Linda Raymond Real Estate Blog, Fairfield, Westport & 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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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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At What Price Would You Consider Selling Your House?

My buyer waits for completion in six months.

Buyers are waiting. Home sale prices are up. Interest rates are outrageously low. Is there a price at which you would consider selling your house? If there is a price that motivates you, are there other barriers?

It sure appears to be the perfect storm for owners to want to sell their homes, right? Sure, except for two major roadblocks- As a potential home seller, where do you move with the limited choice in the market? And if you could work through these details, do you really feel ready?

If you are one of these homeowners, here are three things you can do to manage the logistical challenge.

  1. You can list your home with a published contingency to find suitable housing. This relieves the pressure of not having your destination pre-determined by letting potential buyers know up-front that you reserve the right to take the time to find a new home. It also gives you an ‘out’ if you cannot find a suitable solution. You can reach out to me and also select a real estate attorney to learn more.
  2. Alternatively you can put your home on the market and negotiate a long closing period, such as a few months, when you receive an offer- or multiple offers. Many buyers are flexible with timing, especially if they are buying a second home. This will give you time to look around.
  3. A temporary housing plan is another key option. Are you aware that you may even be able to sell your home and rent it back from the buyers for a period of time! This can be an excellent solution for bridging the gap until you find your new home. Even if this is not doable, there are other options. If it is feasible to stay with family, go to a second home or vacation home, or get a short term rental, and put things in storage for a while, this is a great way to take the timing pressure off. It may not be convenient, but it may still be worth it in order to capitalize on the opportunities of this market and move to the home that truly satisfies your current needs and desires.

What if the above solutions are all well and good, but you still feel hesitant? It is even more important than strategizing the logistics to be sure your heart is really in it. You must be sure you are ready to sell before going on the market. Here’s the journey one home seller went through to get ready to ultimately make her dream come true.

Buyers are waiting for homes to enter the market because there is so little to choose from. Take a look at the housing inventory in Fairfield in this graph from William Raveis Local Housing Data. There are only 227 homes on the market as of last December compared to 387 at the same time in 2019, and 411 in 2018. Compare this to the peak month in May of 2019 when there were 627 homes on the market! A buyer right now only has about one third of that to choose from.

Imagine if all you. homeowners who would love to sell but have been sitting on the sidelines decide to go for it using some of the safeguards above? The market would be rich with choice for everyone searching. (yourselves included!), and many more home buyers and sellers would be on the move toward making their dreams a reality!

You can browse around and set up some searches for yourself here if you would like to get a feel for the markets as you think about your plans. Feel free to reach out to me anytime by phone, 203.912.4440, my website or by sending me a note below. I look forward to talking with you!


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How’s the Housing Market Right Now – January 2021?

What’s the pulse of the local single-family housing market in Fairfield and Westport, Connecticut in the first three weeks of January 2021? How many accepted offers? Where are they? What are the price categories? Days on market? Inventory levels and new listings? Here’s an update from the SmartMLS.

FAIRFIELD ACCEPTED OFFERS AND INVENTORY

Fairfield CT locations of accepted offers

69 New Year accepted offers!

Offers are located all over town

PRICE BREAKDOWN?
64% Priced < $1 million
36% Priced > = $1 million

69 Median days on market

At the end of December 2020, Fairfield inventory levels were at historic lows, as illustrated by the graph below from William Raveis Real Estate.

There have been 25 new listings since January 1, ranging in price from $285,000 to $4,295,000.

 

WESTPORT ACCEPTED OFFERS AND INVENTORY

18 New Year accepted offers!

Westport CT locations of accepted offers

Offers appear to be concentrated near the downtown area and the Post Road

28% Priced < $1 million
72% Priced >= $1 million

18 Median days on market

At the end of December 2020, Westport inventory levels were at historic lows, as illustrated by the graph below from William Raveis Real Estate.

There have been 26 new listings in Westport in all price points, ranging from $699,000 to $12,000,000!

