Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.
Here’s what happened in March 2024.
Prices were up.
Single-family home sale prices averaged 102% of asking in Fairfield and 99% in Westport.
The median sale price in Fairfield was $870,000, UP 15.7% compared to March 2023 and also up from last month. The median sale price per square foot was also UP 7.3% to $403. In Westport, the median sale price was $2,250,000, UP 11.9%. The median sale price per square foot was $489, which was DOWN 3.9% from last March.
Pacewas down.
Days on market averaged of 82 days in Fairfield and 100 days in Westport.
Unit sales were down 29.8% in Fairfield and 16.7% in Westport compared to March 2023. Inventory was up in Fairfield with 115 single-family homes for sale and down in Westport with 78 homes for sale.
The months of supply metric was up in both towns from March 2023 but still in the two-to-three-month range. This was the result of a slower rate of sales.
What does it mean?
The market in March showed continued low inventory which was the biggest rate-limiting factor. Buyer demand also continued despite the inventory shortage which maintained upward pressure on prices. Though rates have not ticked down yet as hoped, more homes started to come to the market in April.
Bottom line.
People buy and sell in every season and in every market. So embrace your new lifestyle goals if the right time for you is now. Your agent’s expert guidance will help you navigate this market for a successful sale or purchase. Reach out to me anytime with your questions about the market and to discuss your plans.
When you are selling, your agent will guide you on the strategy and negotiations to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.
If you plan to buy in this market,there is a bit more flexibility in timing and price than in the previous months. However, this is now on a house-by-house basis. There is still a predominance of solid competition and a relatively short window before sellers accept offers. So it is important that you are ready to make an informed decision if you really want to get your house. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands because an offer is not complete without this critical piece! Here’s a guide for what you can expect.
What are your thoughts about the market and interest rates? Do you plan to jump into the market this spring? 🌷 Share your thoughts in the comments or send me a note below.
We’ve entered Daylight Savings Time, and Spring is so close, we can taste it! 🌱
Here’s a quick look at what happened last month in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.
Here’s what happened in February 2024.
Prices were up.
Sale prices averaged 100% of asking in Fairfield and 107% in Westport.
The median sale price in Fairfield was $820,000, up 37.8% compared to February 2023. The median sale price per square foot was up 6.5% to $373. In Westport, the median sale price was $1,600,000, down 1.5%, and the median sale price per square foot was $534, which was up 5.1% from last February.
Pacewas down.
Days on market averaged of 56 days in Fairfield and 67 days in Westport, so two-to-three months in general.
Unit sales were down 21.1% in Fairfield and 40% in Westport compared to February 2023. Inventory was also down with just 111 single-family homes for sale in Fairfield and 77 in Westport.
The months of supply metric was up from February 2023 but still in the two-to-three-month range in both towns. This was the result of a slower rate of sales.
What does it mean?
The market in February showed continued low inventory which is the biggest rate-limiting factor right now. Buyer demand also continued despite the inventory shortage which maintained upward pressure on prices. But rates are back into the 6s, and there is pent up demand on all fronts for people to make a move to a better suited lifestyle.
Bottom line.
People buy and sell in every season and in every market. So embrace your new lifestyle goals if the right time for you is now. Your agent’s expert guidance will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.
When you are selling, your agent will guide you on the strategy to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.
If you plan to buy in this market,there is still solid competition and a relatively short window before sellers accept offers. So you must be ready to make an informed decision if you see a home that meets your top criteria. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands because an offer is not complete without this critical piece! Here’s a guide for what you can expect.
What are your thoughts about the market and interest rates? Will a little healthy March madness motivate you to make your move? Share your thoughts in the comments or send me a note below.
As we plug away toward spring, let’s take a quick look at what happened in the first month of the year our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports.
Here’s what happened in January 2024.
Prices were up.
Sale prices averaged just under 100% of asking in Fairfield and 101% in Westport. This is about the same as January when both ratios were 100%.
The median sale price in Fairfield was $805,000, up 36.4% compared to January 2023. The median sale price per square foot was up 7.9% to $341. In Westport, the median sale price was $1,850,000, up 16.4%, and the median sale price per square foot was $482, which was up 15.4% from last January.
Pacewas down.
