Fairfield Market Report October 2020

September was another action-packed month for Fairfield’s real estate market.  Although the overall median sales price saw only a $1000 increase since last month to $711,000, it is up an impressive 11.27% since January.  The overall median sales price for 2020 is $660,000, which has surpassed the 2007 peak of $635,000, prior to the great recession and subsequent real estate collapse of 2009.  Activity has been brisk in September, with many homes receiving multiple offers within a few days of going on the market.  Buyer activity is strong, as new inventory continues to be low.  Last year, in September 2019 then number of houses for sale was 509.  This September, that number was only 281.  Buyers are scrambling to find a house in this strong sellers-market, and willing to pay a premium.  Month by month this Spring, it has become increasingly harder for buyers to find a home.  The months of supply in June was 6 months, just at the lower end of a buyers-market.  By September, it had dropped to 1.6 months, indicating a very strong sellers-market.  Houses also sold more quickly in September.  The days on market dropped by over 13%, from 61 to 53 days.  An influx of out of state buyers and unprecedentedly low interest rates, combined with a reluctance for homeowners to move during the pandemic are what’s fueling this strong sellers-market and driving prices up.  By the end of September, the 30yr fixed rate was 2.88% nationally.  Do you know anyone looking for more information about their real estate market?  I’d be happy to help.

12 Month Sales Activity

Housing Stats

(change from previous month)

Median Sale Price:$711,000
change:0.14%
YTD change:11.27%
Units Sold:154
change:1.32%
Active Listings:281
change:-14.33%
New Listings:112
change:-3.45%
Days on Market:53
change:-13.11%
Months of Supply:1.60 (Seller's Market)
change:-42.86%

Economic News:
Stock Market: After a strong performance in August, the major US stock markets suffered losses in September. The NASDEQ was down 5.16%, S&P 500 down 3.92% and the Dow Jones was down 2.28%. Despite September’s pullback, the NASDEQ and S&P 500 were up for the year, 24.46% and 4.09% respectivly, while the Dow Jones YTD performance for the end of September was -2.65%.
Employment:  September saw another drop in the unemployment rate from 8.4% in August to 7.9%, according to the Bureau of Labor Statistics. Although a real improvement since April’s high of 14.7%, this will be the highest uneployment rate going into an election since first being recorded in 1948. September’s biggest job gains came in the leisure and hospitality sectors, followed by retail trade.
Real Estate:  Real estate sales continued to be brisk nationwide.  Existing-home sales continued to climb in August, marking three consecutive months of positive sales gains, according to the National Association of Realtors®. Each of the four major regions experienced both month-over-month and year-over-year growth, with the Northeast seeing the greatest improvement from the prior month.

