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Fairfield Market Report May 2021
Market Overview
April’s median sales price in Fairfield dipped from the previous months high, from $725,000 to $700,000. Although a nearly 3 ½% drop, home values were still up a little over 1% for the year. This slowdown will most likely be temporary as indicators point to a very active month of May. Pending sales saw a 26% increase, from 77 to 99, the largest number since October. The number of new listings was up slightly over March, from 121 to 129, although inventory continues to be lower than buyer demand. Fairfield continues to be in a strong sellers-market with a low 2.1 months of supply. Buyers have not stayed away, as multiple offers are coming in within days of a properly priced home entering the market. The days on market was at a stunningly low of just 37 days, the shortest amount of time it took to sell a house since August of 2018. There were 203 active listings in April, which continues to be about half of what they usually have been for this time of year. After a bump in interest rates in March, the 30 year fixed rate settled back down just below 3%, to 2.98% by the end of April. A fact which continues to drive buyers into the market. Buyers are eager to find a home in Fairfield and most other surrounding. For anyone considering a move, this is a great time to sell a house in Fairfield. 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: | $700,000 |
| change: | -3.45% |
| YTD change: | 1.16% |
| Units Sold: | 71 |
| change: | -21.98% |
| Active Listings: | 203 |
| change: | 4.10% |
| New Listings: | 129 |
| change: | 6.61% |
| Days on Market: | 37 |
| change: | -35.09% |
| Months of Supply: | 2.10 (Seller's Market) |
| change: | 0.00% |
Interest Rates
Market Temperature
Local Median Sales Price Trends
| 21-Mar | 21-Apr | Change | |
| Bethel | $462,500 | $447,500 | -3.24% |
| Bridgeport | $265,000 | $312,500 | 17.92% |
| Brookfield | $430,000 | $575,000 | 33.72% |
| Danbury | $337,500 | $360,000 | 6.67% |
| Easton | $675,250 | $802,500 | 18.84% |
| Fairfield | $725,000 | $700,000 | -3.45% |
| Milford | $380,000 | $345,000 | -9.21% |
| Monroe | $410,000 | $472,450 | 15.23% |
| Newtown | $515,000 | $485,000 | -5.83% |
| N. Haven | $310,000 | $377,451 | 21.76% |
| Orange | $445,000 | $526,250 | 18.26% |
| Oxford | $362,500 | $426,000 | 17.52% |
| Redding | $768,500 | $655,000 | -14.77% |
| Ridgefield | $860,000 | $705,000 | -18.02% |
| Seymour | $305,000 | $275,000 | -9.84% |
| Shelton | $400,000 | $441,250 | 10.31% |
| Stratford | $320,000 | $340,000 | 6.25% |
| Trumbull | $480,000 | $520,000 | 8.33% |
| Weston | $941,250 | $1,245,000 | 32.27% |
| Westport | $1,774,500 | $1,375,000 | -22.51% |
Tips
Essential Oils Can Help Alleviate Spring Allergy Symptoms:
If you or a loved one suffers from seasonal allergies every spring, consider trying a natural remedy with these essential oils. Be sure to research the purity and quality of the brand before purchasing.
Lavender: Inhaling this oil can reduce inflammation and calm your nasal passages. Add lavender to bath salts or skincare products to help treat skin allergies.
Peppermint: Diffusing peppermint oil or diluting it in a carrier oil to apply on your skin can reduce inflammation. It may also alleviate mental fatigue, which can be triggered by seasonal allergies.
Lemon: This oil helps reduce congestion while also deterring bacteria. Be sure to avoid applying on your skin before sun exposure.
Eucalyptus: Use eucalyptus oil in a diffuser or add a few drops in the corner of your shower, which can provide a cooling sensation that eases nasal congestion.
Energize Your Exercise Outdoors:
If your in-home training or indoor gym has made your exercise routine feel stale, consider moving your workouts outdoors.
Exercising in the fresh air can feel so energizing that you may find yourself working out longer than usual. A study by UC San Diego found that adults who exercised outdoors did at least 30 minutes more activity per week than those who stuck to indoor workouts.
The hormones produced by time spent in the fresh air and sunlight cause the exertion to feel more enjoyable, which makes it easier to build a consistent habit.
According to Time.com, a connection has been found between enjoying time outside and improved mental health as well as lowered blood pressure.
Another advantage is inhaling phytoncides while outdoors. These compounds created by plants and trees are thought to increase production of a type of white blood cell that helps build your immune system to fight against cancer, inflammation and infection.
