Linda Raymond Real Estate Blog, Fairfield, Westport & More

Fairfield & Westport Living- homes, fun stuff & more!


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How’s the Housing Market? Is Now a Good Time to Sell in Westport and Fairfield CT?

How’s the single-family housing market in Fairfield and Westport Connecticut as of the end of March?Take a look at the bullets and graphs below to see how things have changed dramatically this March compared to last March, 2020, and look at the opportunities.

If you would like access to our William Raveis Local 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 Homes Sales are UP 29% from 31 to 40 homes sold.
The Median Sale Price is UP 29% from $1,375,000 to $1,774,500.
Inventory is DOWN 47% from 289 to 153 homes for sale.
Months of Supply is DOWN 70% from 9 months to less than 3!
Market Time is DOWN 49% from 132 to 67 days.

In FAIRFIELD

Single-Family Homes Sales are UP 69% from 54 to 91 homes sold.
The Median Sale Price is UP 20% from $587,450 to $703,000.
Inventory is DOWN 55% from 479 to 217 homes for sale.
Months of Supply is DOWN 71% from 8 months to 2!
Market Time is DOWN 19% from 96 to 78 days.

The trend of extremely low inventory, increasing median sale price, and short market time continues through March into April, though we are seeing more homes come on the market. The strong buyer demand in the face of this limited choice is still causing frequent multiple offer situations.

Opportunities exist for both buyers and sellers, but the market can unquestionably benefit from more sellers entering the market! Vaccines are here, spring is here, interest rates remain low, and buyers are waiting. If you have been wondering, yes, now is the time to sell.

If you would like to discuss how to buy and sell your home in the current market, you can create your own home search to check out the market, visit my website, give me a call, 203.912.4440, or send me a note below. I’m here to help!

 


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SOLD and New Accepted Offers in Fairfield Downtown and Westport Greens Farms April 1-10, 2021

What has sold in these two hot spots? Which listings have accepted offers as of the first two weeks in April? Check out the lists below!

FAIRFIELD DOWNTOWN – Within a one-mile radius of the train.

There have been five more sales and 10 more accepted offers in Fairfield’s downtown and beach areas during the first two weeks of April.

SOLD:

NEWLY ACCEPTED OFFERS:

WESTPORT Greens Farms

SOLD:

There has been just one (yes, just one) more sale and three more accepted offers in Westport’s Greens Farms neighborhood during the first two weeks of April.

NEWLY ACCEPTED OFFERS:

Reach out to me if you are thinking of making a move, and let’s have a conversation! 203.912.4440


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SOLD and New Accepted Offers: Fairfield Downtown and Westport Greens Farms YTD through 3/29/21

What has sold in these hot spots? What listings have already accepted offers as of the last week in March? The lists are below.

FAIRFIELD DOWNTOWN – Within a one-mile radius of the train.

SOLD YTD:

NEWLY ACCEPTED OFFERS:

WESTPORT Greens Farms

SOLD YTD

Reach out to me if you are thinking of making a move, and let’s have a conversation! 203.912.4440


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Matchmaker Mystery: Do You Have What I’m Looking For? 🏡❤️

Let’s work on this matchmaker mystery together!

One of the challenges buyers are facing, along with would-be sellers, is that they can’t find what they are looking for on the market.

Many agents are sharing the criteria their buyers are looking for with the hope that someone who is thinking of selling may have a match to add to the market.

Here is my urgent buyer wish list,

  1. Westport – New or contemporary style, ~4,000 square feet, 4+ bedrooms, $1,500,000-$1,800,000, (Need two of these!)
  2. Westport – Renovation project or tear-down, 1+ acres, preferably with no wetlands, price flexible.
  3. Westport – Renovation project or tear-down, any property size, preferably with no wetlands, price flexible.
  4. Fairfield – Beach, town, Southport, or University areas, new or like-new home, 4,000 square feet, up to $1,700,000.
  5. Fairfield – Home with charm and character, preferably in the beach area, but open to anywhere in town, 3+ bedrooms, at least 1,400 square feet or room to expand, $700,000-$850,000.
  6. Fairfield – Home with charm and character, high ceilings, preferably in the beach area, center of town or Stratfield areas, 3+ bedrooms, at least 1,400 square feet or room to expand, finishable basement and/or attic, office space, level yard of .16 acres or more, $500,000-$640,000.
  7. Fairfield – Beach area, near Penfield, .23+ acres on which to renovate or build new, under $700,000.
  8. Fairfield – Town center, new or move-in ready 2-bedroom condo for rent, or sale up to $350,000.
  9. New Canaan – Walk-to-train location, 3 bedrooms, preferably new or move-in ready, high ceilings, up to $1,500,000.