2020 Local Real Estate Price Trends:

2020 continues to be a strong year for the area real estate markets when compared to 2019’s first 9 months.  All towns show increases in median sales price, with many over 10%.  The days on market have also decreased significantly, except for Orange and Ridgefield, which have both increased
1/19-9/191/20-9/20Change
Bethel$345,000 $365,000 5.80%
Bridgeport$200,000 $235,000 17.50%
Easton$557,000 $560,000 0.54%
Fairfield$590,000 $655,000 11.02%
Milford$305,000 $350,000 14.75%
Monroe$374,000 $404,000 8.02%
Newtown$380,100 $424,500 11.68%
Norwalk$486,509 $530,000 8.94%
Orange$375,000 $392,500 4.67%
Redding$530,500 $555,000 4.62%
Ridgefield$635,000 $672,500 5.91%
Shelton$337,500 $370,000 9.63%
Stratford$252,000 $280,000 11.11%
Trumbull$385,000 $421,813 9.56%
Weston$687,000 $790,000 14.99%
Westport$1,182,500 $1,325,000 12.05%
Wilton$720,000 $782,500 8.68%
Tips To Prepare Your Garden For Fall:
With more time at home this Spring, millions of Americans planted garden beds to improve their yards’ aesthetics and provide food for their families.  Now with Fall approaching, gardens need to be tended to in preparation for Spring. Deadhead Perennials:  When perennial flowers have finished blooming, cut off old stalks or stems, which is called “deadheading.” This keeps them healthy and helps them to regenerate more flowers next season. Prune And Transplant Overgrowth: Plants and bushes require different types of trimming, thinning out old growth, which will help the plant grow bigger and fuller next  season.   Overgrown plants can be transplanted to another part of the yard after they finish blooming, usually during late fall. Mulch Plants To Retain Water:  Using an organic material, such as wood, bark, or straw, homeowners should mulch flower beds and around trees to help them retain water, keep down weeds and curtails ground temperature fluctuations protecting plants over winter. Plant Bulbs In The Fall:  Homeowners should plant bulbs vin the fall, before the first frost arrives and get a jump on the spring growth. Plant Vegetable Gardens With A Cover Crop:  Planting cover crops such as clover or winter wheat protect your vegetable garden soils from the harsh winter.  Come spring, thes crops can be turned into the soil prior to replanting, wihch provides nitrogen and other organic nutrients to the soil.
Stage A Cozy Outdoor Space For Cooler Weather: During the pandemic, outdoor space has become a premium consideration. Homeowners are sprucing up their spaces to maximize every square inch of their properties, and home buyers are reportedly giving more weight to the outdoor appeal of homes. Here are a few ways to spend more tie outdoors as the weather cools: 1: Add a fire pit.  Outdoor fireplaces or fire pits are a big win once the sun goes down and the weather cools off. 2: Add plush cushions and blankets.  Add seat cushions, outdoor pillows, and a basket of warm blankets to wrought-iron deck chairs and enjoy a cozy evining outdoors. 3:  Propane Heaters.  Patio heaters have become one of the hottest accessories this fall as the temperature drops. Try a standing propane heater, electric heat lamp, or an infrared heater. 4: All-weather rugs.  Outdoor rugs can add an extra layer to your outdoor space can cozy it up. 5: Extra lighting.   Outdoor lamps can help with ambiance. Consider adding Edison bulbs, glowing lanterns, mason jars with tee lights or tiki torches.

Sales Trends: January-September

September Single-Family Home Sales

(OLP: original list price • LP: list price • SP: sale price • DOM: days on market)

