Fairfield and Westport CT Real Estate Guide

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

Tag Archives: William Raveis Real Estate


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🏡☀️ July 2023 Fairfield/Westport CT Housing Prices & Your Moving Plans After Summer Vacation

Prices went down a little bit in July… Because the rates are high, and all the buyers left the market, right? 🤨

-Ah…No. Prices were up again in July and we still have an imbalance ⚖️ of supply 

and demand. 

Why are Prices Still Going Up when buyers are sidelined due to interest rates?!

I want to read a quote to you from Lawrence Yun, who’s the Chief Economist 

for NAR. This puts it in perspective He says, “We need 50% more listings to reach pre-pandemic 

2019 housing inventory levels. And we need 100% growth in listings to reach an adequate 

supply.” 

So as a result, the average sale price was 104 to 105% of the listing price in Fairfield 

and Westport in July. And the accepted offers compared to the total available listings were 

also way higher than pre-pandemic levels. It has gone down a little bit from the past two years, 

but compared to 2019, accepted offers accounted for 27% of the active listings in Fairfield, 

which was DOUBLE what it was in 2019 (13%), and 15% of the available listings had accepted 

offers in Westport, which was TRIPLE what it was in 2019 (5%). So there is still extreme demand relative to the supply. 

What’s the Good News?

🏡 The GOOD NEWS is that rising prices mean that, on the sale side, you 

enjoy a high sale price. On the buy side, when you get into your new home, you can enjoy equity 

from the continued appreciation ↗️ in prices. 

🏡 New listings 🎉 are also coming on the market each day. We have 46 new listings on the market in Fairfield and Westport as we speak. 

🏡 And the market time ⏰ is a little bit longer. Instead of just a few weeks before something flies off the shelf with an accepted offer, now listings are staying on the market for an average of one to two months before going to contract, so you have a little bit more time to make decisions 😅. 

🏡 And who knows, MAYBE RATES WILL COME DOWN at the end of this year or next year 🙏! 

So, send me a note now, and when you come back from your summer vacation, think about making your move! You can also see all the July stats here.

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August 2023 Real Estate Update: Summer Market Trends in Fairfield & Westport CT

Hello Fairfield and Westport!

If you are like many I know, you would like to make a move but are trying to figure out the best timing for your goals.

I am seeing some buyer resistance to prices due to the added expense of current interest rates. However, the imbalance of supply and demand still keeps us in a seller’s market despite the rising rates. Here’s the latest market update.

The charts below show a summary of what happened in July 2023 compared to last July. My What Sold Reports include a list and summary of all the single-family homes that sold in July 2023 in Fairfield and Westport Connecticut.

FAIRFIELD SINGLE-FAMILY – JULY 2023


WESTPORT SINGLE-FAMILY – JULY 2023

William raveis Local Housing Data

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 six key points to understand about the market in July this year compared to last July.

  1. INVENTORY WAS DOWN 13 – 14% in the two towns.
  2. UNIT SALES WERE DOWN 39% in Fairfield and UP 6% in Westport.
  3. SALE PRICES AVERAGED 104% – 105% of asking in both towns.
  4. ACCEPTED OFFERS COMPARED TO ACTIVE LISTINGS REMAINED HIGH at 27% of active listings in Fairfield and 15% in Westport. Although these are lower percentages than in July of 2020 through July 2022, the accepted offer levels were still significantly higher than those of July 2019 pre-pandemic; double in Fairfield (13%) and triple in Westport (5%)!
  5. MARKET TIME INCREASED to a range of 36 – 50 days to contract.
  6. CASH DEALS comprised 36% and 38% of the sales in July in Fairfield and Westport respectively.


When you are buying in this market, you want to be prepared to come in with a competitive offer. This includes being 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! Remember, there’s a 36-38% chance you may be competing with cash offers, so you will want to do everything you can to present a competitive offer. The good news is that new listings are coming to the market each day.

If you are selling a home that you paid cash for, you can look forward to a high sale price and maximum equity!