Days on market increased from 48 in November to an average of 63 days in Fairfield and 74 days in Westport. This is approximately 30% more time on the market than last December in both towns.
Unit sales were down 13.5% in Fairfield and 5% in Westport compared to January 2023. Inventory was also down with just 100 single-family homes for sale in Fairfield and 83 in Westport. There were seven new listings in Fairfield and six in Westport at the time of this post.
The months of supply was up from January 2023 but still in the two-to-three-month range in both towns. This is the result of a slower rate of sales, and due to an influx of homes coming on the market.
What does it mean?
The market in January showed the continued trend of low inventory with ongoing buyer demand which maintained upward pressure on prices.
Bottom line.
People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.
When you are selling, your agent will guide you on the strategy to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.
If you plan to buy in this market,there is still solid competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision if you see a home that meets your top criteria. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece! Here’s a guide for what you can expect.
What are your thoughts about the market and interest rates? Do you think this year will be a better time for you to move than last year? Share your thoughts in the comments or send me a note below.
Hey there, homeowners! It’s your friendly neighborhood Realtor, and today, I’ve got some exciting news for all you Fairfield and Westport sellers out there.
There are 3 Reasons to get a leg up on the market this year!
Reason 1: Pent-up Demand 📈
As we step into the spring market, there’s pent-up demand from buyers who’ve been eagerly waiting for interest rates to drop. And guess what? They have!
Reason 2: Affordable Rates 🏠
Interest rates have dipped back into the 6% range, and there’s potential for more drops in 2024. Lower rates mean your home is more affordable for buyers, making it the perfect time to sell!
Reason 3: Increased Inventory Forecast 📊
Get this – Lawrence Yun, Chief Economist at NAR, predicts a 30% increase in national housing inventory this year. More options for buyers mean more competition for your home as a seller. This makes it a win-win to sell your house now!
So, whether it’s the economic trends, affordable rates, or the competition heating up, now’s the time to act! And hey, bonus point – the 2024 Farmer’s Almanac predicts an early spring! 🌷
Reach out to me, let’s chat about your plans, and get a leg up on your dream sale this season! 💫
Linda Raymond’s Journey to Becoming a CT Realtor: From Westport to Worcester and Back
I came to Fairfield County when moving to Westport, Connecticut from New Jersey just before entering the eighth grade.
After attending Staples High School in Westport, I went to Clark University in Worcester, Massachusetts and graduated as a biology major before returning to the area for my first job as a research assistant at Yale. I continued school part time and earned a Masters degree in exercise science from Southern Connecticut State University in New Haven. My career then moved to corporate health and fitness in Stamford, Connecticut where I worked for corporate consulting firms that served companies seeking to improve the health of their employees. I worked closely with the employees of our corporate clients.
From there, I evolved into program design and management for employee health and productivity in large companies like IBM with dispersed national populations. I worked with my team to develop and deliver innovative programming with a range of delivery strategies to engage employees through their benefits and occupational health departments. After 13 years of facilitating programming and data management on a population-scale basis, I began to feel the need to re-connect with people on an individual basis.
At the same time, my husband, young daughter and I decided to pursue our first home purchase in the Fairfield and Westport Connecticut areas where the schools are excellent.
This changed everything, my home, my career, and my lifestyle!
What Does the Journey to Your New Home Look Like?
Navigating the competitive Fairfield County home buying market in 2004 just before the housing bubble burst, I learned first-hand that the strategy of home buyers and home sellers had to adapt to the existing market conditions.
The Emotional Rollercoaster of Home Buying
As a first-time home buyer looking in Fairfield and Westport Connecticut, I was amazed by how intense, emotional, and complicated buying a home and making a move really was.
Your Castle, Your Asset: Understanding the Home as an Investment
Your home is one of your largest assets. It requires a huge financial commitment. Your homeownership, is a critical investment in your future. You invest in it to gain equity, and you want it grow. Unlike most other investments, your home also holds tremendous emotional value. Your home is your castle. It’s where you live, love, grow, work, and play. It’s where go to be safe and sound, to feel peace and joy.
Making Informed Decisions: My Approach to Real Estate Assistance
So it’s not surprising that making a move is a monumental endeavor. Add to this the challenges of housing market conditions and the complex process, and the stress can be over the top! When you’re preparing to move to a home that better suits your current needs, you need an expert guide to navigate both the challenges and the opportunities, and to help set your mind at ease. You need to feel you are best positioned and on the right track to your new home!
