Fairfield CT Real Estate Market Report Spring 2023
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*All market data can be found at the bottom of this page
Are you interested in keeping up to date with the latest developments in the Fairfield real estate market? We’ll explore what's happening to keep you ahead of the curve. Get ready to dive into the highly anticipated first quarter report of 2023, and gain valuable insights from my boots on the ground experience as the spring market unfolds.
If you are new to my website, my name is Charlie Vinci and I am a Fairfield Realtor. The graphs in the "Fairfield CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for Fairfield.
Fairfield Closed Sales
Let's start with the closed sales in Fairfield, which were down to 125 in the first quarter of 2023. Compared to last year, when we had 163, and the year before we had 238, but pay attention to the years of 2018 to 2020, our pre-COVID market, when things were a bit more normal. During this period we had between 145 and 171 closed sales. So clearly 125 is low, but it's not the full story.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Quick Tip: Zoom in on your home for nearby sales.
Fairfield Homes for Sale
This is the number of homes for sale in Fairfield and at the end of the first quarter we had 126 homes for sale. It's pretty hard to sell around 150 or 170 homes when you only have 126 on the market at the end of the quarter. Take a look at last year when we had 139 homes for sale and the year before we had 227.
If you'd like to see what is available in Fairfield right now, you can click here to perform a Fairfield Home Search.
Fairfield Median Days on Market
This graph shows the median number of days it took sellers to sell their home in the first quarter of 2023, and it was 35 days. Last year it took 43 days and the year before it took 49 days. Clearly buyers need to be more prepared and move quicker to get a home these days.
Fairfield Median Percentage of List Price
Here's an interesting graph. This is the median percentage of list price that sellers earned actually dropped in the first quarter of 2023 to 98.5%. Last year we were at 100% and In 2021 it was 99.3%.
The interesting thing is that most towns in the Gold Coast were right around 100%, we'll have to keep an eye on this.
Fairfield Median Sales Price
Here's the median sales price in Fairfield, which dropped just a bid to $682,000. Last year in Q1 it was $700,000 and then the year before it was $682,500.
Compared to the higher price Gold Coast towns, the drop is fairly modest and likely due to buyers being more cautious in the fall, and higher interest rates.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
Fairfield Months of Supply
The month of supply for homes in Fairfield was up just a bit to 1.9 months. Last year we had 1.7 months of supply and the year before we had 2.1 months of supply in the first quarter. Take a look at the five year trend. It's good to see it climbing a bit but it's still very low.
Fairfield Pending Sales
This is the number of pending sales in Fairfield, and we had 149 and the first quarter of 2023. Last year we had 179, and the year before we had 259. Take a look at the five year trend paying particular attention to the years of 2018 to 2020. We typically had between 172 and 186 pending. So 149 is still low but not surprising considering how low the inventory is as a whole.
Conclusion
Clearly, looking back at the Q1 stats, the median price in Fairfield has fallen a bit. The challenge is that the spring market has begun, and the buyers have shown up to little inventory. Last month I said to get ready for an aggressive market with multiple offers on all good homes, and I am afraid I was right. In fact negotiating over the last month has felt like it did in the spring of 2022, when the market was white hot.
We are currently working hard to get our clients a space on the showing schedule for many homes and anything decent has sold to multiple offers, and often hundreds of thousands over asking. You will see this reflected in the coming months data. Buyers will need to be aggressive to get a home this spring, or wait until the Summer when things usually cool down a bit.
If you are thinking of buying or selling, and don't currently have an agent, don't hesitate to call me. I would be happy to talk about your sale or purchase. You can find my contact information below.
I look forward to hearing from you!
Best,
203.952.7752
Fairfield CT Real Estate Market
Each data point represents the past 3 months of data, so you can easily examine the macro level trends of the Fairfield CT Real Estate Market.
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.