market value in our ever-changing environment.
The Association encompasses five private beaches for members along the Samp Mortar Reservoir, each labeled with a sign.
Beach 1 – Tahmore Dr. Beach 2 – Samp Mortar Dr. Beach 3 – Mountain Laurel Rd. Beach 4 – Winnepoge Dr. Beach 6 – Sasapequan Rd. (not sure why this isn’t labeled “5” on the association’s website!)
In addition to fun member activities like live music and movies, five levels of swimming lessons are offered, starting with the beginner level. Swimming lessons are available for a separate fee for both members and non-members. Class sizes are limited to 10 participants and swim lesson sign-up day is June 9 at Beach 4 from 10 am to noon, so hurry up! Visit the association website at LakeHillsFairfield.com for a map of the beach locations and more info.
Eligibility to join the Association is part of the homeownership deed of nearby homes within the designated area in the association bylaws. Joining is optional for some owners and required for other parcel owners, and the membership fee runs about $400 per year at the time this article was written. Another Fairfield gem nearby that is open to all town residents also deserves a mention here, the park at Lake Mohegan.
One of the homes I sold with deeded Lake Hills Beach access is the totally reimagined home at 2654 Black Rock Tpk which sits just across the street from Beach 6! Keep in mind that there is something for everyone in Fairfield and the surrounding towns. You might also want to consider the area near the beach and town. Here’s a story about one of my recent seller clients in that neighborhood. As always, feel free to contact me with comments or questions using the form at the bottom of this post, and I will get back to you as quickly as I can.
Another client I helped sell nearby is 345 Steiner Street. Though not part of the Lake Hills association but it’s just a few blocks from the fabulous park at Lake Mohegan and just a short drive to all of Fairfield’s five beaches on Long Island Sound.
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If you’re worrying about how to navigate this market, here’s a post with Eight Must-Dos for Buyers and a Case Study for how one of my clients made a successful move to their exciting new home.
Call today with your questions, 203-912-4440, visit my website, or send a note below.
Look at the difference in the number of homes for sale in Fairfield and Westport in May compared to May of 2019! The marketplace is in need of more homes for sale. This creates a huge opportunity for sellers!
The real estate marketplace is very busy right now for a few key reasons. Realtors and everyone else in the industry have adapted to working in safe mode, there is pent up demand from the initial pandemic slowdown, and 
Fairfield and Westport CT Real Estate Guide 