Linda Raymond Real Estate Blog, Fairfield, Westport & More

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Real Estate News: Westport and Fairfield CT August 2021

July numbers are in, and opportunity still knocks!

You, like many others have been ready to get out of your current home for quite a while, but you haven’t made the move yet. It’s a monumental decision for sure. You want to get the best ROI and the best terms when you sell and also be able to transition to the ideal new home for your next chapter.

But you are worried about how to prepare your house for sale, navigate the process, and manage the timing. This is all very understandable. This is also why you need an expert agent who understands the current market and who will implement a strategy for you that fits with your priorities and guides you toward achieving your goals.

How’s the single-family housing market in Westport and Fairfield Connecticut as we move into August?

Take a look at the stats below showing how the stats in July 2021 compare to July 2020.

In WESTPORT

  • Single-Family Homes Sales are DOWN 28.1.5% from 96 to 69 homes sold.
  • The Median Sale Price is UP 19% from $1,294,500 to $1,540,000.
  • Inventory is DOWN 18.4% from 244 to 199 homes for sale.
  • Months of Supply is DOWN 44.9% from 6 months to 3.51.
  • Market Time is DOWN 41.1% from 73 to 43 days.

In FAIRFIELD

  • Single-Family Homes Sales are DOWN 34.7% from 147 to 96 homes sold.
  • The Median Sale Price is UP 12.5% from $640,000 to $720,000.
  • Inventory is DOWN 42.2% from 396 to 229 homes for sale.
  • Months of Supply is DOWN 60.6% from 6 months to 2.37!
  • Market Time is DOWN 50.6% from 85 to 42 days.

The trends of low inventory, increasing median sale price, and short market time continue through July. Unit sales dipped in July, likely due to the continued reduced inventory in combination with “buyer fatigue”, and summer vacations. We will likely see reduced closings for the same reasons in August as well.

More homes are listed for sale each day, so despite the low inventory, there is an ever-changing selection to choose from, and you only need one to make your move!

As of the day of this writing, there are 68 newly listed single-family homes and condos in Westport and Fairfield.

Yet the buyer demand is still stronger than the supply which is keeping the inventory low, causing some continued multiple offer situations, though not as many as in earlier months, and pushing sale prices up in both towns.

Opportunities are here for both buyers and sellers in this dynamic marketplace, but we can all benefit from more homeowners listing their properties for sale!

Home appreciation is expected to continue according to the National Association of Realtors Chief Economist, Lawrence Yun. Interest rates are anticipated to rise slightly but are still expected to remain historically low.

So if you are seeking your perfect home, you may want to take the plunge and move forward with doing so now!

If you are thinking of selling in the next 12 months and would like to discuss how to buy and sell your home in the current or future markets, call me today 203.912.4440.

 


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How’s the Housing Market in Westport and Fairfield CT at the Start of July 2021?

As far as the market is concerned, opportunity still knocks! So, why stay on the fence, when you can get a new one! 😉

You, like many others have been ready to get out of your current home for quite a while, but you haven’t made the move yet. It’s a monumental decision for sure. You want to get the best ROI and the best terms when you sell and also be able to transition to the right new home for your next chapter. You are worried about how to prepare your house for sale, navigate the process, and manage the timing. This is all very understandable. This is also why you need an expert agent who understands the current market and who will implement a strategy for you that fits with your priorities and guides you toward achieving your goals.

How’s the single-family housing market in Westport and Fairfield Connecticut as we head into July?

Take a look at the stats below comparing June 2021 to last June 2020:

In WESTPORT

  • Single-Family Homes Sales are UP 25.5% from 51 to 64 homes sold.
  • The Median Sale Price is UP 7.1% from $1,495,000 to $1,601,000.
  • Inventory is DOWN 22.6% from 283 to 219 homes for sale.
  • Months of Supply is DOWN 56.7% from 9 months to 3.72.
  • Market Time is DOWN 65% from 123 to 43 days.

In FAIRFIELD

  • Single-Family Homes Sales are UP 12.9% from 93 to 105 homes sold.
  • The Median Sale Price is UP 16.9% from $650,000 to $760,000.
  • Inventory is DOWN 42.9% from 434 to 248 homes for sale.
  • Months of Supply is DOWN 64.8% from 7 months to 2.46!
  • Market Time is DOWN 45.1% from 91 to 50 days.