Real Estate Headlines
Americans’ Sky-high Savings to Make Spring Market Even Hotter: Many American households are feeling richer, sitting on the nest egg they’ve built during the pandemic. Those savings may be released into the economy in new spending this spring and summer, which will bode well for the already surging housing market. Personal savings increased to a 21% annual rate in the first quarter of this year. Many Americans saved cash from the government’s COVID-19 stimulus programs, and those who have remained employed have been able to save money after sheltering in for months, decreasing spending on gas, clothes, entertainment, and travel. The reopening of the economy and federal stimulus funds led to a 6.4% annual GDP gain in the first quarter, the government reported. A strong housing market also likely will continue in 2021 with sustained economic growth, declining unemployment, and historically low mortgage rates hovering.
Hot Housing Market Contributes To High Profits For Sellers: Home sellers continue to see higher profits from their homes. In the first quarter, sellers generated an average profit of $70,050 on the sale of their home, up 26% compared to a year earlier ($55,750), according to ATTOM Data Solutions’ 2021 U.S. Home Sales Report. The $70,050 in profit accounts for a 34.2% return on investment compared to the original purchase price, which is also higher than the 30.8% from a year earlier.
Mortgage Rates Hover Around 3%: Mortgage rates rose slightly by the end of April, but they remained below 3%. Freddie Mac reported that the average rate on the 30-year fixed-rate home loan inched up to 2.98% from 2.97% by the end of April. Nevertheless, expect rates to move above 3% in the following weeks as the economy continues to recover. The National Association of REALTORS® estimates rates to average 3.2% by the end of the year.
“This Isn’t a Bubble”: The U.S. housing market is on a hot streak with double-digit annual gains in home prices, bidding wars, and surging buyer demand. That type of soaring housing market is prompting more “bubble” fears in some corners, but economists say the housing market isn’t getting overinflated. “We have strong conviction that we are not experiencing a bubble in U.S. housing,” Vishwanath Tirupattur, a Morgan Stanley strategist, wrote. Lawrence Yun, chief economist of the National Association of REALTORS®, agrees. He told Axios last month: “This is not a bubble. It is simply lack of supply.” At the end of March, there were 1.07 million homes available for sale, according to NAR data. For comparison, during the housing bubble, in July 2007, there were more than four times that—4 million homes available for sale.
Home Staging That Looks TV-Ready: TV design shows are increasingly influencing home buyers’ perceptions of what they expect to find on the market. Those are high standards. Sixty-eight percent of REALTORS® recently surveyed say their clients were disappointed by how homes appeared in real life versus on TV. TV design shows are increasingly influencing home buyers’ perceptions of what they expect to find on the market. Those are high standards. Sixty-eight percent of REALTORS® recently surveyed say their clients were disappointed by how homes appeared in real life versus on TV. The survey found that the most important rooms to stage in the house are living room, primary bedroom and kitchen.
Hiking And Biking In CT
With the temperature rising, covid outdoor restrictions lifting and vaccine availability for all, it’s time to get outside and discover what makes Connecticut one of the most beautiful states for outdoor fun. There are virtually unlimited opportunities to enjoy a hike or bike ride no matter what endurance, skill or age level. So grab your boots, wheels, family or friends and discover some of the hidden gems Connecticut has to offer.
