Hard to believe, but we’re now 2/3 of the way through the final quarter of the year. As we enter the home stretch of 2023, let’s take a closer look at the current pulse of luxury markets in Fairfield County. In this November edition, we'll explore key statistics, trends, and insights shaping the real estate landscape across Fairfield, Southport, Westport, Darien, Greenwich, Ridgefield, Weston, Wilton, and New Canaan.
Market Highlights
Across Fairfield County's luxury real estate markets, an overarching view reveals intriguing dynamics – some consistencies along with some eye-opening shifts.
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Unit Sales: While the region experienced a modest 4.8% decline in overall unit sales, there are pockets of resilience and growth. Several markets, led by New Canaan (+21%) and Weston (+36%) saw a surge in unit sales over the prior year.
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Sales to List Ratio: The Sales to List ratio increased by 2% across the board, indicating sustained demand and favorable conditions for sellers. This exemplifies the competitive nature of the market, (supply vs. demand) a theme that has proven consistent throughout 2023.
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Average Days on Market (DOM): The Average DOM remained relatively stable, with a marginal 1% increase. Notable shifts occurred in Darien, with a 32% reduction in DOM, and Greenwich, experiencing a 31% increase. While this is simply year over year data, it is interesting to note the fluctuations by market.
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Median Sales Price: The median sales price exhibited nuanced changes, with Ridgefield and Wilton showing significant growth of 14% and 35%, respectively. On the flip side, Greenwich saw a 24% decrease, offering potential opportunities for discerning buyers.
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New Listings: New listings decreased by 15% overall, suggesting a tightening market. This is perhaps the most interesting data point, as over the past several months, inventory was off closer to 40%. In some markets, (Darien / Wilton), we saw a notable exception to this rule. New listings in these markets increased by 33% and 50%, respectively, something to keep an eye on as we head into 2024.
Analysis and Commentary
While the November data has some noticeable discrepancies by town, overall, market dynamics remain relatively unchanged. These (3) themes continue to dominate:
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Inventory remains significantly muted
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Buyers continue to outweigh Sellers
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With the right guidance, homes are selling at or above asking price
Would you rather be a Buyer or a Seller?
As we contemplate the current landscape, we provide a nuanced answer to the question. In essence, while it remains a Seller's market, today offers a more favorable Buyer's market than we've seen in recent memory. True, inventory remains notably restrained, and the scales remain tipped in favor of sellers. Yet, if you find yourself on the buying side of the equation, consider this: the current market presents a more favorable landscape than it did 3-6-9 months ago.
Why? We're witnessing a subtle shift. While home prices continue to command a premium, they no longer demand the super-premium seen in recent times. Couple this with interest rates holding above 7%, and the seasonality of the fourth quarter (historically a slower period), and suddenly, the pendulum swings more advantageously towards buyers than it has at any point in 2023.
Whether you're contemplating selling or buying, our team at Cindy Raney & Team is here to guide you through the complexities of Fairfield County's luxury real estate landscape.
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We look forward to being your trusted partner in navigating Fairfield County's luxury real estate landscape.
Best Regards,
Cindy Raney & Team