The trends of extremely low inventory, increasing median sale price, and short market time continue through June. However, the market is not stagnant. Unit sales are up and we are seeing more homes listed for sale. In fact, as of the day of this writing, there are 71 newly listed single-family homes and condos in Westport and Fairfield. The buyer demand is still stronger than the supply which is keeping the inventory low, causing many multiple offer situations, and pushing sale prices upward in both towns.

Opportunities are here for both buyers and sellers in this dynamic marketplace, but we can all benefit from more homeowners listing their properties for sale!

As the summer temps rise, home appreciation as well as interest rates are anticipated to follow. Yet interest rates are still expected to remain historically low, and buyers continue to look for their perfect homes. If you are a homeowner on the fence, now is a great time to sell!

If you are thinking of selling in the next 12 months and would like to discuss how to buy and sell your home in the current market, call me today 203.912.4440.

 


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How’s the Housing Market, June 2021? Is it Still Strong in Westport and Fairfield CT?

How’s the single-family housing market in Fairfield and Westport Connecticut at the end of May as we head into June? Take a look at the info below to see the comparison to last May, 2020, and take note of the opportunities. If we follow last year’s trend, we will see a spike in sales beginning in the next couple of weeks and extending through September!

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 in the form below for the link! Here are the specifics. 

In WESTPORT

  • Single-Family Homes Sales are UP 52% from 31 to 47 homes sold.
  • The Median Sale Price is UP 46% from $1,085,000 to $1,582,000.
  • Inventory is DOWN 29% from 306 to 217 homes for sale.
  • Months of Supply is DOWN 61% from 10 months to 4.
  • Market Time is DOWN 41% from 90 to 53 days.

In FAIRFIELD

  • Single-Family Homes Sales are UP 3% from 72 to 74 homes sold.
  • The Median Sale Price is UP 22% from $662,500 to $807,500.
  • Inventory is DOWN 39% from 421 to 257 homes for sale.
  • Months of Supply is DOWN 62% from 7 months to 2.6!
  • Market Time is DOWN 56% from 107 to 56 days.

The trends of extremely low inventory, increasing median sale price, and short market time continues through May, 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 and pushing sale prices upward in both towns.

Opportunities are here for both buyers and sellers, but the market can unquestionably benefit from more home owners listing their properties for sale! The summer is heating up, and me may see another spike in June through September like last year, depending on whether people are still wanting to escape the City. Interest rates remain low, and buyers are still out looking for their perfect homes. 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 Housing Market, May 2021? 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 April? Take a look at the bullets and graphs below to see how things have changed dramatically this April compared to last April, 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 DOWN 8% from 39 to 36 homes sold.
  • The Median Sale Price is UP 27% from $1,100,000 to $1,401,500.
  • Inventory is DOWN 35% from 271 to 177 homes for sale.
  • Months of Supply is DOWN 62% from 8 months to 3.
  • Market Time is DOWN 37% from 137 to 86 days.

In FAIRFIELD

  • Single-Family Homes Sales are UP 70% from 56 to 70 homes sold.
  • The Median Sale Price is UP 10% from $645,250 to $712,500.
  • Inventory is DOWN 46% from 426 to 231 homes for sale.
  • Months of Supply is DOWN 66% from 7 months to 2!
  • Market Time is DOWN 39% from 107 to 65 days.

The trend of extremely low inventory, increasing median sale price, and short market time continues through April into May, 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 and has even slowed the rate of sales in Westport compared to April 2020.

Opportunities are here 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 circling. 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 Housing Market, April 2021? 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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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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Quick Sale and Challenging Search, but the Dream Home is Theirs!

After an exhaustive home search, my clients finally came upon the historic home of their dreams in Rowayton and put in an offer. But the pandemic effect was strong and so was the buyer competition.

We closed many weeks earlier on the sale of their home in Southport and had been targeting a new home in Darien. We sold their home to capture the sellers market and hoped to find their new home shortly thereafter. Searching for a special antique home with character and history, it took longer than expected, so they hunkered down in a hotel as their temporary residence and put their furnishings in storage while focusing on the hunt.