Your Castle. My Mission: How I Can Help You Move with Confidence
So my current passion is to guide you as my client through the process of moving from one home to another while focusing on achieving the best terms and outcomes to meet your priorities and help you enjoy the process with peace of mind at the same time.
The focus on science in my education drives my reliance on data and facts to inform sound decisions. Decades in the business sector serving results-focused corporate clients drives my focus on strategy, planning, and accountability in the customer service I provide to my clients. And most of all, my genuine passion for understanding you and your priorities and my end-goal of making you a very happy client, are the forces that drive me!
Since May of 2005, I have been back to working one-on-one with home buyers and home sellers here in Fairfield, Southport, Westport, and surrounding areas to guide them through the huge decision to transition to the home sweet home.
Providing Input, Insights, and Resources
Putting my business skills and experience to work for each client, my focus is to provide the insights, information, and resources my clients need to feel confident in making informed decisions and to ensure they are thrilled with their end result.
My strategic approach to helping my clients reach their goals integrates the key elements of listening, understanding, strong communication skills, facilitating collaborative relationships, a customer service focus, effective negotiations, market intelligence, leveraging technology and creativity, creative and strategic marketing, and business collaborations.
I specialize in helping people pursue their plans for downsizing, resale, first-time home buying, home sale and home buying.
What Is Your Ideal Lifestyle?
Some of my passions include dogs (we have a Havanese from a breeder, and a Terrier mix from Pet Finders!) dance, swimming, skiing, travel, family, and crafts. I love the ease of making these things a part of my life in my home. Are you in the right home to support your current lifestyle passions?
The Perfect Next Step!
If you are thinking of making a move now or in the future, I encourage you to start with a conversation now, and you will be well on your way. Give me a call today or send a note below and tell me what your ideal Castle looks like!
My blog is here to provide informative insights into the home buying and selling process and fun information about the local community. Comments, questions, and suggestions are always welcome!
As we dive into 2024, let’s take a quick look at what happened in December in our local Fairfield and Westport markets. If you’re curious which homes sold, take a look at the What Sold Reports, and if you love the charts 📊, scroll down. ⬇️
Here’s what happened in December2023.
Prices were up.
Sale prices averaged 102% of asking in Fairfield and 103% in Westport. This was an increase from November when both ratios were 100%. Most homes, (57% in Fairfield and 70% in Westport), sold above the asking price, and more than 90% of the sales sold for over 95% of the asking price.
The median sale price in Fairfield was $1,010,000, up 41.3% compared to December 2023. The median sale price per square foot was up 12.2% to $421. In Westport, the median sale price was $1,750,000, up 2.9%, and the median sale price per square foot was $605, which was up 38.3% from last December.
Pacewas down.
Days on market increased from 48 in November to an average of 63 days in Fairfield and 74 days in Westport. This is approximately 30% more time on the market than last December in both towns.
Unit sales were down 17.3% in Fairfield and 37% in Westport compared to December 2022. Inventory was also down with just 88 single-family homes for sale in Fairfield and 58 in Westport. There were seven new listings in Fairfield and six in Westport at the time of this post.
The months of supply was up from December 2022 but still in the two-month range in both towns. This is the result of a slower rate of sales, and due to an influx of homes coming on the market.
What does it mean?
The market in December demonstrated more of what we saw all year. Low inventory with buyer demand maintained the upward pressure on prices and limited the pace of sales.
The good news was that rates began to tick downward in November, and there were some signs that the market might start moving in a more balanced direction. At the time of this post, you could get a 30-year Fixed Jumbo at 6.625% and 30-year FHA for 6.125% from William Raveis Mortgage. This pointed to us being past the peak of interest rates.
Udate 1/11/24: The National Association of Realtors Chief Economist Lawrence Yun forecasts an improved housing market in 2024. He said, “The demand for housing will recover from falling mortgage rates and rising income. In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years.”
As we head into the New Year with rates ticking downward, more sellers may be ready and willing to enter the market. With the improved affordability from these lower rates and new listings to choose from buyers should be able to appreciate more options. So, if you have been waiting to make your move, now is a good time to get ready to do so.
