Hello Spring 🌸! Where are prices going?

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 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).

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.

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.

Happy March! Has spring fever 🌸 hit you yet?

I know many of you are thinking of making a move but may be hesitating due to uncertainty. Here’s what’s happening in Fairfield and Westport, Connecticut. Reach out to me for values in additional towns.

Below is a comparison chart for Fairfield and Westport showing changes that favor buyers and sellers when comparing February 2022 vs February 2023 market stats. (March numbers will be out soon.)

FEBUARY 2023 MARKET HIGHLIGHTS

New Listings & Sales Volume: DOWN In Both Towns

New listings were down 27% in Fairfield and 49% in Westport which limited the sales volume. Unit sales were down 53% in Fairfield and 42% in Westport. Average days on the market also increased in both towns.

Price Per Square Foot: UP in Both Towns

Although the Fairfield median and average sale price metrics were down this February, the average sale price per square foot was up! When you look at what sold this February, you can see that more smaller homes sold (average square foot =1,741) and only one sale was above $1M compared to last year. In February 2022 the average size home that sold had 2,215 square feet, and there were seven sales between $1M and $3M. So it appears to be more about the mix of homes that sold that resulted in the appearance of prices decreasing in Fairfield.

In Westport, prices were up any way you look at it!

Tight Inventory and Strong Buyer Demand Continued

We have seen 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 spotty and remained only on a a case by case basis.

Due to the tight inventory, many homes still sold very quickly and with multiple offers.

So when you are buying, you want to 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!

On a national note, the experts predicted that prices would remain relatively stable by the end of 2023 followed by continued appreciation beginning in 2024. So buyers in the current market may enjoy equity increases in the very near future!

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.