Summer fireworks — not unexpected in July. But this summer, we’ve been watching sparks flying in the real estate market as well when usually the July quiets down.
Homes have been selling all over Fairfield County in multiple offers for 10, 20. even 30% over asking price, and bank appraisals have been supporting these increased sale prices. Inventory levels have come up some in every town in the last month or two, but not by a lot since the absorption rate has stayed so high..
While the market may be frustrating lots of buyers who feel stressed about competing in multiple offer situations, it’s important to note this is a sign of confidence in the market that hadn’t been felt for quite some time prior to 2020, when prices were falling and it was common for homes to languish on the market for years.
For those feeling a little panicked they’re buying at the top, remember we have LONG cycles in real estate, not quick mood swings. The expectation is high buyer demand (and high confidence) moving into 2022. Remember also that our increased buyer pool across the US has had more to do with demographics and low interest rates than the pandemic.
Please take a look at how last month ended and here are a few of our new listings, which have been getting lots of action !
Wishing you many beautiful sunsets ahead !
All the best,
The JoniHomes Team