Orange saw a slight increase in real estate activity in June compared to the previous month. More homes came on the market as sellers are perhaps feeling more comfortable with showing their homes. Covid-19 showing protocols with mandatory masks and only primary purchasers allowed in have been implemented. Open houses are steadily increasing, with only 1 group at a time allowed to tour the house at a time. The market still has room to improve from 1 year ago, as the number of homes for sale is down as well as the number of houses sold. The median sales price, however, is up 3.64% from May, 8.82% from January and 5% from 1 year ago. Buyer activity is also increasing as the number of showings per listing has increased from a yearly low in April of 5.8 to a new high in June of 9.2. 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: | $370,000 |
| change: | 3.64% |
| YTD change: | 8.82% |
| Units Sold: | 7 |
| change: | -22.22% |
| Active Listings: | 53 |
| change: | 10.42% |
| New Listings: | 19 |
| change: | 35.71% |
| Days on Market: | 57 |
| change: | 58.33% |
| Months of Supply: | 4.50 (Stable Market) |
| change: | 21.62% |
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% |
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).
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.
Orange 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 |
| 361 Drummond Rd. | Ranch | 1,842 | 3 | 2/0 | $419,000 | $399,900 | $370,000 | 88% | 204 |
| 293 Arnold Lane | Ranch | 1,564 | 3 | 2/0 | $349,900 | $349,900 | $355,000 | 101% | 58 |
| 555 Treat Lane | Split Level | 1,974 | 4 | 2/1 | $400,000 | $400,000 | $400,000 | 100% | 9 |
| 837 Garden Rd. | Ranch | 2,082 | 3 | 2/0 | $424,900 | $384,900 | $380,000 | 89% | 57 |
| 441 Skyline Dr. | Raised Ranch | 2,532 | 5 | 3/0 | $399,900 | $399,900 | $365,000 | 91% | 34 |
| 400 Dogwood Rd. | Contemporary, Ranch | 2,114 | 2 | 2/0 | $320,000 | $294,900 | $281,500 | 88% | 200 |
| 394 Miles Rd. | Ranch | 1,864 | 3 | 2/0 | $399,900 | $399,900 | $405,000 | 101% | 3 |
| Units Sold: 7 | $399,900 | $399,900 | $370,000 | 91% | 57 |