October saw a sharp increase in real estate activity for Stratford. After 4 months of hovering around $300,000, the median sales price jumped over 6% in October to $319,500. The number of houses sold also saw a roughly 6% rise from 83 in September to 88 in October. The number of active listings were also strong, with 170 houses for sale in October, around the same number per month as this past summer. Sellers are seeing the strong buyer demand and taking advantage of this great time to sell. With another drop in the months of supply (3.0 months), Stratford’s strong sellers-market continues, and the sales price to list price ratio of 100.1% confirms this. According to the National Association of Realtors, the strong housing market experienced in most of the nation is likely to continue through the winter. Historically low interest rates (30yr fixed, 2.81%, fixed by the end of October) are proving a strong incentive to buyers, and with 96 pending sales in October, Stratford is on track to continue this trend into November. The first 10 months of the year has also been strong when compared to the same period last year. So far in 2020, the year to date median sales price of $289,500 is up 15.6% from the same time period last year. 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: | $319,500 |
| change: | 6.50% |
| YTD change: | 25.79% |
| Units Sold: | 88 |
| change: | 6.02% |
| Active Listings: | 170 |
| change: | -13.27% |
| New Listings: | 82 |
| change: | -25.45% |
| Days on Market: | 34 |
| change: | 30.77% |
| Months of Supply: | 3.00 (Seller's Market) |
| change: | -18.92% |
Economic News:
Stock Market: The three major US markets all continued to post losses in October, as investors were looking to Congress for another Covid stimulus package that did not materialize. Increased infection rates also dampened expectations. The NASDEQ was down 2.29%, S&P 500 down 2.77% and the Dow Jones was down 4.61%.
Employment: Employment rose by 638,000 jobs in October, and the unemployment rate declined to 6.9%, according to the U.S. Bureau of Labor Statistics. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In October, notable job gains occurred in leisure and hospitality, professional and business services, retail trade, and construction, while employment in government declined.
Real Estate: Based on the 2019 Survey of Consumer Finance data, among all families, the ownership of a primary residence typically accounts for 90% of total wealth. As of September 2020, the median sales price of existing home sales was $311,800, a 35% gain since July 2006 when prices peaked at $230,00
2020 Local Real Estate Price Trends:
Year-to-date median sales prices continued to be on the rise for most local towns when compared to 2019’s first 10 months. All towns show increases in median sales price, with many over 10%. Most houses are also selling quicker in 2020 then the did in 2019.
| 1/19-10/19 | 1/20-10/20 | Change | |
| Bethel | $348,000 | $375,000 | 7.76% |
| Bridgeport | $200,000 | $240,000 | 20.00% |
| Easton | $562,500 | $572,500 | 1.78% |
| Fairfield | $581,500 | $658,000 | 13.16% |