AddressStylesq ftBRBA (f/h)OLPLPSPSP/OLPDOM
451 Melville Ave.Ranch86431/0$349,900$324,900$320,00091%78
571 Black Rock Tpke.Cape Cod, Colonial1,50632/0$350,000$350,000$360,000103%67
211 Buena Vista Rd.Colonial2,16542/1$499,000$499,000$495,00099%67
219 Brooklawn TerraceColonial1,95632/0$499,000$499,000$520,500104%49
39 Woodbine LaneColonial2,22842/1$575,000$575,000$570,00099%10
491 Toll House LaneSplit Level1,98433/1$549,900$549,900$571,450104%46
21 Kalan CircleColonial2,07233/0$599,000$599,000$610,000102%22
2980 Sturges Hwy.Colonial2,44842/1$699,900$699,900$700,000100%39
79 Lloyd PlaceColonial2,63943/1$799,000$799,000$799,000100%42
250 Hemlock Hills Rd. S.Colonial3,40252/1$850,000$850,000$825,00097%44
84 Wagon Hill Rd.Colonial3,36443/1$879,900$864,900$830,00094%62
163 Harbor Rd.Colonial, Cottage2,40144/1$1,885,000$1,349,000$1,315,00070%617
100 Jessica LaneColonial7,08675/1$1,395,000$1,395,000$1,465,000105%56
2493 Redding Rd.Colonial5,41555/0$1,499,000$1,499,000$1,525,000102%16
536 Old Post Rd.Antique5,75665/1$1,725,000$1,725,000$1,630,00094%47
515 Fairfield Beach Rd.Colonial2,57832/2$2,395,000$2,395,000$2,300,00096%38
61 Warsaw St.Raised Ranch1,47432/0$399,900$399,900$420,000105%21
3000 Black Rock Tpke.Cape Cod1,45032/0$489,000$469,000$451,00092%21
285 Old Black Rock Tpke.Colonial3,00043/0$749,000$699,000$675,00090%91
136 Saxonwood Rd.Colonial2,36442/1$650,000$650,000$680,000105%5
80 Avalon CourtColonial6,01266/1$1,925,000$1,925,000$1,925,000100%26
34 Euclid Ave.Colonial1,82542/1$539,000$499,000$475,00088%267
273 Arbor Dr.Cape Cod1,45532/0$479,999$479,999$488,000102%11
145 Reef Rd.Colonial1,66531/1$679,000$679,000$663,75098%16
1146 Valley Rd.Colonial2,22842/2$659,000$659,000$700,000106%45
260 Willow St.Colonial6,15466/1$2,450,000$2,299,000$2,265,00092%103
141 Berwick Ave.Bungalow, Cottage1,21032/0$319,900$309,000$297,00093%77
197 Riverview CircleCape Cod1,53041/1$495,000$469,900$400,00081%64
317 Stratfield Rd.Colonial2,65242/1$549,000$525,000$499,00091%72
138 Edge Hill Rd.Colonial2,27033/1$699,000$699,000$740,000106%40
221 Rolling Hills Dr.Colonial4,95144/1$785,000$750,000$745,00095%385
60 Southport RidgeColonial3,21633/1$855,000$855,000$855,000100%18
323 Old Post Rd.Colonial2,61633/0$879,000$879,000$879,000100%29
55 Walbin CourtColonial3,85643/1$999,000$999,000$990,00099%13
210 Paddock Hill LaneColonial4,16354/1$1,098,000$1,098,000$1,090,00099%116
270 Acorn LaneColonial5,20043/1$1,150,000$1,150,000$1,125,00098%75
342 Warde TerraceRaised Ranch2,06232/1$400,000$400,000$408,200102%2
1506 Burr St.Colonial3,17642/1$795,000$795,000$784,00099%42
80 Fulling Mill Lane S.Colonial4,58843/0$965,000$965,000$955,00099%80
225 Old South Rd.Antique4,72844/2$3,400,000$3,400,000$3,300,00097%64
1956 Stratfield Rd.Colonial1,30621/1$369,900$329,900$311,00084%78
121 Soundview Ave.Cape Cod1,13241/0$329,500$329,500$328,000100%48
60 Chester PlaceColonial5,28554/1$2,150,000$2,150,000$2,175,000101%301
3060 Redding Rd.Antique, Farm House2,28732/0$675,000$675,000$723,803107%20
126 Knollwood Dr.Cape Cod3,03142/1$749,900$749,900$749,900100%33
171 Old South Rd.Colonial3,13253/1$2,395,000$2,250,000$2,200,00092%43
185 Stillson Rd.Split Level2,32853/0$539,900$539,900$530,00098%107
411 Woodridge Ave.Cape Cod1,88943/0$549,900$549,900$565,000103%26
1200 Burr St.Contemporary, Split Level2,87133/1$839,999$819,999$785,00093%113
1277 Mine Hill Rd.Colonial4,05043/1$1,262,000$1,262,000$1,220,00097%89
166 Pratt St.Colonial2,70043/1$1,125,000$1,125,000$1,225,000109%127
1311 Fairfield Beach Rd.Colonial3,50044/1$2,999,999$2,795,000$2,700,00090%106
81 Southfield Rd.Colonial1,58732/1$719,000$719,000$722,000100%66
