Looking at how the market did in October… The Westport and Fairfield town-wide sales pace in October slowed a bit from the previous month, consistent with the seasonal trend, and was also down significantly compared to the Covid spike in October 2020, but the sales pace was still above the same time of year in 2019. Inventory remained at two-months of supply in Fairfield and three months in Westport. Low inventory continued to be the most significant limiting factor in these markets. The median sale price was within 2-3 percent of October 2020 numbers and remained significantly higher than in 2019. Market time was still brisk ensuring a constant refresh of available homes for sale.
Industry experts predict continued appreciation of property values and rising interest rates next year.
Purchasing a new home now can award instant equity in addition to exponential savings over the life of a mortgage. Waiting until next year to make a purchase can result in a more expensive purchase. Homeowners that sell now benefit from a larger buyer pool than next year when homes will be more costly for buyers if interest rates go up.
If you are like many others who want to sell but are still on the fence, this fall continues to offer an excellent window to make your move. Interest rates and inventory are still low, and buyer demand is still strong. You are right to arm yourself with an expert guide to help you put your strategy in place to reach your goal! Call me today to discuss your plans ==> (203) 912-4440.
What has sold in these two hot spots?
Where are the accepted offers in October and the beginning of November? Check out the scoop below and take a look at the charts showing the town-wide data.
FAIRFIELD DOWNTOWN – Within a one-mile radius of the downtown train.
Looking at single-family sales, there were 14 closings in October. Market activity showed 16 new accepted offers, including three condominiums and one commercial building in October through November 8th in Fairfield’s downtown and beach area.
NEWLY ACCEPTED OFFERS:
Take a look at the Fairfield town-wide stats from the William Raveis Local Housing Data. Send me a note below if you would like the link to add the LHD shortcut to your phone!
WESTPORT GREENS FARMS
There was one single-family sale October in Greens Farms. There were four new accepted offers, all single-family homes between $1-4 million, in Westport’s Greens Farms neighborhood through November 8th.
NEWLY ACCEPTED OFFERS:
Take a look at the Westport town-wide stats from the William Raveis Local Housing Data. Send me a note below if you would like the link to add the LHD shortcut to your phone!
Call me if you are thinking of making a move in the next 12 months, and we will have a 15 minute consultation to discuss your goals, the market, and whether I can help ===> (203) 912-4440.