There are multiple offers on some properties, while others receive just one, and some will even have a price reduction if the initial price was too ambitious. Homes on average were still selling above the asking price in July. Some are selling for full price, some above, and some are selling below. It depends on the demand for the individual property.

Bottom line: Now is a still a great time to sell! Buyer demand remains high. Inventory is still low. As a buyer in this market, you can anticipate increased equity from price appreciation that is expected to continue. New listings continue to come to the market each day. Rates may also come down enabling you to refinance. Committing to the process will get you to your new home!

Reach out to me anytime with your questions about the market and to discuss 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!

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Thank you for your response. ✨

William Raveis Local Housing Data


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Hot Properties and Market Trends: Fairfield & Westport Real Estate Update – July 2023

Hello Fairfield and Westport!

If you are like many people I know, you would like to make a move but are trying to figure out the best timing for your goals. 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 June compared to June 2022. And my What Sold Reports list all the single-family homes that sold in June 2023 in Fairfield and Westport Connecticut.

FAIRFIELD SINGLE-FAMILY – JUNE 2023


WESTPORT SINGLE-FAMILY – JUNE 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 market in June this year compared to June 2022.

  1. UNIT SALES WERE DOWN in both towns (20% in Fairfield, 30% in Westport).
  2. THE SELLING PRICE AVERAGED 103% – 105% of asking in both towns.
  3. MARKET TIME DECREASED to a range of 22 – 32 days to contract!
  4. CASH DEALS comprised 31% and 39% of the sales in June in Fairfield and Westport respectively.

If you are buying a home, 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 need 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 new listings are coming to the market each day.

If you are selling a home that you paid cash for, you can look forward to a high selling price and maximum equity!

There are multiple offers on some properties, while others receive just one, and some will even have a price reduction if the initial price was too ambitious. Homes on average, are selling above the asking price based on June numbers though. Some are selling for full price, some above, and some are selling below. It depends on the demand for the individual property.

Bottom line: Now is a still a great time to sell! Buyer demand remains high. Inventory is still low. But new listings are still coming to the market each day, so committing to the process will ultimately land you your new home!

Reach out to me anytime with your questions about the market and to discuss 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!

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William Raveis Local Housing Data


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Master the Market: List Your House 100 Days in Reverse!

Maybe you want the equity from your house in time to buy a new one before the school year starts in the fall.

Or you want to sell your home and want to time your closing to minimize capital gains tax.

Perhaps you’ve seen beautiful listings come and go quickly, and you wish you could close ASAP so you can make a competitive offer on the next one you fall in love with.

Whatever your ideal timing is, begin the count down and count backwards on your calendar 100 days (at least, depending on average market time!) from the time you want to close on your sale. That’s the day you should have your listing paperwork signed in this market.

You need to allow time for the listing and sale process to take place.

Home Prep

Most people need two weeks or more to prepare their home for sale. Maybe you need a dumpster to do some quality purging. Maybe there are a few deferred maintenance items you’ve put off. Your agent or stager may have told you that your best selling price will follow a fresh coat of paint. Or maybe you want a top-dollar sale and opt for the wow-factor, offered by quality home staging. Many people need more time, but 14 days for home prep is a reasonable estimate to start with if you feel your home is close to being ready.

Market Time

Every market is different, and the average days on market will also vary with the season and other external factors. Note that the market time refers to the day the listing goes live on the MLS until a purchase agreement is fully executed.

Ask your agent what the current market time is in your town. The the days on the market of homes currently under contract will give the most recent view. The average market time of 76 homes under contract in Fairfield as of today (6/16/23) is 39 days. In Westport, there are 85 contracts with an average market time of 62 days. If we are going to be super optimistic, and say your Fairfield home will have a signed purchase agreement in record time, we can figure at least 35 days for market time.

Buyer Financing

Sixty to seventy percent of buyers YTD have used financing to buy their homes in Westport and Fairfield, so you need to account for the time it takes for the mortgage process, and this is typically a minimum of 45 days for a loan commitment.