145 Sunnyridge Ave.Cape Cod1,19031/0$380,000$380,000$365,00096%137
370 High Ridge Rd.Ranch1,56031/0$260,000$260,000$365,000140%1
460 Papurah Rd.Colonial3,79642/1$499,000$499,000$492,50099%19
170 Ronald Dr.Split Level2,04432/0$524,900$514,900$495,00094%89
130 Ross Hill Rd.Split Level1,78831/1$615,000$615,000$615,000100%44
927 Mill Plain Rd.Colonial3,19732/1$669,000$669,000$712,000106%50
34 Chandlers Lane S., Unit #34Colonial, Other2,71742/1$724,000$719,000$719,00099%70
771 Reef Rd.Cape Cod, Colonial2,67943/0$849,000$799,900$767,52090%101
771 Reef Rd.Cape Cod, Colonial2,67943/0$849,000$799,900$767,52090%101
918 Mill Plain Rd.Other1,58432/0$1,399,900$849,000$770,00055%29
64 Lookout Dr. N.Colonial5,81363/1$1,099,000$999,000$895,00081%266
118 Tuckahoe LaneColonial, Farm House4,01853/0$1,050,000$1,000,000$950,00090%68
345 Mill Hill TerraceCape Cod, Colonial4,09454/0$1,200,000$1,200,000$1,200,000100%25
29 Coburn St.Ranch1,07431/0$319,000$319,000$325,000102%50
407 Ronald Dr.Split Level3,33453/0$595,000$595,000$595,000100%68
308 Colonese Rd.Colonial3,77864/1$939,000$939,000$912,50097%80
24 Pilgrim LaneColonial2,65443/1$1,200,000$1,200,000$1,200,000100%0
1500 Melville Ave.Cape Cod1,73832/0$475,000$459,000$459,00097%57
42 Green Knolls LaneCape Cod1,81422/0$400,000$400,000$525,000131%37
82 Flora Blvd.Cape Cod1,62242/0$685,000$685,000$715,000104%38
279 Morehouse LaneModern7,93265/3$2,978,000$2,978,000$2,926,50098%94
475 Fairfield Beach Rd.Contemporary5,51654/1$4,999,000$4,999,000$4,650,00093%70
60 Camden St.Cape Cod1,63431/1$330,000$300,000$280,00085%91
1263 S. Pine Creek Rd.Ranch1,10431/1$454,000$454,000$435,00096%28
184 Woodridge Ave.Colonial1,66731/1$515,000$515,000$515,500100%21
48 Highlawn Rd.Cape Cod, Colonial1,52332/0$528,000$519,000$519,00098%75
36 Pansy Rd.Cape Cod1,58032/0$550,000$550,000$560,000102%41
262 Putting Green Rd.Ranch1,91233/0$569,900$569,900$585,000103%18
120 High Meadow Rd.Cape Cod2,33842/0$695,000$695,000$665,00096%28
326 S. Benson Rd.Cape Cod2,02832/1$775,000$775,000$787,500102%28
2784 Sturges Hwy.Colonial3,24842/1$799,000$799,000$799,000100%39
4265 Congress St.Colonial3,53044/1$1,150,000$1,150,000$1,150,000100%37
241 Burr St.Colonial6,24455/1$1,499,000$1,499,000$1,355,00090%93
600 Catamount Rd.Colonial, Contemporary6,69445/3$1,950,000$1,950,000$2,050,000105%136
138 Blueridge Rd.Ranch1,85631/0$399,000$399,000$389,00097%43
116 Alberta St.Ranch2,16021/1$419,000$395,000$405,00097%45
376 Lakeview Dr.Cape Cod2,12042/0$600,000$600,000$631,000105%18
291 Steiner St.Colonial2,28452/1$775,000$735,000$710,00092%59
4360 Congress St.Colonial3,57242/1$1,150,000$1,150,000$1,125,00098%6
451 Midlock Rd.Colonial7,65855/1$1,525,000$1,475,000$1,337,50088%174
121 Alden St.Cape Cod, Colonial1,55632/0$635,000$635,000$635,000100%60
211 Marlborough TerraceColonial2,40043/0$449,900$385,000$357,00079%86
121 Prince St.Cape Cod1,43442/0$399,000$399,000$395,00099%55
158 Robin LaneRanch1,16031/1$399,000$399,000$415,000104%27
266 Papermill LaneSplit Level1,96031/1$499,999$499,999$475,00095%59
86 New St.Colonial1,87542/1$569,000$539,000$525,00092%113
176 Coach LaneRanch2,80032/0$565,000$565,000$570,000101%18
37 Windsor PlaceSplit Level1,58032/0$585,000$585,000$585,000100%19
250 High St.Colonial2,53642/1$630,000$630,000$620,00098%77
69 Lindbergh CourtColonial2,12032/1$725,000$695,000$660,00091%81
35 Norwegian WoodsColonial3,53842/1$849,000$849,000$825,00097%65
705 Hulls Hwy.Colonial5,20054/1$1,699,000$1,699,000$1,705,000100%133
1053 Fairfield Beach Rd.Colonial3,27843/1$1,995,000$1,995,000$1,735,00087%40
770 Old Academy+1386 Hillside Rd.Colonial6,94967/1$2,999,000$2,999,000$2,804,00093%58