However, after losing a home they loved to multiple offers, nothing seemed to stack up to the benchmark my clients now had in their minds. Or nothing lasted on the market long enough for them to see with their busy work schedules. Or nothing matched the price they felt it was worth. After months of looking in Darien, we tried a new focus on Greenwich… and then Rowayton.

A day in the life of a Realtor in Rowayton….

It turns out that this was the special day when the one-of-a-kind gem they had been searching for was found, AND their offer was accepted. After touring dozens of homes across three towns, this historic antique near the Long Island Sound, previously a sea captain’s home, was about to begin a new chapter. This vintage home was number 62 of their home search, but for them, it was new and exciting, and number one!

Thinking of buying or selling in the area? Set up your own MLS search here. Call me today 203-912-4440, or send a note in the form below. We will have a brief consultation about your goals, the market, and if I can help.


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When’s the Last Time You Had Your Dryer Vent Cleaned?

Raise your hand if the last time you had your dryer vent cleaned was… never!  I would be raising my hand if it weren’t for the call I finally made last week.  Little did I know I was taking a key step in home fire safety and prevention.

Does your dryer take too long to get a load of towels dry, or even require more than one cycle?  Is there more lint around the lint filter compartment than there used to be?  If you go outside and look at the vent while the dryer is on, are the flaps barely open?  Any of these signs can mean that your dryer vent is long past due for a cleaning!

Firesaft Chimney Service

After seeing excessive loose lint around the lint filter, I began to worry that more lint must be collecting somewhere else behind the scenes. I started thinking this was a fire waiting to happen. Our dryer is upstairs near the bedrooms which made me especially concerned about fire risk. So I called Firesafe Chimney Service to ask if they clean dryer vents, and sure enough, this is one of their standard services. So they came out the next day to take a look.

Tom Butkier, the business owner and licensed servicer for the company was on the job.  Firesafe Chimney ServiceFirst, he checked the hose attachment behind the dryer, and then cleaned the lint from the dryer hose to the wall. He removed a good amount of lint there. Next, he turned the dryer onto the air-fluff setting to send air circulating outward and went to check the vent outside.  He Tom Butkier of Firesafe Chimney Serviceclimbed up with a ladder and took the vent cover off to look inside. To my disbelief, not only was the vent jam-packed with a trash-bag full of lint, there was also an entire old bird’s nest in there!  Clogged Dryer VentIt’s amazing that any air was venting through the system at all!

According to the U.S. Fire Administration,

  • 2,900 home clothes dryer fires are reported each year and cause an estimated 5 deaths, 100 injuries, and $35 million in property loss.
  • Failure to clean the dryer (34 percent) is the leading cause of home clothes dryer fires.
  • More home clothes dryer fires occur in the fall and winter months, peaking in January.

It is recommended by the USFA and FEMA to clean your lint filter after every dryer use and to have your dryer vent ductwork cleaned every year.  Lint Alert Pro

Tom also told me about an excellent wifi-enabled product now available that can alert you via an app on your phone and also send an alert to Firesafe Chimney when your dryer venting is showing signs of being clogged. It can also send alerts for dangers from your washing machine.  This is a key tool for added safety and peace of mind, especially for anyone with rental properties or vacation homes. Simply contact Firesafe Chimney to find out more, then just order it, plug it in, and download the app!

And now that ‘after shot’ I’m sure you’ve been waiting for- Here it is, a spic-and-span dryer duct!Clean Dryer Vent

So, if it’s been more than a year… (or 10!) since you’ve had your dryer ductwork cleaned, and assuming you do laundry, I suggest you wait no longer. Free your dryer ducts from the debris accumulation that’s sure to be stuck in there, and eliminate this fire risk from your home.

Give Tom at Firesafe Chimney a call to clean your dryer vents and your chimney as well, (203) 270-9400 and tell him Linda sent you. You’ll be happy you did! 🙂

Tom Butkier of Firesafe Chimney

For questions about this article, properties, or any real estate needs, feel free to send me a note using the form below, and I will get right back to you.

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