If a matching property is found for the buyer needs above, the following new listings will in turn be added to the market,

  1. Westport – Gorgeous new construction home, likely with 4,000+ square feet and 5 bedrooms.
  2. Westport – ANOTHER gorgeous new construction home, likely with 4,000+ square feet and 5 bedrooms.
  3. Westport – Lovely 4-bedroom, move-in-ready home with lovely property in the Greens Farms area.
  4. Fairfield – Charming cape in the beach area.

The lack of inventory is limiting the market despite the opportunity of very low interest rates and an excellent time to sell for all interested home owners.

So if you have something, say something! 😃 If you know of something, say something! 😃 Want to talk options? Say something. I’m here to help, 203.912.4440.


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Get Housing Market Insights in Real-Time!

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 and contact me today, 203.912.4440 to find out the best time to sell!

#2021 #LindaRaymondRealtor #WilliamRaveis #TheBestJustGotBetter #RealEstateMarketUpdate #RealEstate #IntheKnow #NumbersDontLie


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How’s the Local Housing Market Right Now? Westport and Fairfield CT – February 2021

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 Raveis Local 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 Homes Sales 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 Homes Sales 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….

If you would like to discuss how to buy and sell your home in the current market, you can create your own home search to check out the market, visit my website, give me a call, 203.912.4440, or send me a note below. I’m here to help!

 


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How’s the Local Housing Market in Fairfield and Westport CT – January 2020 vs 2021?

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 Raveis Local 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!

If you would like to discuss how to buy and sell your home in the current market, you can create your own home search to check out the market, visit my website, or send me a note below. I’m here to help!

 


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She Finally Decided to Sell Her Home, and It Was a Dream Come True!

The seed was planted years ago that maybe someday they would leave their comfortable bubble in Westport, Connecticut, and follow one of their dreams. They knew they would love to go abroad for a while, pursue the adventure of a live-aboard, or follow their passion for waterfront living.

He was excited to go for it, but she, not so much. Selling their home would allow them to be untethered for a while but the emotional consequences of leaving their home and hometown of 17 years with deep connections to friends, the community, and their love of Westport, was not lost on them. 

For starters, the limited choice of homes on the market made homelessness seem a clear outcome. The process of having to show the house day after day during a pandemic and having to deal with the whole listing, selling, and the moving process felt daunting. How could she argue with her grown daughters who rightly said they should keep the beautiful home they had made perfect over the years by putting their hearts and soles into it?

But, wasn’t this the perfect time? Wasn’t now the time to sell your home, especially in Westport with properties flying off the shelf at record speed for top dollar?

As it turned out, the low inventory and logistical barriers were really not the problems.

Becoming emotionally ready for adventure and following the dream was what she needed to take the leap out of her comfort zone. Only once she was at peace with letting go, moving on, and embracing the adventure, had all the pieces, one at a time, fallen into place.

I had come to see their home and discuss their hopes, dreams, plans, and concerns. Following that, we met via Zoom due to the pandemic. I explained the market, the recommended listing price, options for giving them flexibility for their timing, and shared my custom comprehensive marketing plan which included an added detailed walk-through video for buyers to watch before requesting a showing.

Still, for weeks she struggled with the decision. But as they explored their ideas for their next chapter, she shared their dreams with their daughters who became very supportive of their vision. The response from several friends was also positive and supportive of their decision to sell, and in fact many even said they too had been considering making changes of their own and following their dreams.

So they gave me the green light and I put the house on the market while they went to Boston for the weekend to visit family. During that weekend, I managed 25 showings and multiple offers. They chose a buyer who paid more than their asking price and who was agreeable to a long closing period to give them time to find a new home.

They researched their options and visited potential new homes in various areas. Sure enough, they came upon a fabulous waterfront home further north with breathtaking views that they absolutely loved!

So you may want to ask yourself- Does your home truly satisfy your current needs, wants, and, desires? Can you brace yourself to stretch your comfort zone for some adventure? If so, then now is the time to trust the process, and make it happen!

