June proved to be a very active month for Stratford real estate. Compared to May, the median sales price for single family homes increased over 11%, from $270,000 to $300,000. Compared to January of this year, the median sales price is now up 28%. With Covid-19 showing restrictions such as mandatory masks and only primary purchasers allowed to tour the house, sellers are becoming more comfortable putting their homes on the market. New listings jumped 47% since May, from 70 to 103. Open houses are also on the rise with stricter protocols: mandatory facemasks and only 1 group at a time allowed to tour the house at a time. Buyer activity is also increasing, and many homes are getting multiple offers. The showing per listings is at a yearly high of 17.3, up from April’s low of 8.5. Buyers continue to have a lot to be excited about as interest rates continue to reach never before recorded lows. By the end of June, the 30-year fixed rate was 3.07% nationwide average. 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: | $300,000 |
| change: | 11.11% |
| YTD change: | 18.11% |
| Units Sold: | 55 |
| change: | 1.85% |
| Active Listings: | 154 |
| change: | 17.56% |
| New Listings: | 103 |
| change: | 49.28% |
| Days on Market: | 45 |
| change: | 25.00% |
| Months of Supply: | 3.40 (Seller's Market) |
| change: | 9.68% |
Economic News:
Stock Market: After a 25% recovery through April and May, the markets in June saw slower gains. Initially fueled by the drop in unemployment claims at the beginning of the month, a resurgence of coronavirus cases put a hault to those gains. The Nasdaq faired best with a 6% gain, followed by the S%P 500 up 1.8% and the Dow Jones up 1.7%.
Employment: Covid-19 has negatively impacted older workers. Since February, the share of employed US adults 65 years and older has dropped by 16%, versus an 11% decline for all Americans 16 years and older, according to data from the US Bureau of Labor Statistics. Older workers face new hurdles to working longer. Their increased risk for severe illness from Covid-19 makes them both less likely to want to return to the workplace and less likely to find new jobs.
Real Estate: Bidding wars have been on the rise in most US markets as strong buyer demand and low inventory continue. Sales of newly built homes surged 55% year-over-year in June, the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006.
Stock Market: After a 25% recovery through April and May, the markets in June saw slower gains. Initially fueled by the drop in unemployment claims at the beginning of the month, a resurgence of coronavirus cases put a hault to those gains. The Nasdaq faired best with a 6% gain, followed by the S%P 500 up 1.8% and the Dow Jones up 1.7%.
Employment: Covid-19 has negatively impacted older workers. Since February, the share of employed US adults 65 years and older has dropped by 16%, versus an 11% decline for all Americans 16 years and older, according to data from the US Bureau of Labor Statistics. Older workers face new hurdles to working longer. Their increased risk for severe illness from Covid-19 makes them both less likely to want to return to the workplace and less likely to find new jobs.
Real Estate: Bidding wars have been on the rise in most US markets as strong buyer demand and low inventory continue. Sales of newly built homes surged 55% year-over-year in June, the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006.
2020 Local Real Estate Price Trends:
The first half of 2020 has been a positive year for real estate markets. Most towns have seen an increases in median sales price in the first 6 months compared with the same period in 2019. Days on market has been mixed, with fairly substantial changes, either positive or negative.
| 1/19-7/19 | 1/20-7/20 | Change | |
| Bethel | $340,000 | $355,000 | 4.41% |
| Bridgeport | $195,000 | $222,500 | 14.10% |
| Easton | $599,000 | $530,000 | -11.52% |
| Fairfield | $580,000 | $639,950 | 10.34% |
| Milford | $294,500 | $330,000 | 12.05% |
| Monroe | $370,000 | $399,999 | 8.11% |
| Newtown | $377,950 | $407,500 | 7.82% |
| Norwalk | $486,509 | $495,000 | 1.75% |
| Orange | $360,000 | $363,750 | 1.04% |
| Redding | $522,750 | $513,750 | -1.72% |
| Ridgefield | $625,000 | $635,000 | 1.60% |
| Shelton | $331,000 | $346,250 | 4.61% |
| Stratford | $245,000 | $270,000 | 10.20% |
| Trumbull | $374,000 | $407,500 | 8.96% |
| Weston | $665,000 | $695,000 | 4.51% |
| Westport | $1,222,500 | $1,215,000 | -0.61% |
| Wilton | $706,250 | $749,000 | 6.05% |
Recent Influences Motivating Buyers During The Pandemic:
As the nation grapples with a health crisis, Americans have been on the move for more reasons than just to snag record low mortgage rates, shows a new survey of 2,000 real estate agents from HomeLight. The survey was conducted in a series of seven separate polls from April to the end of June. The top moving motivators cited include the need for space (44%), a desire to buy versus rent (41%), and to relocate to the suburbs (37%).
