February’s Real Estate Market Update: Fairfield and New Haven Counties

February’s real estate market update for Fairfield and New Haven Counties. Stay informed! Whether you’re buying or selling a home, being well-informed is key. Partnering with a knowledgeable REALTOR® like me who brings expertise as a homeowner, investor, landlord, builder, and mortgage loan officer will ensure a seamless and rewarding experience. Raise your standards! Your real estate goal is a journey filled with significant financial decisions and personal choices. A strong grasp of the economy and local market will make all the difference in reaching your goals.

Our Economy

• The Fed’s Beige Book reported overall economic activity rose slightly since mid-January.
• Residential real estate markets were mixed, and reports pointed to ongoing inventory constraints.
• Unemployment applications fell more than expected last week, indicating the labor market remained stable in February.
• Employment grew slightly and wage growth was moderate, with labor supply and labor demand coming back into balance.
• Fed’s next meeting is March 18-19, and it is associated with Summary of Economic Projections.

Inventory

• Both Fairfield and New Haven Counties February’s market had a decline in inventory for single family homes. However, the condo market in both Counties show a significant jump in inventory.
• With the shortage of inventory still very low, now would be the time to sell your home if you are considering a move.
• Inventory levels are low, and many homeowners were reluctant to sell due to low mortgage rates from before the pandemic.

 Buyers’ Demand

• A sharp drop in mortgage rates sparked a surge in loan demand, drawing both homeowners and buyers back into the market after a slow start to the year according to CNBC.
• Total mortgage application volume jumped 20.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
• Buyer’s demand shows minimal change compared to the previous year.

Average Sales Price

• Average sales prices in Fairfield County for single family homes rose significantly to 31.4% and condo’s average sale prices were up over 12% compared to this time last year.
• New Haven County average sale price for single family home prices increased over 10% and condo’s over 23% compared to this time last year.
• Fairfield County combines vibrant city life, coastal charm, and easy access to NYC. All this convenience and lifestyle often come with a starting price tag around $650,000 and trending well over a million dollars.
• New Haven County offers more bangs for your buck while keeping you connected to I-95, railways, city life, and that irresistible coastal charm.
• If Fairfield County is out of your home purchasing budget, you may want to consider home shopping in New Haven County.
• Fairfield and New Haven Counties are about 30 miles apart, a short distance on I-95 and a quick commute to New York and Hartford.

Your Neighborhood Market Trends

• Stay informed about your neighborhood market trends.
• Register to receive your neighborhood market trends for news about your market area.

Don’t LOVE Where You Live?

• If you don’t love where you live? Let’s Talk!
• I specialize in helping sellers, buyers, seniors, relocation, landlords and up or down sizers.
• I’m not your average REALTOR®, I am a homeowner, investor, landlord, builder and have 7+ years’ experience as a mortgage loan officer, processor and jr. underwriter.

Selling or Buying 

• It’s essential to stay informed through reliable sources like me.
• I’ve assisted 100’s of sellers and buyers achieve their real estate goals.
• I can help you too!

Contact LeeAnn Today (203) 253-4567

• Ask for a NO obligation, COMPLIMENTARY consultation regarding your housing goals.
• I am happy to help you, friends and family members achieve your real estate goals
• Remember, it is always best to consult with a Professional REALTOR® like me.
• I appreciate referrals, I promise to treat them like family.

Compliments of LeeAnn DeLeo, A Trusted Name in Real Estate
Broker, Blogger, Stagent® & REALTOR®
(203) 253-4567
leeann.deleo@gmail.com
www.leeanndeleo.com

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Source: SmartMLS, Federal Reserve, US Economy – The information provided herein is for informational purposes only.  All real estate, economic data, market trends and projections are subject to change.