There are numerous logistical options for making your dream a reality. And there happens to be a jackpot of opportunity presenting itself to sellers right now, with buyers from the New York City area searching in droves, low inventory to compete with, and low interest rates to help you and your buyer with your purchase.

A great way to inspire your journey is to explore our Raveis Escapes website with destination locations featured by local Realtors and browse those areas. Set up searches for yourself in any areas that intrigue you get a feel what’s available there. 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 or send a note below, and let me lead the way!

Linda
203.912.4440

Pop Quiz!


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End of Summer Real Estate Pop Quiz!

Take the Pop Quiz about the local single-family housing markets at the end of the summer in Westport and Fairfield. Then check your answers below and watch my video that explains the numbers also spotlights our October opportunities!

Westport

1. What was the top selling price range in August and September?

A. $1.4 m – $1.5 m

B. $1.5 m – $1.6 m

C. $2 m  – $2.249 m

2. Which price range currently offers the most listings for sale?

A. $1.1 m – $1.2 m

B. $2.5 m – $3.5 m

C. $5 m – $10 m

Fairfield

3. What was the top selling price range in August and September?

A. $500K – $550K

B. $600K – $650K (3rd place)

C. $700K – $750K (2nd place)

4. Which price range currently offers the most listings for sale?

A. $400K – $500K = 22 active listings

B. $750 – 850K  (17 homes for sale)

C. $1.1 m – $1.3 m (13 homes for sale)

ANSWERS

Westport
1. A
(followed by B & C)
2. B
(with 36, C with 16, and A with 10 homes for sale)

Fairfield
3. A
(followed by C & B)
4. A
(with 22, B with 17, C with 13 homes for sale)

SmartMLS 10/9/2020

Please share your comments or questions below, and I will respond within one day.


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Fairfield Beach in Review: August 2020

Market Activity on
Fairfield Beach Road –  Pine Creek Avenue – Old Dam Road

What’s On the Market?

Active Beach Listings

Fairfield Beach Road

  • 12 single-family homes are for sale.
  • Four are new construction listings priced from $1,500,000 to $3,200,000. Three are complete and sit across the street from the water. Two are under construction, one on the creek, and one on the beach with a creekside parcel and a dock.
  • Seven of the listings are on direct beachfront and priced from $1,700,000 to $5 million.  Two of these have additional creekside property, and one also has a dock on the creek.
  • There are three creek-front listings priced from $2 million for a home with a dock to $2,570,000 for a new home under construction.

Pine Creek Ave

  • There is one waterfront property for sale for $2,495,000.

Old Dam Road

  • There is one property for sale on about a third of an acre that is not on the waterfront for $875,000.

What Sold, Mid-June to Mid-August?

Sold & accepted offers since mid-June

  • Four single-family homes sold since mid-June including three on Fairfield Beach Road, and one on Old Dam Road.  Two were on the beachfront and two on the waterway.
  • One condo across the street from the water sold on Fairfield Beach Road for $715,000.
  • Single-family sale prices ranged from $700,000 for a home not on the water on Old Dam Road to $3 million for beachfront renovation/new construction on Fairfield Beach Road.

What About Accepted Offers?

  • There are currently two homes under contract, a three-years-young beachfront home on Fairfield Beach Road listed for $2,795,000 and a beachfront condo on Pine Creek Avenue on the market for $1,135,000. 
  • Three homes on the beach have accepted offers with list prices ranging from $1,695,000 to $2,395,000.

1690 Fairfield Beach Rd - Sold

There have been nine sales so far this year through August 15 compared to 14 last year during this timeframe, however the five accepted offers should catch us up. One improvement we have seen this year is the beach homes selling closer to the asking price. On average the nine sales this year closed at 96 percent of the asking price compared to 94% last year.

Still, this year’s beach market has been a bit slow compared to other blazing markets driven by the pandemic. For example, in the entire Fairfield Beach Area (including homes closer to town), there were 95 sales year to date that sold for an average of 97 percent of asking compared to 78 sales YTD in 2019 selling on average for 96 percent of asking.

So the word on the street is that we may be in the dog days of summer at the beachfront, but the market overall is still hot!

 If you have any questions about this market and what it can mean for you, please reach out to me at 203.912.4440, Linda.Raymond@raveis.com , or using the form below.  I’m here to help!