The home office is also taking front and center as a prime home feature attracting buyers. As remote work grows more common, home buyers need a formal home office. Designated home offices were the top feature in demand among home shoppers, followed by a home in a less dense location, single-family living, a private and spacious outdoor area, and a well-appointed kitchen, the survey shows.
For homeowners wanting to add a home office onto their existing space, they’ll likely spend, on average, $12,000. However, the home office can recoup 87% of that spend at resale, according to HomeLight. Another remodeling project that can recoup the most at resale: Walk-in pantries (a 76% ROI of its average $3,400 cost).
The home office is also taking front and center as a prime home feature attracting buyers. As remote work grows more common, home buyers need a formal home office. Designated home offices were the top feature in demand among home shoppers, followed by a home in a less dense location, single-family living, a private and spacious outdoor area, and a well-appointed kitchen, the survey shows.
For homeowners wanting to add a home office onto their existing space, they’ll likely spend, on average, $12,000. However, the home office can recoup 87% of that spend at resale, according to HomeLight. Another remodeling project that can recoup the most at resale: Walk-in pantries (a 76% ROI of its average $3,400 cost).
Time To Sell?
If you have been thinking about selling, now could be the best time in months to put your house on the market. Because of coronavirus, many homeowners were reluctant to list their homes: fearful of infected strangers entering their home and a lack of desire to look for their next home for similar reason. This caused a lack of inventory and a stall to the Spring market. However, buyers are out there, and ready to take advantage of never seen before low interest rates. By the end of June, the 30-year fixed rate was 3.07%! We have have seen an increase in buyers from New York City wishing to leave behind the city crowds for a taste of what Connecticut living has to offer. Prices have remained steady, and in some towns increased. Days on market in most towns have decreased as has the # of showings to contract. The market is moving in the right direction for sellers, and buyers are getting great financing options to afford the house and lifestyle of their dreams. Safe showing options (such as virtual tours) are available. If you have been thinking of selling, talk to your Realtor of choice for more information.
If you have been thinking about selling, now could be the best time in months to put your house on the market. Because of coronavirus, many homeowners were reluctant to list their homes: fearful of infected strangers entering their home and a lack of desire to look for their next home for similar reason. This caused a lack of inventory and a stall to the Spring market. However, buyers are out there, and ready to take advantage of never seen before low interest rates. By the end of June, the 30-year fixed rate was 3.07%! We have have seen an increase in buyers from New York City wishing to leave behind the city crowds for a taste of what Connecticut living has to offer. Prices have remained steady, and in some towns increased. Days on market in most towns have decreased as has the # of showings to contract. The market is moving in the right direction for sellers, and buyers are getting great financing options to afford the house and lifestyle of their dreams. Safe showing options (such as virtual tours) are available. If you have been thinking of selling, talk to your Realtor of choice for more information.