178 Longview Ave.Ranch1,58421/0$279,000$279,000$300,000108%40
111 Boroskey Dr.Cape Cod1,10731/0$415,000$415,000$410,00099%16
316 Andrassy Ave.Colonial2,73033/1$517,900$517,900$517,900100%12
1351 Brookside Dr.Ranch2,43133/1$749,000$749,000$729,00097%46
401 Orchard Hill LaneColonial5,67854/1$1,275,000$1,275,000$1,240,00097%64
436 Warner Hill Rd.Colonial2,97452/1$1,295,000$1,295,000$1,295,000100%47
10 Campfield Dr.Half Duplex80521/1$226,500$226,500$210,00093%19
24 Rock Ridge Rd.Split Level1,89732/0$549,000$549,000$535,00097%70
44 Sherman CourtColonial1,78641/1$669,500$669,500$655,00098%63
52 Glover St.Colonial1,34432/0$524,900$524,900$545,000104%17
21 Guydan LaneColonial4,40844/1$899,000$899,000$890,00099%37
260 Harbor Rd.Cape Cod, Colonial2,20732/1$1,859,000$1,799,000$1,725,00093%78
1160 Merritt St.Colonial1,81642/0$524,000$489,000$495,00094%27
2114 Stratfield Rd.Cape Cod1,52621/1$369,999$349,000$349,00094%76
44 Coral Dr.Ranch1,47631/0$379,000$379,000$400,000106%18
244 Woodridge Ave.Colonial2,09132/0$499,000$499,000$505,000101%129
264 Marlborough TerraceColonial, Half Duplex2,50032/1$538,000$538,000$541,000101%153
41 Oakwood Dr.Cape Cod1,81333/0$639,900$639,900$625,00098%82
63 Sherley PlaceColonial3,73853/1$799,900$799,900$820,000103%108
864 Flintlock Rd.Colonial5,13042/2$1,050,000$1,050,000$1,000,00095%235
817 Sasco Hill Rd.Colonial, Antique5,67954/1$2,299,000$1,739,000$1,250,00054%562
151 Merwins LaneColonial, Farm House3,40043/1$1,350,000$1,350,000$1,300,00096%68
15 Dill Rd.Cape Cod1,45631/1$525,000$525,000$550,000105%22
3330 Sturges Hwy.Farm House2,99043/1$1,200,000$1,200,000$1,150,00096%30
265 Taintor Dr.Colonial, Contemporary4,51232/1$1,550,000$1,550,000$1,450,00094%163
91 Meadow Ridge Rd.Colonial, Modern9,32264/1$2,299,000$2,299,000$2,270,00099%33
222 Willow St.Colonial4,66354/1$2,995,000$2,995,000$2,995,000100%22
946 High St.Cape Cod1,59632/0$448,000$448,000$425,00095%138
210 Sky Top TerraceRanch2,25832/0$440,000$440,000$435,00099%38
289 Knapps Hwy.Cape Cod2,53932/0$399,000$399,000$450,000113%21
692 Stillson Rd.Colonial3,35242/1$915,000$915,000$930,000102%44
880 Old Post Rd.Colonial6,33855/2$1,547,700$1,547,700$1,450,00094%142
84 Old Orchard ParkColonial4,92764/1$2,499,000$2,499,000$2,310,00092%69
1180 High St.Colonial1,90232/1$548,000$499,900$480,00088%379
375 S. Pine Creek Rd.Cape Cod1,58832/1$529,900$499,900$482,50091%159
1685 Jennings Rd.Colonial1,38031/1$549,000$549,000$520,00095%17
351 Hunyadi Ave.Split Level1,84432/0$525,000$525,000$520,00099%30
290 Ronald Dr.Colonial, Ranch2,12242/1$535,000$535,000$545,000102%10
51 Short Hill LaneColonial2,60043/1$745,777$745,777$746,500100%68
39 Overhill Rd.Colonial2,15832/0$799,000$749,000$749,00094%78
26 Homefair Dr.Antique3,02942/1$799,000$799,000$825,000103%28
115 Bulkley Dr.Split Level4,16954/0$1,098,000$1,098,000$1,098,000100%31
2824 Bronson Rd.Colonial, Antique3,42044/2$1,595,000$1,285,000$1,137,60071%56
1080 Mill Hill TerraceColonial3,30054/0$1,250,000$1,250,000$1,240,00099%19
628 Rowland Rd.Colonial4,02454/1$1,895,000$1,895,000$1,850,00098%223
734 Sasco Hill Rd.Colonial6,90066/3$4,700,000$4,495,000$4,200,00089%184
702 Sasco Hill Rd.Colonial8,06656/2$6,150,000$5,700,000$5,250,00085%278
Units Sold: 154$709,450$699,000$713,50099%53
Are You Interested In A Real Estate Review?
A real estate review is designed to give you information about sales in your neighborhood you can use to make sure you are properly insured and aware of your home’s value.  Contact me today to get your personalized complementary review. phone:  (203) 895-2783.  email:  peterlamastro@kw.com