Get a snapshot of the latest Q1 real estate market in Fairfield County.
The beautiful cherry blossoms and the merry chirping of the birds outside remind me that it’s already April, just in time to do a first-quarter real estate market report. Looking back to four years ago, when we were in the midst of the COVID shutdown, as we emerged from that challenging period, the real estate market started to flourish, and four years later, it’s still going strong. So, today, let me give you the first quarterly 2024 update.
For the first quarter of 2024, average sales prices across all of Fairfield have surged by 11% compared to the same period last year. Despite predictions of decreasing interest rates for 2024, buyers are actively engaging in bidding wars every weekend, driving up demand for the latest and hottest listings.
You need to be more conscious of your pricing strategy, though. It is crucial to nail down the right price for your property because savvy buyers will quickly pass over listings they think are overpriced.
Yet the underlying issue remains the same: a shortage of available homes for sale. This is evidenced by the 1% decrease in new listings compared to the same period in 2023. Sellers are hesitant to list their homes, unsure of their next move, or are having second thoughts about parting with their lower 3% interest rates. These are only two factors that contribute to the lack of new listings on the market.
If you are considering selling in 2024, now is a good time to act, as you are still within the window to capitalize on the top value of your home. If you want to know more about the real estate market, feel free to reach out. My lines are open, and you can call, text, or email me. Together, we can delve into the specifics of your home and create a strategy that will fit your wants and needs.