| Milford | $305,000 | $350,000 | 14.75% |
| Monroe | $370,000 | $410,000 | 10.81% |
| Newtown | $380,000 | $425,000 | 11.84% |
| Norwalk | $485,128 | $540,000 | 11.31% |
| Orange | $375,000 | $397,500 | 6.00% |
| Redding | $529,000 | $561,000 | 6.05% |
| Ridgefield | $635,000 | $690,500 | 8.74% |
| Shelton | $338,250 | $375,000 | 10.86% |
| Stratford | $250,000 | $289,000 | 15.60% |
| Trumbull | $385,000 | $427,000 | 10.91% |
| Weston | $685,000 | $799,500 | 16.72% |
| Westport | $1,155,000 | $1,349,500 | 16.84% |
| Wilton | $716,250 | $800,000 | 11.69% |
New Trends For A Home Office:
Certain housing trends emerging from the pandemic likely will outlast the virus, real estate professionals predict. The home has become more than a living space. The suburbs have become a hot place to be in the pandemic. Some real estate experts have called urban flight a myth, but Americans—particularly millennials—were already leaving crowded cities for the suburbs in the five years prior to the pandemic, according to the Urban Land Institute. Housing inventory in the suburbs is shrinking faster than in urban areas, according to a report from realtor.com®. People are leaving cities in favor of homes with more space, a backyard, or some type of view. More and more companies are taking their workforce fully remote, giving many Americans more flexibility to move. As remote work grows, being prepared for video conferences is growing in importance. Some real estate professionals and sellers are even including “Zoom rooms” in listings as part of the home’s features. These are areas in the home that serve as a dedicated corner or section of the home that offers an aesthetically pleasing background for video calls. Buyers are looking for extra space to create workspaces for students and working parents. For many buyers, three bedrooms are no longer enough. Now it must be three bedrooms and an additional workspace, at least. 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. When that extra work space isn’t available, homeowners have some clever ways to separate the workday from the daily household routine. An armoire can be a perfect solution for a pop-up work station. You can store your computer, printer, and papers inside, and close it up when you’re done with your workday. When you need to put your workspace in a larger, more trafficked room, consider using an all-white desk, chair, and accessories, making your work area less conspicuous. Convert a closet into a workspace by removing the garment rod and adding a desk. In an open space, consider closing off one section using a stylish privacy screen or curtain. Transform a long hallway into a work zone for the children by bringing in a long table and stools to show off extra workspace.
Hot Housing Market Likely To Continue:
