How is the Real Estate Market doing in your area?
Fairfield County is still continuing to feel the housing surge with historically low inventory and low mortgage rates creating high buyer demand. With the unprecedented pandemic, we are continuing to see the shift to the suburbs. The National Association of Realtors just released the Buyer’s and Seller’s Profile for 2020. The love of the suburbs has increased by 10% nationally and even more in Fairfield County.
Across all towns in Fairfield County, homes sales are dramatically up, inventory is well below a year ago, months supply of inventory is below 6 months all contributing to driving up home sale prices.
A few stats that may be overlooked and are most indicative of how the market is behaving. The days homes are on the market have decreased by double digit percentages. The days it takes to sell a home from beginning to end is under 90 days in most towns! Of the homes on the market, over 80% are selling under 90 days across many towns in Fairfield County.
The sales to list price ratios are increased from last year, and are well above 95%. In November, Fairfield was 97.3%, Easton 98.9%, Westport 99.9%, Weston 99.3%, Wilton 98.4% and Redding 96.7%. Combined together this information indicates homes are selling quickly and selling close to list price.
This has been an unprecedented year and while we can’t predict the future, there are some expectations of the housing market going into 2021. The current prediction from top economists is for this trend to continue into early 2021. Industry experts expect home prices to keep rising but not at the same level as 2020. With the vaccine on the horizon and the hope for life to get back to a “new normal”, the prediction is that sellers will be more comfortable listing their home with more options on the market. According to Frannie Mae and Freddie Mac, interest rates are expected to stay low which will drive the buyer demand to stay strong.
YTD sales were up in Fairfield (+39%), Easton (+33%), Westport (+75%), Weston (+80%) and Wilton (+74%).
YTD median sales price were up in Fairfield (+15%), Easton (+3%), Westport and Weston (+18%), and Wilton (+15%).
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