Linda Raymond Real Estate Blog, Fairfield, Westport & More

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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