While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year. Lawrence Yun, chief economist of the National Association of REALTORS®, says “it will be one of the best winter sales years ever.” Many home buyers are looking to upsize their homes as they work from home and their children attend school at home. Also, as remote work remains an option for many and some employers make it a permanent situation for office workers, some house hunters are looking farther away from city limits in search of bigger homes and greater affordability. “We currently see buyers sticking around in the housing market much later than we usually do this fall,” says Danielle Hale, realtor.com®’s chief economist. “If that trend continues, we will see more buyers in the market this winter, too. So this winter is likely to be a good time to sell.” Inventories are way lower than in years past. The national housing inventory has shown some recent improvment, but it still has dropped 39% since last year, according to realtor.com®’s Monthly Housing Market Trends Report. Seventy-one percent of homes sold in September were on the market for less than a month, according to NAR data. Properties typically stayed on the market for just 21 days in September—an all-time low.
Stratford Sales Trends: January-October
October 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 |
| 28 Everett St | Bungalow | 842 | 3 | 1/0 | $169,900 | $169,900 | $135,000 | 79% | 21 |
| 290 Harding Ave | Cape Cod | 1,114 | 3 | 1/0 | $280,000 | $280,000 | $280,000 | 100% | 47 |
| 10 Reitter St | Ranch | 1,404 | 3 | 1/1 | $279,900 | $279,900 | $295,000 | 105% | 40 |
| 55 Fox Hill Rd | Colonial | 1,972 | 3 | 1/1 | $339,000 | $339,000 | $344,000 | 101% | 8 |
| 66 Academy Hill Ter | Colonial | 2,032 | 3 | 1/1 | $369,900 | $369,900 | $379,000 | 102% | 29 |
| 725 Cutspring Rd | Colonial, Contemporary | 1,914 | 3 | 2/1 | $419,900 | $419,900 | $420,000 | 100% | 17 |
| 70 Hinman St | Colonial | 2,398 | 4 | 3/0 | $464,900 | $464,900 | $490,000 | 105% | 8 |
| 148 Phillips St | Cape Cod | 1,183 | 4 | 1/1 | $249,900 | $249,900 | $255,000 | 102% | 6 |
| 445 Wilcoxson Ave | Cape Cod | 1,431 | 3 | 1/0 | $279,900 | $279,900 | $300,000 | 107% | 61 |
| 2234 Broadbridge Ave | Cape Cod | 1,494 | 3 | 2/0 | $389,000 | $389,000 | $360,000 | 93% | 35 |
| 330 2nd Hill Ln | Cape Cod | 2,514 | 3 | 1/1 | $359,000 | $359,000 | $380,000 | 106% | 57 |
| 48 Crestwood Rd | Contemporary, Ranch | 1,483 | 2 | 2/0 | $189,000 | $189,000 | $155,000 | 82% | 40 |
| 31 Cardinal Pl | Cape Cod | 1,267 | 3 | 1/0 | $227,900 | $227,900 | $235,000 | 103% | 3 |
| 112 William St | Colonial | 1,138 | 3 | 2/0 | $249,888 | $249,888 | $255,000 | 102% | 8 |
| 372 Masarik Ave | Cape Cod | 1,495 | 3 | 2/0 | $137,000 | $137,000 | $141,000 | 103% | 19 |
| 3486 Main St | Colonial | 2,401 | 3 | 2/0 | $330,000 | $298,500 | $290,000 | 88% | 86 |
| 2065 Barnum Ave | Colonial | 1,641 | 4 | 2/0 | $319,900 | $299,900 | $300,000 | 94% | 122 |
| 40 Rockaway Ave | Cape Cod, Bungalow | 1,508 | 2 | 1/0 | $175,000 | $175,000 | $190,000 | 109% | 24 |
| 190 Fairview Ave | Colonial | 1,499 | 3 | 1/1 | $265,000 | $250,000 | $250,000 | 94% | 71 |
| 80 Prayer Spring Rd | Cape Cod | 2,115 | 5 | 2/0 | $418,900 | $294,900 | $288,282 | 69% | 79 |
| 255 California St | Farm House | 1,773 | 3 | 2/0 | $330,000 | $330,000 | $345,250 | 105% | 39 |