“Clear to Close“

This precious term comes from the lender when they have cleared all the contingencies in the buyer’s loan application. Typically the lender needs another week after the loan commitment to reach clear to close status.

… and BOOM, before you know it, 100 days have whizzed by! These are very conservative time blocks, and most markets have a much longer market time. So before you miss your mark and risk losing your next dream home start the process that serves your goal.

Unlock Your Sales Success: Begin the Countdown! Mark your calendar, and count backwards. Rewind 100 days (or more!) from your desired closing date. This strategic milestone is when your listing paperwork should be completed in today’s market. Then you can enjoy the leverage you will gain to move into your next castle!

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Local Real Estate Report – Fairfield & Westport Connecticut June 2023

Hello Fairfield and Westport!

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 market in May this year compared to May 2022.

  1. UNIT SALES WERE DOWN in both towns.
  2. THE MEDIAN SALE PRICE WAS UP in both towns.
  3. 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!
  4. 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!

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Thank you for your response. ✨

William Raveis Local Housing Data


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Southport CT Home Buyer Success Story – Love Where You Live!

The day we met, she had flown from California to her second home on Long Island and taken the ferry across to visit open houses along the coast all the way from Westchester to Fairfield!

My open house in the Fairfield Beach area may have been town number five in her trek starting in New York, then Greenwich, Westport, and Norwalk.

… someone along the way told her she needed to take a look at Fairfield because it’s a great town.

From talking with her, I could tell she valued the charm and character of the cute cape. She also mentioned that she had never been to this town before, but someone along the way told her she needed to take a look at Fairfield because it’s a great town.

She was immediately drawn to the bustling yet easy vibe. The other major attraction was that the downtown, train, and water were all located in the beach-center area of town. How fabulous to be able to walk to all the cafe’s, shops, train, and beach!

After her day of researching homes and towns, she headed back to Long Island and then to LA where her primary home was. But she made arrangements to return and look at some other homes in the Fairfield Beach Area and Southport. She saw some new construction that was open, airy, spacious, and attractive, and also an incredibly adorable little vintage Victorian home in Southport. It was in Southport Village, a charming and picturesque historic district in Fairfield with its own train station, many old churches, and a beautiful harbor. All of these assets are also within walking distance in the Village.

The romantic charm of Southport Village, with the church bells and train sounds evoked such a nostalgic and comforting feeling, she was hooked.

She adored the antique home in the historic village, but it was small, so she revisited the new homes again and a few others. But the romantic charm of Southport Village, with the church bells and train sounds evoked such a nostalgic and comforting feeling, she was hooked. The renovated antique home fit right in, with its charm, history, character, and quality updates. This was the one!

So she listed her house for sale in California, got it sold, and made a successful offer. She researched storage facilities near Fairfield, got a mover, went on a few business trips, had a friend go to the inspection for her, made plans to drive her car from California to New York with her son, and then head to Connecticut. She wired funds for the house from her bank while en-route cross-country and arranged to stay at a nearby friend’s house for a night so she would be ready for the walkthrough and closing the next day. She got it done and couldn’t be happier!

When you fall in love with a home, anything’s possible!

If this little lady can come east to go house hunting a few times in Connecticut, sell her house in California, drive cross country, nail a purchase in a seller’s market, find the best storage in the area for her extra stuff, stay overnight at a friend’s house, and be ready to move-on-in on closing day…you can too!

Congratulations to my client who is thrilled to be one of the newest residents of Southport Village. 💕

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Local Real Estate Report – Fairfield & Westport Connecticut May 2023

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.

FAIRFIELD

Fairfield April New Listings: DOWN 19.3%

Fairfield April Median Sale Price: Up 8.6%

Fairfield April Pending Sales: DOWN 27.8%

Fairfield April Months of Supply: UP 4.5%

WESTPORT

Westport April New Listings: DOWN 1.9%

Westport April Median Sale Price: UP 20%

Westport April Pending Sales: DOWN 40%


Westport April Months of Supply: UP 52.2%


So when you are buying, you want to be prepared with a mortgage pre-approval or proof of funds so you can make an offer quickly when you see a home you want!