Bottom line.
People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.
When you are selling, your agent will guide you on the strategy to maximize the demand for your listing in the current market. Here’s an overview of what you can expect.
If you plan to buy in this market,there is still solid competition and a relatively short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision if you see a home that meets your top criteria. This means you have everything you need to submit a competitive offer. This also means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece! Here’s a guide for what you can expect.
What are your thoughts about the market and interest rates? Do you think this year will be a better time to move than last year? Share your thoughts in the comments or send me a note below.
William Raveis Local Housing Data
FAIRFIELD SINGLE-FAMILY – DECEMBER 2023
WESTPORT SINGLE-FAMILY – DECEMBER 2023
If you’re not ready to think about your move yet, please refer your friends to me using the form below. Referrals are a win-win!
Happy Holiday Season! The November numbers are in. As 2023 comes to a close, let’s take a look at what happened in our local Fairfield and Westport markets in November. For a list of all the single-family sales, explore the What Sold Reports. If you love the visuals, charts await you below! ⬇️
Here’s what happened in November:
Prices.
Sale prices averaged 100% of asking in both Fairfield and Westport. This is down from 102-103% in October suggesting a slight shift toward a more balanced playing field between buyers and sellers. The seller market was still strong though, with more than half the homes selling above asking price and the majority homes selling for over 95% of the asking price.
The median sale price was 13% lower year over year in Fairfield, likely due to a mix of sales that included more smaller homes. In Westport, the median sale price was up 9.7%. The median sale price per square foot was up in both towns compared to November 2022.
Pace.
The time on-market averaged 48 days in Fairfield and Westport, which was shortest November market time in the past three years.
Unit sales were down 11.1% in Fairfield and up 8.7% in Westport. There were eight new listings in each town at the time of this post. Inventory was up very slightly in Fairfield (3.1%) but down 12.5% in Westport.
There were approximately three months of supply in both towns, (2.78 months in Fairfield and 3.32 months in Westport). This metric shows that we are still in a sellers’ market given that a balanced market has closer to a six-month supply. However, the market is not as extreme in the seller’s favor as it was when the supply was in the two-month range in March (Westport) and April (Fairfield).
What does it mean?
There are some signs that the real estate market may be moving toward a more balanced state given that market activity is resulting in a sale to list ratio of 100% (versus way above) and that the supply is hovering in the three-month range.
Rates, ratio, and supply may suggest a shift toward a more balanced market. But this does not appear to be a clear trend yet, and market time is still quite short, so we will have to wait and see.
If you plan to buy in this market,there is still a good amount of competition and a short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision and have everything you need to submit a competitive offer. This means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece!
Eighty-nine homes sold in December 2022, meaning that 178 parties made a successful move during this holiday month last year. So we can expect a good amount of serious people making successful moves this December as well. Do you plan to be one of them?
People buy and sell in every season and in every market. So you can embrace your new lifestyle goals if now is the right time for you. The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.
William Raveis Local Housing Data
FAIRFIELD SINGLE-FAMILY – NOVEMBER 2023
WESTPORT SINGLE-FAMILY – NOVEMBER 2023
If you’re not ready to think about your move yet, please refer your friends to me using the form below. Referrals are a win-win!
As a Realtor, I’ve been entrusted with the pivotal task of handling the sale and purchase of homes, recognizing that these spaces are not just assets but repositories of pride, emotions, and life’s stories. Your trust in me for this crucial responsibility is something I deeply cherish and am profoundly grateful for.
One of the most fulfilling aspects of my role is facilitating not just a change of residence but guiding people from one chapter of their lives to the next. This journey, often intertwined with significant life transitions, is laden with emotions.
My commitment goes beyond being a real estate professional; it’s about being a compassionate guide, ensuring a seamless transition through each stage of the process. This journey involves a meticulous focus on several key elements:
Transparent Expectations: I ensure my clients are well-informed, eliminating surprises throughout the process.
Open Communication: A regular flow of communication is maintained to keep you informed and to encourage your thoughts and concerns to be expressed freely.
Collaboration: I give you the information you need to make informed decisions that best meet your priorities. I then work with you to implement the steps toward your desired results.
Emotional Support: I act as a shield against stressors, offering reassurance during the most challenging times.