| 3 Jefferson St | Colonial | 2,304 | 3 | 2/1 | $839,000 | $799,900 | $760,000 | 91% | 104 |
| 439 Sherwood Pl | Cape Cod | 1,866 | 3 | 2/0 | $239,900 | $239,900 | $251,000 | 105% | 46 |
| 120 Walnut St | Ranch | 1,150 | 3 | 2/0 | $299,900 | $299,900 | $299,900 | 100% | 21 |
| 216 1st Ave | Cape Cod | 1,458 | 3 | 2/0 | $349,990 | $349,990 | $349,000 | 100% | 67 |
| 300 Whippoorwill Ln | Cape Cod | 1,333 | 3 | 2/1 | $419,900 | $399,900 | $395,000 | 94% | 56 |
| 40 Butternut Ln | Colonial | 2,680 | 4 | 2/1 | $489,900 | $479,900 | $475,000 | 97% | 101 |
| 63 Vermont Ave | Cape Cod | 1,426 | 4 | 2/0 | $488 | $488,000 | $479,000 | 98156% | 34 |
| 718 Freeman Ave | Ranch | 1,168 | 3 | 1/0 | $260,000 | $260,000 | $240,000 | 92% | 50 |
| 540 Harvard Ave | Cottage | 977 | 2 | 2/0 | $249,900 | $249,900 | $265,000 | 106% | 5 |
| 70 Tucci Dr | Ranch | 1,547 | 3 | 2/0 | $279,900 | $279,900 | $289,000 | 103% | 35 |
| 440 Ocean Ave | Ranch | 1,380 | 3 | 2/1 | $389,000 | $389,000 | $385,000 | 99% | 73 |
| 575 Wigwam Ln | Cape Cod | 2,367 | 4 | 1/1 | $425,000 | $425,000 | $420,000 | 99% | 6 |
| 56 Raymond St | Cape Cod | 1,986 | 5 | 3/0 | $249,900 | $270,000 | $265,000 | 106% | 4 |
| 52 McGrath Ct | Half Duplex, Other | 952 | 2 | 1/0 | $174,900 | $189,900 | $180,000 | 103% | 20 |
| 257 Thompson St | Colonial | 1,402 | 4 | 1/1 | $189,900 | $189,900 | $180,000 | 95% | 12 |
| 21 Sands Pl | Cape Cod | 1,652 | 3 | 2/0 | $289,900 | $289,900 | $293,000 | 101% | 12 |
| 72 Minor Ave | Colonial | 1,510 | 3 | 2/0 | $310,000 | $310,000 | $310,000 | 100% | 18 |
| 125 3rd Ave | Colonial | 1,500 | 3 | 1/1 | $319,000 | $319,000 | $319,000 | 100% | 61 |
| 92 Shea Ter | Cape Cod | 1,920 | 3 | 1/1 | $339,000 | $339,000 | $344,900 | 102% | 13 |
| 435 Wigwam Ln | Cape Cod | 2,741 | 3 | 1/1 | $359,900 | $359,900 | $370,000 | 103% | 33 |
| 135 Gina Cir | Colonial | 1,848 | 3 | 2/1 | $339,900 | $339,900 | $385,000 | 113% | 18 |
| 135 Lordship Rd | Cape Cod, Ranch | 1,707 | 3 | 2/0 | $374,900 | $374,900 | $400,000 | 107% | 47 |
| 235 York St | Raised Ranch | 1,458 | 3 | 3/0 | $494,900 | $479,900 | $469,900 | 95% | 59 |
| 30 Crested Ridge Ct | Colonial | 2,222 | 4 | 2/1 | $449,900 | $449,900 | $470,000 | 104% | 16 |
| 60 Hudson St | Colonial, Contemporary | 3,433 | 4 | 3/1 | $550,000 | $550,000 | $585,000 | 106% | 3 |
| 149 Swanson Ave | Colonial | 1,090 | 3 | 1/0 | $219,900 | $205,000 | $205,000 | 93% | 169 |
| 113 Winter St | Colonial | 1,368 | 2 | 2/0 | $270,000 | $270,000 | $297,000 | 110% | 45 |
| 1710 N. Peters Ln | Colonial | 3,975 | 3 | 3/1 | $449,900 | $449,900 | $470,000 | 104% | 2 |
| 55 Cherry St | Colonial | 2,130 | 3 | 2/1 | $495,000 | $475,000 | $484,000 | 98% | 33 |
| 18 Marchant Dr | Cape Cod | 1,682 | 4 | 1/0 | $374,740 | $359,740 | $360,000 | 96% | 136 |
| 35 Woodside Ter | Raised Ranch | 1,962 | 3 | 2/1 | $389,700 | $389,700 | $408,000 | 105% | 45 |
| 25 Brandon Ave | Ranch | 1,067 | 3 | 1/0 | $279,999 | $279,999 | $285,000 | 102% | 65 |
| 15 Lambert Dr | Ranch | 2,184 | 3 | 1/0 | $279,900 | $279,900 | $299,900 | 107% | 2 |
| 22 Greenfield Ave | Cape Cod | 1,405 | 3 | 2/0 | $299,900 | $299,900 | $319,000 | 106% | 11 |
