Linda Raymond Real Estate Blog, Fairfield, Westport & More

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

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New Listing- New Price- New Neighbor! Westport, Fairfield Housing Update

Ever wonder about the market chain of events prior to your new neighbors moving in?  Well here’s a quick view of the current flow in Westport and Fairfield.

Twenty-six Westport home owners just put their houses on the market within the past 14 days. Three hundred and thirty three (333) homes are for sale in total. Of these homes, 28 have been on the market for awhile but have a brand new price. Eighty-five (85) properties have an accepted offer or are under contract for sale and will result in new neighbors very soon!

In Fairfield, there are 51 new listings and 501 total homes for sale. Sixty-eight (68) listings have been on for awhile but have new prices. There will be 157 new neighbors in town soon, based on the total accepted offers and homes under contract.

Cool Cape with central AC, private fenced yard, two driveways and many updates

Cool Cape with central AC, private fenced yard, two driveways and many updates

One featured listing in Fairfield with a brand new price is 286 Old Stratfield Road, now listed for $382,000 (down from $389,000). This is a cool cape with central air and great curb appeal, located near the new Fairfield Metro. For more market intelligence or to request a showing, please inquire below.

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2013 Fall Housing Market: Westport & Fairfield CT

1284 Fairfield Woods Rd, Fairfield CT

1284 Fairfield Woods Rd, Fairfield CT Sold for $445,000 on September 17, 2013

It’s safe to say that our local single family housing markets have been doing well this year compared to September 2012!  Sales and prices are up, and inventory is down.

In Westport, the number of homes for sale through September decreased 11% from 364 last year to 324 this year.  Sales jumped 29.4% from 279 to 361homes sold this year.  The median sale price increased 3.5% from $1,225,000  to $1,268,000 at the same time this year.

In Fairfield, we also saw inventory down from 501 last year to 482 this fall, a reduction of 3.8%.  Unit sales were up 18.4% from 479 to 567 homes sold.  And the median sale price was also up 4.7% from $549,000 to $575,000.  Take a look at the chart for more detail.

Please contact me with questions, comments or new business opportunities!

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Craving that Pre-Storm Beauty Again… Plus Some FAQs on Our Local Housing Markets

I’m sure I’m not alone in missing the feeling of safety and normalcy we knew before Sandy hit.  The loss of that state of calm is captured in the stark difference between the two photos.  The first picture was taken about two weeks ago on the bridge from Sasco Hill Road to Harbor Road and the second at the stop sign between Reef Road and Oldfield on Halloween.

View from Sasco Bridge Oct 2012

Photo Oct 31, 3 56 38 PM
But as they say, the show must go on.  So here are some responses to frequently asked questions about our towns’ housing markets, and I must say, the outlook appears rather sunny!

Are sales up or down?
Sales were up ten percent in Fairfield through September this year and down slightly, (-3%) in Westport compared to 2011.  There were  44 more homes sold in Fairfield, and Westport sales were off by just eight.

Are sale prices up or down?
In Fairfield, there was virtually no change (less than one percent) in the midpoint (median) sale price, and the average sale price was down slightly, at four percent less than last year.

In Westport, the average sale price was up six percent, and the median jumped 32% to $1,225,000 from $1,086,000 last year.

What are the hottest price points?
Forty percent (111) of homes sold in Westport this year closed between $1,000,000 and $2,000,000.  The next highest selling category was $500,000 to $1,000,000 with 99 homes sold, accounting for 38% of the sales this year. Fifteen homes sold for $3,000,000 or more.  The lowest sale price in Westport this year to date was $390,000 and the highest was $5,250,000.

In Fairfield, 185 homes sold between $250,000 and $500,000 contributing to 40% of the sales.  The close second-place category was $500,000 to $1,000,000 with 180 sales and 38% of the total.  The lowest sale price was $90,000 and the highest was $5,750,000.

Have buyers and sellers been in close agreement on price?
The average sale to list price ratio has been at 96% since last year in Fairfield.  The ratio in Westport was 95% at the end of September, down slightly from 96% last year.  This means that there has been fairly close agreement among buyers with the sellers’ final asking price.   In some cases, the sellers needed to adjust their prices before attracting an offer, but in many cases sellers were able to price accurately with the market and obtain one or several strong offers.  Many sellers received full price offers.

What’s the upcoming forcast?
From the listings already under contract and with accepted offers, we can expect to see at least 58 sales in Westport and 127 in Fairfield in the next few months.  This is very positive compared to last year at this time when there were only 44 anticipated sales in Westport and 87 in Fairfield.  These numbers suggest a 32% increase in anticipated sales in Westport and 46% increase in Fairfield since last year!

As always, please continue to contact me with your questions about the local housing market and your personal plans for moving forward!

Originally Posted on November 6, 2012 at 3:47 pm