So it’s fair to say that the Fairfield and Westport housing markets have been ramping up following the lull of the December holidays and there is a good amount of activity. Despite the new listings that have been trickling onto the market though, there is not enough choice to satisfy the current buyer demand and the added purchasing incentive of low interest rates.

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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Fairfield Beach in Review: December 2020

Quick Request:  If you received a postcard of the picture below and/or saw it on Facebook, please let me know in the comment form at the end of this post! Thanks!   

Market Activity on
Fairfield Beach Road, Pine Creek Avenue, & Old Dam Road

What’s On the Market?

Active Beach Listings

Fairfield Beach Road

  • 10 single-family homes are for sale.
  • Three are new construction listings priced from $1,495,000 for a creekside property to $2,995,000.
  • Four properties have a dock on the Pine Creek waterway.
  • Three of the properties have a dock on the creek.
  • The highest-priced home listed for $4,9999,000 sits on the beach and has a large guest house.
  • The lowest-priced home has a non-buildable lot on the beachfront with a cottage on the creek across the street from it.

There is one active listing on Pine Creek Ave but no active listings on Old Dam Road.

What Has Sold Since Mid-October?

Sold on the beach 2020

  • Eight single-family homes sold at the beach from October 15 through December 8 including two on Pine Creek Avenue.
  • One condo sold on Fairfield Beach Rd across from the beach for $728,000.
  • Single-family sale prices ranged from $985,000 to $4,150,000.

What About Accepted Offers?

  • There are currently two accepted offers on Fairfield Beach Rd between $2,000,000 and $3,000,000.
  • There is one accepted offer on Pine Creek Avenue for a home priced at $1,650,000.

In stark contrast, last year in 2019 during the same timeframe from October 15 through December 8, there was only one beach sale, 296 Pine Creek Avenue for $2,900,000!

So the word on the street is that the holidays are right around the corner, and there is a lot of merry and bright activity at the beach!

Click here to set up your own search.

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 , visit my website, or using the form below.  I’m here to help!


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Fairfield Beach in Review: October 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.
  • Five are new construction listings priced from $1,495,000 to $2,995,000. Two have not been built yet.
  • Of note is that there are three new construction listings priced at $2,995,000. One is on more than a third of an acre and sits across from Penfield Beach and the other two are on small lots on the beachfront near the very end of the peninsula.
  • Four properties have a dock on the Pine Creek waterway.
  • Two of the properties have a guest house.

There are no active listings available on Pine Creek Ave or Old Dam Road.

What Sold, Mid-August to Mid-October?

Sold & Accepted Offers

  • Five single-family homes sold at the beach from August 15 through October 15.
  • Two condos sold, one on Fairfield Beach Rd across from the beach for $715,000 and a penthouse on Pine Creek Avenue for $1,125,000.
  • Single-family sale prices ranged from $1,560,000 to $5 million.

What About Accepted Offers?

  • There are currently six accepted offers on Fairfield Beach Rd with prices ranging from $728,000 for a non-beachfront condo to $4,495,000.
  • There is one accepted offer on Pine Creek Avenue for a home priced at $995,000.

Interestingly, compared to last year, the same sales activity occurred during this timeframe.  Five homes sold and two condos sold, one condo on Fairfield Road, and one on Pine Creek Avenue.  However, the sale prices for the single-family beach houses were quite a bit lower, ranging from $700,000 to $1,750,000 last year, mid-August  to mid-October.

So the word on the street is that air may be getting cooler, but the waterfront market remains quite warm!  Who is ready to take a dip? 🙂

 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!


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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!

 


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Fairfield Beach in Review: June 2020

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

What’s On the Market?

Fairfield Beach Road

  • 13 single-family homes are for sale.
  • Four are new construction listings priced from $1,500,000 to $3,200,000. Two 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.
  • Eight of the listings are on direct beachfront and priced from $1,350,000 to $3,775,000.  Five of these have additional creekside property, and two also have a dock on the creek.
  • Two listings are on the creek priced at $2,195,000 for a home with a dock, and $2,269,000 for a new home under construction.

Pine Creek Ave

  • There is one property for sale, a penthouse condo at Kensie Point, 10 Pine Creek Avenue, 501S for $1,135,000.