Efficient Coordination: Managing all the players involved in the transaction—attorneys, agents, inspectors, appraisers, lenders, and contractors—is crucial to maintaining a smooth journey.
The validation of my approach is mirrored in the abundance of positive online reviews, surpassing 85, and the honor of receiving the Five Star Professional Award for nine consecutive years.
Your trust and appreciation fuel my dedication to continuous service and building enduring relationships. I am genuinely grateful for the opportunity to be part of your life’s transitions and look forward to working with you in the future.
Dreaming of your new home and wondering when mortgage rates will go down? Amidst the excitement of buying or selling a home, there’s one burning question on everyone’s mind: where are the rates going? For both buyers and sellers, the direction of interest rates is the compass guiding their real estate journey. Join us as we shed some light on the mystery of rate projections as well as a bit of perspective on where they are now. The decisions of aspiring homeowners and sellers navigating the dynamic housing market may be more a function of your known priorities than the rates themselves.
Everyone wants to know where rates are going!
The fact is that no one knows for sure, but here is a table provided by Keeping Current Matters that shows projections through the end of 2024.
Experts project rates to be in the mid-six percent range by the end of 2024.
What we see here is a consensus among Fannie May, Mortgage Bankers Association, and the National Association of Realtors that rates are likely to be in the mid-six percent range by the end of next year.
Current rates are still lower than they were in the last three decades.
One thing we do know is that rates in the seven-percent range are still lower than they were in the last three decades. This might not do much to change your monthly payment, but it does provide some perspective and illustrates that rates below four percent were actually an anomaly and are not likely to return.
What does this mean for you?
How does this affect home sellers and buyers? Should you make your move now? It depends on your situation, plans and priorities. Reach out, and let’s have a conversation.
As the holiday season approaches 🥳, Fairfield and Westport homeowners are eager to understand the trajectory of the real estate market. Questions about whether it will persist or come to a halt are on many minds, especially for those contemplating a move and uncertain about the ideal timing. Let’s delve into the recent market activity to gain insights and set expectations.
The October report is in!
The October 2023 report has arrived, providing a comprehensive overview of this month compared to the same period last year. Explore the What Sold Reports for a detailed look at all single-family home sales in Fairfield and Westport, Connecticut during October 2023. For those who appreciate visuals, charts await you below! 🤩
7 Things to know about what happened in October:
Yes, mortgage rate and price increases have sidelined some buyers, but not enough to offset the low inventory. Here are seven points to understand about what happened in October.
INVENTORY WAS DOWN 19.2% in Fairfield and 5.7% in Westport.
UNIT SALES WERE DOWN 27.9% in Fairfield and UP 19.0% in Westport.
MARKET TIME WAS DOWN averaging 40 days in Fairfield and 43 days in Westport.
MEDIAN SALE PRICEWAS UP 12.9% in Fairfield and UP 26.4% in Westport.
SALE PRICES AVERAGED 103.3% and 102.2% of the list price in Fairfield and Westport respectively.
SOLD OVER LIST PRICE: 68.8% in Fairfield and 52.0% in Westport.
SOLD FOR OVER 95% OF LIST PRICE: 91% in Fairfield and 84% in Westport
Low inventory and strong buyer demand continue to upward pressure on prices.
Buyer tip:
When you are buying in this market,there is still a good amount of competition and a short window of time before sellers are accepting offers. So it is important that you are ready to make an informed decision and have everything you need to submit a competitive offer. This means that you have your mortgage pre-approval or proof of funds in your agent’s hands, because an offer is not complete without this critical piece!
Bottom line: Sixty-seven homes sold in November 2022 which means that 134 parties made a successful move. So we can expect a good amount of people making successful moves this November as well. Will one of them be you?
People buy and sell in every season and in every market. So embrace your dream lifestyle and go for it, if now is right for you! The expert guidance of your agent will help you navigate this market to secure your new home. Reach out to me anytime with your questions about the market and to discuss your plans.
William Raveis Local Housing Data
FAIRFIELD SINGLE-FAMILY – OCTOBER 2023
WESTPORT SINGLE-FAMILY – OCTOBER 2023
If you’re not ready to think about your move yet, please refer your friends to me using the form below. Referrals are a win-win!
Linda Raymond Real Estate Blog, Fairfield, Westport & More 