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.
- 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.
- 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!