Why Some Buyers Don't want to Buy your house

Today’s buyers are more and more savvy about what is going on in the real estate market, most specifically about how long a house has been on the market, what it was originally listed for, and what it has sold for in the past. Thanks to websites like Zillow and Trulia much of this information is readily available.                                                                

Last year in Westport there were 433 single family home sales-a very respectable number.  What is often not realized is that in 2017 there were 215 single family listings that Expired before sale (with a median price of $1,495,000).  In addition, there were 249 Cancellation of listings (with a median price of $1,679,000). 

Looking at the pricing breakdown in more detail offers some interesting insights.  In the past 12 months there have been 176 properties sold that were listed under $1,000,000, and a total of 126 Expireds and Cancellations.  In other words almost 60% of the properties sold.

In the range of $1,000,000-1,500,000 there were 113 solds and 112 expireds and cancellations, or about 50% sold.

For properties listed between $1,500,000 and $2 million there were 94 solds and 85 expireds/canc. meaning that the odds of a house in this price range selling (53%) was actually higher than those listed between $1 million-1.5 million.

Between $2m and $2.5million, the percentages dropped slightly with 43 sales and 46 expireds and cancellations. That represents a 48% sales rate.

For homes listed between $2.5 million up to $3 million, ther were 24 sales and 42 expireds/cancellations, representing roughly a 35% success rate.

Not surprisingly,(because the buyer pool is smaller)  the success rate drops for homes listed at over $3 million.  There were 28 homes listed for over $3 million that sold last year and 72 expireds/cancellations representing a 28% success rate.

Many of these listings will come back to the market as new listings, and some are currently among the 242 current active listings.  The reason that the majority of these homes did not sell is due to several factors, though it usually boils down to two.  The first is presentation-whether the home compares favorably to similar homes on the market.  The second is price.

For those that would like to learn more I give a class at Staples high School twice a year re; How to Avoid the Costly Pitfalls when selling your home, in the spring and fall, or give me a call directly and I would be happy to look at your home and give you a free consultation.  

At The Halfway Mark

Nationwide there has been a marked uptick in sales, and certain towns in Connecticut have started to see a similar trend.  Mid-Fairfield seems to be less 'hot' than some other areas.

Westport had a solid month of June with 64 properties going to contract compared to 49 in the previous year. This is something we had sensed might come since we had a spring market that started later than usual this year due to a harsh winter, and late spring.  There have been 206 properties that have gone to contract through June, compared to 203 during the same time period in 2014, which represents an increase of 1.5%. Closed sales, however stood at 158 through June (single family homes) compared to 173 through June, 2014.  A 'heavy' inventory of new homes and homes over $2 million may be having an effect on the overall Westport market.

Weston has been a town that has seen a 'bounce back' year, and June saw that trend continuing.  94 properties going to contract vs. 79 in June of 2014 bears testament to the continuing improvement.
Year to date there have been 72 closed sales, an increase of 14.3%.  The median price of $851,000
represents a 2.5% increase.

Wilton has also had a solid year.  The median price of $865,000 is slightly above that of its neighbor, Weston, but June saw a 10.9% jump to $950,000.  June sales were up, 48 vs. 35 in June, 2014, but closed sales are down 98 compared to 109 through June 2014.  The +/- differential indicates a very similar result to 2014.  

Fairfield continues to have a hot/cold market.  On the hot side are homes under $700,000. 200 of the 367 sales recorded through June sold for under $600,000.  This goes a long way in explaining the year to date median price of $560,000, ( a decrease by the way of 2.6%). This entry level range is the 'hot' part of the market.   However, as a whole, only 15 homes have sold so far this year over $1,500,000 in Fairfield. That is a strikingly low number for a town of this size.  This compares to 70 in Westport, and 68 in New Canaan, both with less than half the population of Fairfield.  Sales in Greenfield Hill have been soft, with a median price in that area hovering slightly above $1 million. There have been 39 sales on the 'Hill' through June 30th.  There are currently 130 homes actively listed for sale in Greenfield Hill.