Old Dam Road

  • There is one property for sale on a 0.72-acre creekside parcel with a dock listed for $1,980,000.

What Sold So Far in 2020?

  • Four single-family homes sold in April and May including one on Fairfield Beach Road, one on Pine Creek Avenue, and two on Old Dam Road.
  • Sale prices ranged from $580,000 for a home off the water at 57 Pine Creek Avenue to $1,375,000 for a home at 2087 Fairfield Beach Road.

What About Accepted Offers?

  • There are currently two homes under contract, (my listing), a creekside home with a dock at 1690 Fairfield Beach Road listed for $1,095,000 and a newly raised home that is currently under construction on the beach at 1092 Fairfield Beach Road listed for $3,000,000. 
  • Two non-waterfront properties have accepted offers. One condo on Fairfield Beach Road and one house on Old Dam Road, listed for $729,000 and $700,000 respectively.

Sales activity on the waterfront this year has some catching up to do to match 2019 activity. Last year there were seven sales in February through May with sale prices ranging from $980,000 on Old Dam Road to $2,455,000 for (my listing), a large home on the beach with a creekside garage and finished space above it.  The late start of this year’s beach market is not surprising given the onset of the pandemic. However, the real estate market overall has seen an influx of activity from low interest rates and swarms of people leaving New York City, so the word on the street is that ‘summer is the new spring‘, and many anticipate a busy beach market ahead!

 If you would like to discuss the value of your property in this market and how I would market it for you, please contact me at 203.912.4440, Linda.Raymond@raveis.com , or using the form below.

 


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Summer 2020: 5 Things You Should Know About the Real Estate Market Right Now!

It’s a very dynamic time right now in real estate and a great time for anyone interested to jump into the action.  Here are five things you should know.

  1. Inventory Is Low! – There are fewer homes for sale resulting in a limited choice for buyers right now which creates competition for the homes on the market and can push up the selling price. May Inventory is Down!Look at the difference in the number of homes for sale in Fairfield and Westport in May compared to May of 2019! The marketplace is in need of more homes for sale. This creates a huge opportunity for sellers!
  2. Interest Rates are at an All Time Low!Mortgage Rates At an All Time Low!Although there has been daily fluctuation in interest rates, they have remained extremely attractive.  In fact, this week the rate for a conforming loan up to $510,400 has dipped to 2.85% for purchasers with high credit scores and a twenty percent downpayment. So there’s an excellent opportunity for buyers to finance a purchase at an amazingly low rate. This is great news for sellers as well because these low rates make their homes more affordable! Click the image from your phone and download the mortgage app!
  3. Summer is the New Spring! Summer is the New Spring!The real estate marketplace is very busy right now for a few key reasons. Realtors and everyone else in the industry have adapted to working in safe mode, there is pent up demand from the initial pandemic slowdown, and it’s a great time to buy and sell! If you are thinking of buying a home and want to take advantage of the low interest rates and increased home affordability, reach out to me so I can help you get that perfect new home.  Sellers, take note of the sample prep list above and the new Raveis Refresh program that’s here to help you with it. Reach out to me, and I will help you to make the process seamless!
  4. Raveis Refresh Is Here for You!

    Linda Raymond Explains Raveis Refresh

    Quick Video explaining Raveis Refresh

    If you have thought about selling but feel overwhelmed by what needs to happen to get your house ready, fear not! Raveis Refresh is a new service that is here to provide you with nearly anything you need, from help packing, to staging, painting, kitchen or bathroom renovations, and repairs, small to large.  The cost is completely deferred until closing, so no worries about that either.

  5. Real Estate is Expected to Drive Economic Recovery! Did you know that a recent study by the National association of Realtors indicates that the sale of just one home in the US results in an economic boost of $88,416?  Because of this, many experts are predicting real estate to lead to the country’s economic recovery.

Economic Impact of One Home Sale - NAR

So there are exciting opportunities for everyone right now, and you can even boost the economy when you make a move to help yourself.  Reach out to me anytime so I can help you with your next steps.