In May, low inventory continued to limit Lower Fairfield County real estate sales. Yet, demand remains strong, despite mortgage rates hovering above 7% for much of the spring.

There were 313 house closings, nearly matching May 2023 figures, although still significantly below pre-COVID sales levels. The high end was particularly active with 25 closings over $4 million compared to 14 a year ago. As a result, and with values continuing to edge higher, the average house sale price for the month rose 8% to $1.76 million, a record high. The median price hit $1.25 million, up 9% year-over-year, while the average price per square foot was $497, 11% higher than a year ago.  

The high-end market’s strength was also evident in current signed contracts. While overall pending sales at the end of May had decreased by 3% compared to the same time a year ago, contracts for homes listed over $4 million rose 28%. The average list price for the pending sales was up 8% to $2.05 million. 

“We also had three closing over $10 million, which is the most ever for the month of May, so there’s definitely confidence in the higher-end market in Lower Fairfield County,” noted BHS’s CT Market Specialist Brian Cleary. 

Inventory levels, however, remain at historic lows. At the end of May there were 885 houses on the market, down 9% from the same time last year and an 80% drop from pre-COVID May 2019. 

This low inventory has resulted in buyer competition ticking up slightly. In May, the average days on market for closings was 44, a 39% decrease from last year.  Additionally, the average list-to-sale price ratio was 104.6%, with 60% of properties selling over the asking price.  

“Fairfield County as a whole has one of the tightest markets in the nation,” says Chris Halstead, Senior Executive Vice President, Managing Director of Sales, Connecticut. “It’s created tremendous competition for buyers. The flip side of that, of course, is that there is significant opportunity for sellers in this strong seller’s market.”

The condo market is experiencing similar dynamics. At the end of May, condo inventory had decreased 13% compared to May 2023. This scarcity of listings pushed the average list-to-sale price ratio to 103.2%, with 60% of condo selling above the list price. Condo prices have also increased, with the average closing price reaching $663K, up 18%, while the median price per square foot increased 13% to $433. 

Overall, while low inventory presents challenges, the strong demand and rising prices reflect a robust and resilient Lower Fairfield County market. 

All data sourced from Connecticut Smart MLS and Greenwich MLS.

Note: Brown Harris Stevens has sponsored this content for Westport Journal. Brown Harris Stevens (BHS) is one of the most prominent privately owned real estate firms in the world. Established in 1873, BHS has historically dominated the luxury, high-end market. With more than 2,300 agents across the East Coast, the company oversees the sale of marquee properties worldwide, including property management and new development marketing, from its headquarters in New York City and its offices throughout Connecticut, Hudson Valley, New Jersey, the Hamptons, Palm Beach, and Miami.  Learn more at www.bhsusa.com.