The past five years for the spring market in Lower Fairfield County has been consistent until this year. The past few years have seen everything selling. This spring has been somewhat of an outlier, with certain price points moving, and others sitting stagnant, with few exceptions.
In this case, the New Canaan, Darien, Wilton markets have been unusually stagnant, where usually these are the markets most desired by buyers, if they are able to afford them. My opinion is that buyers are out there, but the inventory is so vast that finding the right home, priced well, is out of reach. Westport on the other hand is becoming more and more like New Canaan was, where everyone wants to get into this market.
The real bright spot in the market has been below $500,000 in the Stamford, Norwalk, and Fairfield markets (Trumbull as well). These price points don't tend to exist in other markets, so those seeking Fairfield County will move to these cities, to avoid unnecessarily expensive homes.
As a buyer under $500,000: Get ready for a tough market, and low, less desirable inventory. You might have to settle if you are in a rush, but with patience, and the right agent, you can find those gems. There are ways to find new homes that are not currently on the market, so if your agent is only using MLS, then find another agent!
As a buyer over $500,000: Get ready to have a plethora of options. You will have the leverage, so take advantage of it. Look in other towns and cities, because there might be opportunities to be the cheapest home in a great neighborhood (which is a good thing).
As a seller under $500,000: If you have your home on the market and it isn't selling, something isn't right. If you don't have your home on the market, but are considering, do it NOW. It is a seller's market for you.
As a seller above $500,000: Your patience is going to be necessary. The market will soften a bit after this huge inventory push, that is typical of the spring and early-summer time frame. If you are getting no showings, and getting no offers on your home on market, get a new agent. If you are considering listing, either wait, or expect a much slower process.
Where Hanson Realty Stands
Despite an odd market, we are still listing champions, especially in Norwalk. Here is the current Hanson Realty Group inventory, with Joe's inventory linked to a blog post. There is more to come, so let me know if you would like to follow the progression of our new listings. Here is current inventory with prices:
15 New Canaan Way, Norwalk, $699,00
2 Silwen Lane, Norwalk, $426,960
182 Silvermine Avenue, Norwalk, $499,000
279 Silvermine Road, New Canaan, $1,148,690
35 E Hills Drive, New Canaan, $450,000
10 Leslie Lane, Norwalk, $669,000
4 Blue Mountain Road, Norwalk, $567,315
2 Eclipse Avenue, Norwalk, $298,315
1 Horizon Drive, #10, Norwalk, $225,000
25 Grand Street, #234, Norwalk, $225,000
41 Valley View Road, Norwalk, $468,738
59 Barbara Drive, Norwalk, $445,150
3370 Madison Avenue, #17B, Bridgeport, $65,000
207 W Rocks Road, Norwalk, $513,213
115 Fillow Street, #4, Norwalk, $268,155
17 Grey Hollow Road, Norwalk, $648,833
160 Strawberry Hill Avenue, $499,838
43 Old Rock Lane, Norwalk, $949,419
7 Sheridan Street, #2, Norwalk, $180,763
18 Eastwood Road, Norwalk, $424,676
47 Comstock Hill Avenue, Norwalk, $647,833
18 Red Oak Lane, Norwalk, $875,379
29 Old Rock Lane, Norwalk, $864,290
5 Hillside Place, Norwalk, $235,000
4 West Lake Court, Norwalk, $1,250,000
We (Joe and Chris Balestriere) are Realtors in Fairfield County, Connecticut. Our blog is meant to educate buyers and sellers and equip them with tools to get the most out of their Realtor, whether it is us or someone else. We focus on technology and how it enhances the work we do for our clients--we are not top CT Realtors by accident.