The August Market Update


Housing Shortage
Smart Homes and Power Outages
July Home Sale Statistics

A Housing Shortage?
Yes, it appears we have one in Fairfield County!
Buyer demand is high and inventory is low. The number of residents exiting Connecticut seems to be slowing significantly. Our homeowners are opting to stay put, and urban dwellers are now viewing the suburbs as a more appealing option....something we have not seen for a few years. Buyers are feeling the squeeze of multiple offers and the disappointment of being out-bid on their dream home. The market is challenging for both buyers and sellers. Professional representation is not required, but with market conditions like these, it really does help to insure the best outcome.

Smart home features top the list for most home buyers these days, managing everything from your phone device makes life very convenient. But is your Smart Home still Smart when the Power goes out?
July 2020 Home Sale Report
Quick recap: July sales are up in all towns and up from June by a whopping 273! That is a 65% increase. High buyer demand and low inventory are the two main factors. Multiple bidding is becoming common and many homes are selling for over the asking price. Sales over $2.0 million accounted for about 11% of all transactions which is typical, sales below $1.0 million accounted for about 63% which is down a bit, sales between $1.0 million and $2.0 million accounted for about 26% which is slightly up. Information extracted from the SMARTMLS.

Real estate is local and varies between each town, area and price point.
For more specific information on your town or neighborhood, contact me.

To view previous month statistics, click here.
Highest Sale for July
25 Butlers Island Road, Darien
Sale price: $10,500,000
Original asking price: $10,900,000,000
Days on the market: 45

Built in 2003 this waterfront estate sits on 1.21 acres of a secluded peninsula with over 550 feet of direct Long Island Sound frontage, The interior features over 6700 square feet of living space, 11 rooms, 6 bedrooms, 7 full baths, 1 partial bath and 6 fireplaces. Listed by Halstead, sold by Sotheby's.
Lowest Sale for July
341 Georgetown Road, Weston

Sale price: $265.000
Asking price: $289,500
Days on the market: 349

Built in 1930, this ranch style home sits on 1 acre of land and features over 800 square feet of living space, 4 rooms, 2 bedrooms, 1 full bath, and 1 partial bath.
Listed by Yellow Brick Real Estate and sold by Keller Williams.
All styles, sizes and budgets. Fairfield County has something for everyone.

Elizabeth Tardif