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.

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Data Source: SMARTMLS


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Sitting on Your Moving Plans? You Don’t Have To!

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.

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Beach Area Bliss: Dive into Luxury with this Stunning Fairfield CT Home for Sale, Complete with a Sparkling Pool!

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!

View the full listing and brochure. Click the image for a sneak peek!

Property Features Summary

Location

  • Fantastic Street and Location a Few Blocks from the Beach
  • Treasured, Peaceful, & Vibrant Neighborhood 
  • Walk to Penfield Beach, Town, Train, Library, Schools & Restaurants
  • Walk to Jennings Beach, Marina, & Multiple Parks
  • Five minute Drive to Two Additional Train Stations & I95
  • Fairfield Beach Neighborhood Near Abundant Amenities
  • Water Community with Beach Rights

Property

  • Level, Fenced Yard 
  • Heated In-Ground Pool with New Liner
  • Driveway with Belgian Block & Extra Parking Space
  • Professional Landscaping
  • Roses and Specimen Plantings
  • Irrigation System
  • FEMA Compliant

General

  • 9-Foot Ceilings
  • Oversized Windows on 1st Floor
  • Audio System with Sonos
  • Nest Thermostats, 3 Zones
  • Ample Natural Light
  • Tankless Hot Water
  • Hardwood Floors Throughout
  • Extra Insulation
  • All Closets Have Organizers

Exterior

  • Custom Walkway 
  • Cedar Shakes & Stone Siding
  • Mahogany Front Stairs & Deck
  • Custom Front & Rear Decks
  • Beautiful Sunset Views from Spacious Front Deck

1ST FLOOR

Foyer

  • Gracious Entry
  • Elegant Front Door with Transom and Sidelight Windows
  • Custom Light Fixture
  • Coat Closet

Great Room

  • Gas Fireplace 
  • Sliders to Rear Deck & Pool
  • Open to Kitchen

Rear Deck

  • Pool Views & Access
  • Accommodates Large Dining Table

Kitchen

  • Marble Breakfast Bar
  • Eat-In Area
  • White Cabinetry
  • Pantry
  • Custom Light Fixtures
  • View to Back Deck
  • Wolf Gas Range
  • Sub-Zero Refrigerator
  • Sub-Zero Wine Chiller
  • Miele Dishwasher
  • Microwave
  • Disposal

Formal Dining Room

  • Custom Light Fixtures
  • View to Front Yard

Powder Room

  • Vanity Sink with Storage
  • Circular Mirror
  • Custom Fixture

2ND FLOOR

Primary Bedroom

  • Walk-In Closet with Organizers & Lighting
  • Spa Bath, Marble Floor, Double Sinks, Whirlpool Tub

Bedroom 2

  • Ensuite Bath with Beachy Blue Tile & Shower
  • Built-Ins
  • Closet with Organizers

Bedroom 3

  • Closet with Organizers

Hall Guest Bath

  • Double Sinks & Vanity
  • Tub & Shower
    • Tile Floor

Bedroom 4

  • Closet with Organizers

THIRD FLOOR

Bedroom 5 – Flex Space!

  • Engineered Wood Floors
  • Walk-In Closet
  • Extra Closet
  • Window Seat

Garage

  • Electric Door Openers
  • Open to Backyard
  • Can Accommodate Three Cars

Utilities

  • Natural Gas
  • City Water
  • City Sewer
  • 200-AMP Service

Improvements in 2022

Exterior

  • New Pool Liner
  • Professional Landscaping
  • Freshly Painted Front Steps

Interior

  • Finished 3rd Floor with Extra Closets
  • New Custom Light Fixtures Throughout
  • New Custom Plumbing Fixtures Throughout
  • Extra Insulation
  • New A/C Evaporator Coils

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Behind the Scenes: Featured Home Tours

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!

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