Stratford Sales Trends: January-June
June Single-Family Home Sales
(OLP: original list price • LP: list price • SP: sale price • DOM: days on market)
| Address | Style | sq ft | BR | BA (f/h) | OLP | LP | SP | SP/OLP | DOM |
| 579 Columbus Ave. | Half Duplex | 1,020 | 2 | 1/1 | $159,900 | $157,900 | $157,000 | 98% | 74 |
| 119 Raymond St. | Colonial | 863 | 2 | 2/0 | $209,900 | $185,000 | $180,000 | 86% | 48 |
| 75 Fairlea Ave. | Cape Cod | 1,282 | 3 | 2/0 | $235,000 | $235,000 | $241,500 | 103% | 4 |
| 46 Burbank Dr. | Cape Cod | 1,376 | 4 | 2/0 | $279,900 | $279,900 | $279,900 | 100% | 23 |
| 190 Dahl Ave. | Ranch | 1,498 | 3 | 2/0 | $304,900 | $285,000 | $285,000 | 93% | 48 |
| 279 Pauline St. | Cape Cod | 1,628 | 4 | 2/0 | $369,900 | $359,900 | $355,000 | 96% | 60 |
| 50 Walnut St. | Cape Cod | 2,615 | 3 | 2/1 | $429,900 | $429,900 | $425,000 | 99% | 39 |
| 12 Laurel St. | Cape Cod | 2,450 | 3 | 3/1 | $1,275,000 | $1,175,000 | $995,000 | 78% | 97 |
| 30 Park Blvd. | Colonial, Other | 4,420 | 4 | 3/2 | $1,150,000 | $1,150,000 | $1,095,000 | 95% | 32 |
| 56 Raymond St. | Cape Cod | 1,386 | 4 | 2/0 | $160,000 | $160,000 | $152,100 | 95% | 123 |
| 12 Edison St. | Cape Cod | 1,391 | 3 | 1/0 | $275,000 | $275,000 | $280,000 | 102% | 12 |
| 206 2nd Ave. | Cape Cod | 1,807 | 3 | 2/0 | $409,900 | $399,900 | $377,500 | 92% | 62 |
| 157 Ryegate Terrace | Cape Cod | 1,740 | 3 | 2/0 | $497,500 | $479,900 | $479,900 | 96% | 120 |
| 5053 Main St. | Colonial | 2,212 | 4 | 2/0 | $324,900 | $324,900 | $300,000 | 92% | 24 |
| 406 Wakelee Ave. | Cape Cod | 1,366 | 4 | 1/0 | $230,000 | $230,000 | $215,000 | 93% | 5 |
| 490 Canaan Rd. | Colonial, Farm House | 1,600 | 3 | 1/1 | $275,000 | $265,000 | $257,000 | 93% | 74 |
| 205 N. Pasture Lane | Colonial | 5,618 | 4 | 2/1 | $525,000 | $525,000 | $529,000 | 101% | 119 |
| 214 Marcroft St. | Cape Cod | 1,363 | 3 | 1/1 | $289,000 | $289,000 | $275,000 | 95% | 38 |
| 410 Masarik Ave. | Half Duplex | 1,209 | 3 | 1/1 | $199,900 | $189,900 | $194,000 | 97% | 66 |
| 280 Ferndale Ave. | Split Level | 1,584 | 3 | 2/0 | $265,000 | $265,000 | $271,000 | 102% | 2 |
| 40 3rd Ave. | Raised Ranch | 1,895 | 4 | 2/0 | $324,900 | $324,900 | $305,000 | 94% | 26 |
| 238 Parkway Dr. | Colonial | 2,339 | 4 | 2/0 | $319,900 | $319,900 | $322,000 | 101% | 84 |
| 175 5th Ave. | Cape Cod | 1,207 | 3 | 1/1 | $334,900 | $334,900 | $334,900 | 100% | 16 |
| 210 Mount Pleasant Ave. | Ranch | 1,375 | 3 | 1/1 | $244,900 | $234,900 | $234,000 | 96% | 11 |
| 66 Pumpkin Ground Rd. | Cape Cod | 1,279 | 3 | 2/1 | $264,900 | $264,900 | $270,000 | 102% | 42 |
| 117 Anson St. | Cape Cod | 1,154 | 3 | 1/1 | $294,900 | $294,900 | $290,000 | 98% | 4 |
| 565 Stonybrook Rd. | Cape Cod | 1,193 | 3 | 1/0 | $249,900 | $239,900 | $244,000 | 98% | 12 |
