Market Update June 2023

The Northeast leads the country in recent home price growth. Prices are still high in our local market and inventory is slowly increasing.  The average sale prices for homes in Fairfield increased 12.9% since this time last year, and in Easton increased 3.1% from this time last year.  Days on Market in Fairfield have decreased 11.1% since last year, and 8.3% in Easton since last year.  It’s an extremely active and competitive buyer environment.  Open House and showing traffic is robust, and many homes are receiving multiple offers (many over asking) and are under contract within days. The 7% interest rates don’t seem to be affecting our local market activity!

Buyers, let us help you see the opportunities in this market instead of the obstacles. We can help you prepare to compete.  Make sure your mortgage preapproval is current and consider putting it through underwriting to be more competitive.  Work with a local agent and mortgage lender who understands the market, and don’t give up on finding the home you’ve been dreaming of.  Stay in the game and let us know how we can help.  We have strategies for buyers!

It’s still a great time to sell and get top dollar for your home.  Sellers, even if you’re just beginning to think about selling, start planning how to get your home looking its best.  Presentation matters!  We are happy to speak with you about ways to present your home in its best possible light and price it to get the most eyes on your property.  Consider Coldwell Banker’s RealVitalize program to prep your home for the market with no upfront cost.  I’m here to help!