Spring Market Outlook

We’ve been reading the tea leaves for the last few weeks trying to answer “how is the spring market going to look”. We have some troubling news. We could be in for another wild sellers market. The single family market in Fairfield County has been seeing a reduction of new listings of over 10%, some months as much as 30%. November ended with 1,808 single family listings pre covid bounced around 5,000.

When chatting with one of our lender partners, Tammie Crainich of Loan Depot, she felt confident to advise us that interest rates are expected to stay below 4% for the spring market. Interest rates are one of the only foreseeable reasons home prices might decline.

As Single Family, Multi Family and even rentals have low inventory, rising prices we expect Condo’s to become more popular as buyers are priced out of their ideal home. Condos haven’t appreciated as quickly as the other class’ of residential real estate.

TL:DR Spring market is going to be great for sellers, brutal for buyers. Rates to remain low. Condos are going to become more popular.