October’s Real Estate Market

October’s real estate market, Stay Informed! Updates for both Fairfield and New Haven Counties.

Whether you are selling or purchasing a home it is always important to stay informed! Knowledge about your market area is crucial. Buying or selling a home is a transformative experience opening doors to exciting new possibilities in your life. Be sure to consult with a Professional Real Estate Agent like me.

The buyer’s demand is showing signs of a mild softening compared to this time last year. Inventory levels remain about the same as they were this time last year while the demand has decreased.  What does all that mean?

When demand shows signs of softening, and the inventory remains similar it may mean prices are stabilizing or even decrease slightly. Sellers may need to be more flexible on price to attract buyers. This may reduce the likelihood of bidding wars and may give buyers more negotiating power.

“The Federal Reserve cut interest rates for the second straight meeting by .25% November 7th, ushering in a new era for monetary policy and the consumers who plan their finances around it after two and a half years of the highest interest rates in decades.” YahooFinance – The next meeting is December 17–18.

On the Supply Side: October’s real estate market remains to have low inventory levels overall. Compared to October 2023 Fairfield County had a slight decrease of 18 units in inventory for Single Family Home and Condo’s an increase of 11.  New listings were up by 39 units in New Haven County for Single Family Homes and Condo’s had increase of 49 in inventory compared to October 2023.

Buyers’ Demand: Want more than your ask price? Price right and SELL now! Buyer’s demand is holding steady, though it has softened slightly compared to this time last year. Both Fairfield and New Haven Counties had a decline in the range of 1.5-1.7% over ask price on closed homes.

Movement for the Market in Fairfield County: Looking for more value for your money? If Fairfield County prices are out of reach, consider moving to New Haven County! Fairfield County showed a decline in their average sale price of 4.8% less than last year and condos 11% less. Sellers may need to be more flexible on price to attract buyers.

Market Activity in New Haven County: If Fairfield County home prices are above your budget? Check out New Haven County instead! Move quickly the sales of Single Family Homes and Condos are an average of 8% higher than they were this time last year. Contemplating relocating? Let’s Talk, Prices are on the rise!

Conditions: Overall October’s real estate market conditions remain steady! Real estate trends in both counties show competitive markets with quick sales, and low inventory.

Neighborhood News:
Register to receive the real estate markets inside scoop for the market area you love.

Don’t LOVE Where You Live?
I love where I live, and you should too. If you don’t love where you live, Let’s Talk!

Selling or Buying: I’ve assisted 100’s of sellers and buyers achieve their real estate goals. Specializing in sellers, buyers, seniors, relocation, landlords and up or down sizers. Recognize that the real estate market is constantly changing. It’s essential to stay informed through reliable sources.

Contact LeeAnn Today (203) 253-4567: Ask for a NO obligation, COMPLIMENTARY consultation regarding your market area and housing situation. Remember, it is always best to consult with a Professional Real Estate Agent like me.

Prepared By,
LeeAnn DeLeo, Real Estate Professional
(203) 253-4567
leeann.deleo@gmail.com

www.leeanndeleo.com

Follow Me on Social Media
FB, IG, & LinkedIn @RealtorLeeAnnD

Source: SmartMLS