Linda Raymond Real Estate Blog, Fairfield, Westport & More

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


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Take Advantage of the Port Jeff Ferry, Plus an Update on our Local Housing Markets

Within convenient driving distance from Fairfield and Westport is the Bridgeport-Port Jefferson Ferry, which runs year-round from Bridgeport Harbor to Long Island.

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Many commuters use the ferry and enjoy its Internet access while traveling daily to and from work. But the ferry also makes for a fun ride across the Sound: and Port Jefferson on the other side offers a host of great restaurants and shops for an entertaining afternoon. Plus, kids ride free. If you have family across the water, as I do, you may already be a frequent sailor!

FERRY2

And now for a word on our local real estate market – 

“The market’s not that bad!” Bill Raveis CEO of William Raveis Real Estate said recently.

Westport sales year to date at the end of Q3 showed some improvements compared to last year even though the median price dipped a bit to $1,090,000 from $1,125,000. Sales increased by almost three percent and the months of supply dropped twenty-two percent from 15.5 down to 12 months.

In Fairfield the median sale price improved by more than seven percent by the end of Q3. The months of supply also improved, moving to 10.8 months from 12.4. Unit sales were down almost eleven percent as was the inventory.

The percentage of homes for sale with an accepted offer (binder) gives an idea of the activity to come and also a good reference to compare to the previous year. Accepted offers at the end of October were at the same level as in 2010 in both towns.

Four percent of the listings had binders in Westport and five percent in Fairfield. Binders peaked at nine and thirteen percent in Westport and Fairfield going into the spring market in early April. So binder activity was consistent last month with what we saw last year, and we should expect another spike before April next year. Take a look at the attachments to see the numbers and a list of third quarter sales.

As we approach the holiday season, we don’t expect to see peak numbers typical of springtime quite yet, but overall, sales and prices have been holding relatively steady. In support of a good season to come, Fairfield just earned second place ranking behind Greenwich in Connecticut Magazine’s “Rating the Towns” issue that was recently released. Westport is sure to follow suit in the next issue that ranks smaller towns. So it’s likely that sellers will find their buyers this season, and buyers will find their new dream home for the coming year!

Source: Raveis.com Local Housing Data, CMLS

Originally Posted on Fairfield Patch November 10, 2011 at 5:20 am