| 100 College St | Colonial | 1,625 | 3 | 2/0 | $299,900 | $299,900 | $320,000 | 107% | 9 |
| 406 Wakelee Ave | Cape Cod | 1,519 | 4 | 1/0 | $329,900 | $339,900 | $334,900 | 102% | 47 |
| 165 Pilgrim Ln | Ranch | 3,117 | 4 | 3/1 | $549,900 | $549,900 | $530,000 | 96% | 85 |
| 45 Lenox Ave | Cape Cod | 1,346 | 3 | 1/0 | $199,900 | $199,900 | $190,000 | 95% | 4 |
| 63 Hickey St | Half Duplex | 1,674 | 3 | 1/1 | $199,000 | $199,000 | $199,900 | 100% | 99 |
| 239 Orange St | Ranch | 1,056 | 3 | 1/0 | $229,900 | $229,900 | $242,000 | 105% | 2 |
| 372 Rockwell Ave | Colonial | 1,740 | 3 | 1/1 | $299,900 | $299,900 | $289,000 | 96% | 31 |
| 1624 W. Broad St | Ranch | 1,334 | 3 | 1/1 | $279,900 | $279,900 | $290,000 | 104% | 39 |
| 27 Peard Ter | Cape Cod | 1,670 | 3 | 2/0 | $269,900 | $289,900 | $290,000 | 107% | 3 |
| 1295 Salvia St | Colonial | 2,210 | 4 | 2/1 | $365,000 | $365,000 | $375,000 | 103% | 3 |
| 51 Reed St | Cape Cod | 1,916 | 4 | 2/0 | $364,900 | $364,900 | $376,000 | 103% | 41 |
| 115 Lighthouse Ave | Colonial | 2,306 | 4 | 2/1 | $649,000 | $649,000 | $649,000 | 100% | 64 |
| 17 Winfield Dr | Cape Cod | 1,227 | 2 | 1/0 | $234,900 | $234,900 | $237,000 | 101% | 64 |
| 70 Quail St | Colonial | 1,292 | 3 | 1/1 | $279,900 | $279,900 | $275,000 | 98% | 54 |
| 165 Marina Dr | Ranch | 1,308 | 3 | 1/0 | $249,900 | $249,900 | $280,000 | 112% | 7 |
| 32 Denton Pl | Colonial | 1,484 | 3 | 2/0 | $339,000 | $339,000 | $350,000 | 103% | 7 |
| 320 Hurd Ave | Cape Cod | 1,713 | 3 | 2/0 | $279,900 | $265,000 | $285,000 | 102% | 85 |
| 185 Lobdell Dr | Ranch | 1,974 | 3 | 2/0 | $379,900 | $359,900 | $360,000 | 95% | 27 |
| 65 Burritt Ave | Colonial | 1,380 | 3 | 1/0 | $155,700 | $155,700 | $145,000 | 93% | 16 |
| 200 Meadowbrook Rd | Cape Cod | 1,183 | 3 | 1/0 | $279,900 | $279,900 | $275,000 | 98% | 31 |
| 93 Chanbrook Rd | Ranch | 1,613 | 3 | 1/1 | $364,900 | $345,000 | $337,000 | 92% | 34 |
| 145 Goldbach Dr | Ranch | 1,868 | 3 | 1/1 | $345,000 | $345,000 | $345,000 | 100% | 68 |
| 11 London Ter | Colonial | 1,667 | 3 | 1/1 | $345,000 | $345,000 | $350,000 | 101% | 55 |
| 215 Brookbend Dr | Ranch | 1,040 | 3 | 1/1 | $325,900 | $325,900 | $326,000 | 100% | 3 |
| 151 Evelyn St | Half Duplex | 2,753 | 4 | 2/1 | $299,900 | $299,900 | $326,000 | 109% | 31 |
| 1780 Main St | Colonial, Antique | 2,582 | 3 | 2/0 | $360,000 | $360,000 | $360,000 | 100% | 49 |
| 435 Hurd Ave | Cape Cod | 2,665 | 3 | 2/0 | $359,900 | $359,900 | $365,000 | 101% | 65 |
| 1016 Whippoorwill Ln | Colonial | 1,636 | 3 | 1/1 | $379,000 | $379,000 | $368,000 | 97% | 28 |
| 113 Minor Ave | Colonial | 2,073 | 4 | 1/1 | $417,000 | $417,000 | $417,000 | 100% | 28 |
| 381 Washington Pkwy | Cape Cod | 3,600 | 4 | 3/0 | $469,900 | $469,900 | $470,000 | 100% | 60 |
| 812 Housatonic Avenue Ext | Colonial | 2,109 | 4 | 2/1 | $520,000 | $520,000 | $490,000 | 94% | 63 |
| 183 Ferndale Ave | Cape Cod | 1,212 | 3 | 1/1 | $269,900 | $269,900 | $270,000 | 100% | 74 |
| 169 Chelsea St | Cape Cod | 1,393 | 3 | 2/0 | $265,000 | $265,000 | $275,000 | 104% | 5 |
| Units Sold: 88 | $319,450 | $304,950 | $319,500 | 101% | 34 |