Stamford 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 looking to keep a finger on the pulse of the Stamford real estate market? Join me as we dive into the much anticipated 2023 first quarter analysis. But that's not all, I’ll also provide my boots on the ground perspective, offering key observations as spring market unfolds.
If you are new to my website, my name is Charlie Vinci and I am a Stamford Realtor. The graphs in the "Stamford 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 Stamford.
Stamford Closed Sales
Let's start with closed sales for the first quarter of 2023, and we were down to 219 sales. Last year we had 364, and in 2021, we had 405 in the first quarter. Let's take a look at a more normal market from the years of 2018 to 2020 and see what we had during this period. As you can see, we had between 229 and 300 sales during this period so 219 is definitely on the lower end. However, there's more to this 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.
Stamford Homes for Sale
This is the number of homes for sale in Stamford, and at the end of the first quarter 2023 we only had 193 homes. It's hard to sell 300 homes when there are only 193 left at the end of the quarter. Last year we had 264 homes at the end of the quarter, the year before we had 472 homes.
If you'd like to see what is available in Stamford right now, you can click here to perform a Stamford Home Search.
Stamford Median Days on Market
Here's the median number of days that it took a seller to sell their home, and as you can see we're down to 29 days. This is even lower than last year when we had 41 days and the year before when it took 67 days.
Clearly buyers need to be better prepared and move much quicker these days to get home at Stamford.
Stamford Median Percentage of List Price
Here's the median percentage of list price that sellers earned, and in the first quarter of 2023 it was 100% of list price. Remember this is median, so half the homes sold for more than 100%. Likely those are the ones that sold in the first weekend and to multiple offers.
Stamford Median Sales Price
Here's the median sales price for Stamford which is still climbing at $550,000. Last year in the first quarter it was $472,500 and the year before was $494,500. Be sure to take a look at the five year trend.
The interesting thing to note is that the higher price towns are not seeing a climbing median sales price, it's actually dropping in the other Gold Coast towns with the exception of Norwalk and Stamford.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
Stamford Months Supply
The months of supply has fallen to 1.6 months for Q1 of 23. Last year at the end of the quarter, we had 1.7 months of supply. In 2021 we had 3.2 months of supply. I guess this is really no surprise considering the other metrics.
Stamford Pending Sales
Here's the number of pending sales which are currently down to 246. Last year, we had 372 in the first quarter and the year before we had 412 in the first quarter. As you can see, during this pre-COVID market we typically had between 269 and 288 pending, so 246 is low but to be expected considering the other data
Conclusion
Clearly, looking back at the Q1 stats, the median price is still strong in Stamford. 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 don't have an agent, and you would like help navigating this market, call me.
I look forward to hearing from you!
Best,
203.952.7752
Stamford 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 Stamford 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.