HEADLINE: THERE IS GOOD NEWS HERE IN LOWER FAIRFIELD COUNTY'S REAL ESTATE MARKET - FOR SELLERS + BUYERS!
Okay, enough is enough. If you're listening to the national headlines on the state of the real estate market it's sounding very dismal but here is something important to consider. The news on a local level can be significantly different than what's being reported on a broader scale. Need some proof? Check out these stats for homes in the $2MM+ luxury market, YTD (1/1/2022 - 9/30/2022) TY vs LY:
Greenwich: Av Sales Price +8.9%, Days on Market -41.8%, Months Supply -23.3%, and Percent to List Price +2.7% (average)
Stamford: Av Sales Price +4.1%, Days on Market -34.1%, Months Supply -37.5%, and Percent to List Price +2.1% (average)
Darien: Av Sales Price +3.9%, Days on Market -49.3%, Months Supply -20.8%, and Percent to List Price +4.3% (average)
Norwalk: Av Sales Price +10.1%, Days on Market -21.4%, Months Supply -28.6%, and Percent to List Price +2.0% (average)
Wilton: Av Sales Price +9.4%, Days on Market -28.6%, Months of Supply -20%, and Percent to List Price +4.1% (average)
Weston: Av Sales Price +14%, Days on Market +7.7% (*keep in mind this number reflects a jump from 52 days on the mkt on av to 56 days, 2021 vs 2022), Months Supply -7.1%, and Percent to List Price +2.2% (average)
Westport: Av Sales Price +30.5%, Days on Market -8.9%, Months of Supply FLAT TY vs LY at 3.2 months, and Percent to List Price +3.5% (average)
Fairfield: Av Sales Price +11.0%, Days on Market -16.7%, Months of Supply +8.7%, and Percent to List Price +2.4% (average)
Here is the bottom line, in lower Fairfield County, the market is still very active, and well-priced homes are selling in fewer days at over their list price. Mortgage applications may be down but that has a lot to do with the fact that REFIs don't make a lot of sense at the moment so that portion of the population isn't part of the active mortgage pool.
Wondering if now is really a good time to make a move? Consider this: Real estate economists are projecting a double-digit increase in home value appreciation over the next year. Interest rates may be double what they were at this time last year BUT they still remain at a moderate level and with home prices increasing, it could cost you significantly more to wait a year or two.
Sellers, if you list sooner rather than later, you may benefit from the inventory shortage which translates to less competition for your property.
Buyers, if you act now, you may actually end up paying less than you would if you wait a year, and that home you love lists for 10%+ for what it would have been listed at in the 4th qtr of 2022.
On Friday, October 07, 2022, the national average 30-year fixed mortgage APR is 6.990%. The average 30-year refinance APR is 6.970%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.
Click HERE to check rates in your zip code.
Note, it's important to check with your local mortgage broker to see how rates vary in your area and with your personal financial situation. Reach out if you are looking to be connected with a trusted mortgage professional.
If you're ready to make a move, or at least thinking about it...reach out! It would be a pleasure to discuss the current market dynamics and how taking action now might benefit you in the long term.