The new year started unusually busy in the Fairfield County real estate market. Easton recorded an increase of 142.9% in pending sales of single family homes compared to January of 2020. There was a total of 17 transactions in 2021 compared to seven in the previous year.
Closed sales were also up compared to 2020. Easton had a total of 13 closed sales in January 2021, an increase of 85.7% compared to the same month in 2020.
The number of days on the market is another metric to show how fast inventory is selling. In January 2021, houses sold in 83 days on an average, 15 days faster than at the same time last year.
Low mortgage rates have also motivated sellers to be more aggressive on their asking price this year. The median sales price for single family homes were up on average 27.7% compared to January 2020. The median sales price increased to $675,000 from $528,500.
Despite low mortgage rates and higher median sales prices in Easton, inventory remains low, with the same number of new listings compared to January of last year. Easton had only 15 new listings in January. Mortgage rates increased slightly last month, but that did not scare away buyers.
Buyers are still eager to find their dream home in this competitive market. The biggest challenge is to find sellers who are willing to put their property on the market with the uncertainty of finding a new place to call home.