| 331 Housatonic Ave. | Colonial | 1,908 | 4 | 2/0 | $374,900 | $374,900 | $352,000 | 94% | 42 |
| 180 Fairfax Dr. | Split Level | 2,650 | 4 | 3/0 | $429,000 | $429,000 | $400,000 | 93% | 20 |
| 50 Swanson Ave. | Colonial | 2,090 | 3 | 2/1 | $319,900 | $339,900 | $337,000 | 105% | 4 |
| 10 Frances Terrace | Cape Cod | 2,698 | 4 | 2/1 | $399,900 | $399,900 | $390,000 | 98% | 60 |
| 200 Goldbach Dr. | Ranch | 1,100 | 3 | 1/0 | $225,000 | $225,000 | $225,000 | 100% | 13 |
| 520 Allyndale Dr. | Colonial | 1,596 | 3 | 1/1 | $234,900 | $234,900 | $229,900 | 98% | 45 |
| 490 Emerald Place | Cape Cod | 1,896 | 3 | 2/1 | $329,900 | $329,900 | $328,000 | 99% | 51 |
| 200 Jefferson St. | Colonial | 1,808 | 3 | 2/1 | $429,900 | $429,900 | $419,000 | 97% | 24 |
| 454 Ocean Ave. | Colonial, Contemporary | 3,164 | 3 | 3/0 | $599,000 | $599,000 | $575,000 | 96% | 65 |
| 1559 Elm St. | Colonial | 1,921 | 4 | 1/0 | $125,000 | $125,000 | $82,000 | 66% | 210 |
| 246 Henry Ave. | Colonial | 1,592 | 4 | 1/1 | $242,000 | $217,800 | $208,000 | 86% | 45 |
| 355 Lawlor Terrace | Colonial | 2,030 | 3 | 2/1 | $345,000 | $345,000 | $325,000 | 94% | 22 |
| 82 Hazelwood Terrace | Cape Cod, Colonial | 1,872 | 3 | 1/1 | $339,000 | $329,000 | $320,000 | 94% | 47 |
| 106 Willow Ave. | Colonial | 1,569 | 2 | 1/0 | $180,000 | $180,000 | $206,000 | 114% | 66 |
| 130 Winter St. | Cape Cod | 1,664 | 3 | 1/0 | $259,900 | $259,900 | $259,900 | 100% | 61 |
| 220 Dahl Ave. | Ranch | 1,080 | 3 | 1/0 | $219,900 | $219,900 | $225,000 | 102% | 9 |
| 52 Mckinley Ave. | Cape Cod | 2,238 | 3 | 3/0 | $259,900 | $259,900 | $250,000 | 96% | 45 |
| 25 Glenwood Ave. | Cape Cod | 2,219 | 3 | 1/1 | $269,000 | $269,000 | $279,000 | 104% | 66 |
| 781 Broad St. | Colonial | 2,350 | 3 | 1/1 | $309,000 | $309,000 | $300,000 | 97% | 6 |
| 967 Huntington Rd. | Colonial, Farm House | 2,449 | 3 | 2/1 | $349,900 | $349,900 | $340,000 | 97% | 74 |
| 94 Hamilton Ave. | Colonial | 1,089 | 2 | 2/0 | $209,900 | $199,900 | $195,000 | 93% | 162 |
| 820 Chapel St. | Split Level | 2,129 | 3 | 1/1 | $355,000 | $355,000 | $365,000 | 103% | 67 |
| 126 Colony St. | Ranch | 2,056 | 4 | 2/0 | $289,900 | $289,900 | $290,000 | 100% | 34 |
| 120 Blueberry Lane | Cape Cod | 1,523 | 4 | 2/0 | $339,900 | $339,900 | $330,000 | 97% | 36 |
| 81 Morningside Dr. | Cape Cod | 2,167 | 4 | 2/0 | $339,900 | $339,900 | $340,000 | 100% | 64 |
| 96 Washington Parkway | Ranch | 2,320 | 3 | 2/0 | $389,900 | $384,900 | $375,000 | 96% | 67 |
| 624 Huntington Rd. | Colonial | 2,656 | 4 | 2/1 | $399,900 | $399,900 | $410,500 | 103% | 53 |
| 82 Victoria Lawn | Cape Cod, Colonial | 3,411 | 5 | 3/0 | $659,000 | $659,000 | $630,000 | 96% | 119 |
| Units Sold: 55 | $309,000 | $309,000 | $300,000 | 97% | 45 |
Are You Interested In A Real Estate Review?