How the National Real Estate Market Affects Us Here in Fairfield
The housing market is robust! It is contributing to anchoring our national economy. This chart shows you a snapshot of the national picture.
You can see that the recovery, from the very lows of the pandemic, has bounced back stronger than before. Demand is high, supply is low. The number of days on market is dropping (on average) which means homes are selling quicker than the previous year.
Our local market here in Fairfield reflects extreme strength for the first time in decades fueled by significant demand related to the pandemic.
As you can see from this graphic, our bounce back in Fairfield, CT has been strong as well. A slower start to the new year in 2020, grew quickly as we moved through the early days of the pandemic. The spike upward started in July. We had an extraordinary amount of closings that were fueled by the number of homes on the market in April, May, and June.
This year we anticipate that our spring market will break much earlier because housing inventory is quite low. Sellers who are considering when the best time might be to put your home on the market, should strongly consider getting on the market prior to the onslaught of inventory expected in March. Unique times call for a unique and custom selling strategy for your house. Let's evaluate your equity and consider if this is the best time to take advantage of likely the highest equity position you've had in your home in many years.
Call Judy Mitchell, 203-293-0039