Sales Trends: January - April
April 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 |
| 1194 Black Rock Tpke | Colonial | 1,318 | 2 | 1/1 | $399,900 | $399,900 | $421,000 | 105% | 31 |
| 557 Old Stratfield Rd | Cape Cod | 1,331 | 4 | 2/0 | $415,000 | $415,000 | $430,000 | 104% | 4 |
| 169 Hulls Hwy | Cape Cod | 1,581 | 3 | 2/0 | $519,000 | $519,000 | $530,000 | 102% | 22 |
| 62 Cardinal St | Colonial | 2,688 | 4 | 2/1 | $599,000 | $599,000 | $620,000 | 104% | 17 |
| 42 Division Ave | Colonial | 3,165 | 4 | 3/1 | $599,999 | $599,999 | $640,000 | 107% | 58 |
| 231 Sterling St | Colonial | 2,662 | 4 | 2/1 | $679,900 | $679,900 | $676,000 | 99% | 84 |
| 115 Valleyview Rd | Colonial | 2,703 | 3 | 2/1 | $799,000 | $799,000 | $850,000 | 106% | 14 |
| 1233 S. Pine Creek Rd | Colonial | 2,958 | 4 | 3/1 | $1,199,000 | $1,199,000 | $1,283,000 | 107% | 14 |
| 208 N. Cedar Rd | Colonial | 4,688 | 5 | 3/1 | $1,300,000 | $1,300,000 | $1,350,000 | 104% | 64 |
| 115 Senate Ln | Colonial | 10,214 | 6 | 9/1 | $2,250,000 | $1,999,000 | $1,925,000 | 86% | 147 |
| 61 Buena Vista Rd | Colonial | 1,401 | 2 | 2/0 | $539,000 | $539,000 | $539,000 | 100% | 22 |
| 21 Elizabeth St | Victorian | 2,745 | 6 | 3/0 | $625,000 | $599,000 | $599,000 | 96% | 184 |
| 2540 Congress St | Colonial | 3,252 | 4 | 2/2 | $724,000 | $724,000 | $749,000 | 103% | 33 |
| 58 Salem Rd | Contemporary | 4,362 | 4 | 3/1 | $985,000 | $985,000 | $961,250 | 98% | 269 |
| 113 Twin Lanes Rd | Ranch | 4,567 | 4 | 3/1 | $950,000 | $950,000 | $940,000 | 99% | 19 |
| 470 Cornell Rd | Colonial | 3,148 | 4 | 3/1 | $1,099,000 | $1,099,000 | $1,099,000 | 100% | 89 |
| 256 Alberta St | Colonial | 1,720 | 3 | 1/1 | $535,000 | $535,000 | $580,000 | 108% | 10 |
| 170 Lakewood Dr | Colonial | 2,762 | 4 | 2/1 | $849,000 | $795,500 | $795,600 | 94% | 120 |
| 60 Mulberry Hill Rd | Colonial | 5,726 | 4 | 3/1 | $995,000 | $995,000 | $950,000 | 95% | 47 |
| 2123 Fairfield Beach Rd | Colonial | 2,554 | 4 | 3/1 | $1,750,000 | $1,750,000 | $1,650,000 | 94% | 154 |
| 1526 Catamount Rd | Colonial, Contemporary | 7,833 | 5 | 6/1 | $1,697,000 | $1,697,000 | $1,750,000 | 103% | 8 |
| 75 Rosemere Ave | Contemporary | 2,012 | 3 | 3/0 | $719,000 | $719,000 | $766,000 | 107% | 46 |
| 1606 Stratfield Rd | Colonial | 1,382 | 3 | 1/1 | $425,000 | $425,000 | $441,000 | 104% | 37 |
| 39 Putting Green Rd | Ranch | 912 | 3 | 1/0 | $324,900 | $324,900 | $375,000 | 115% | 15 |
| 560 Brookside Dr | Cape Cod | 1,307 | 2 | 1/0 | $429,900 | $414,900 | $410,000 | 95% | 115 |
| 214 Hulls Hwy | Cape Cod, Other | 1,320 | 3 | 2/0 | $699,000 | $699,000 | $690,000 | 99% | 13 |
| 46 Newman Pl | Colonial | 2,376 | 4 | 2/0 | $649,000 | $649,000 | $654,000 | 101% | 29 |
| 40 Hamilton Ct, Unit #40 | Contemporary | 3,535 | 3 | 2/2 | $749,900 | $749,900 | $775,000 | 103% | 33 |
| 234 Lalley Blvd | Colonial | 3,100 | 3 | 3/2 | $2,125,000 | $2,125,000 | $2,125,000 | 100% | 0 |
| 2101 Fairfield Beach Rd | Colonial | 3,000 | 4 | 4/0 | $2,995,000 | $2,849,000 | $2,690,000 | 90% | 149 |
| 217 Bronson Rd | Colonial | 1,632 | 3 | 2/0 | $474,000 | $474,000 | $476,000 | 100% | 48 |
| 105 Buena Vista Rd | Colonial | 1,952 | 4 | 1/1 | $539,000 | $539,000 | $580,000 | 108% | 62 |
| 260 Roselle St | Colonial | 3,210 | 4 | 2/1 | $599,000 | $599,000 | $585,000 | 98% | 40 |
| 259 Szost Dr | Cape Cod | 1,968 | 3 | 2/0 | $619,000 | $619,000 | $619,000 | 100% | 93 |
| 3435 Morehouse Hwy | Colonial, Antique | 3,023 | 4 | 2/1 | $825,000 | $799,000 | $799,000 | 97% | 181 |
| 954 Fairfield Beach Rd | Colonial | 3,000 | 4 | 3/1 | $1,399,999 | $1,399,999 | $1,338,800 | 96% | 77 |
| 4480 Congress St | Colonial | 9,578 | 8 | 7/2 | $3,600,000 | $3,250,000 | $3,085,000 | 86% | 636 |
| 653 Cascade Dr | Ranch | 2,332 | 3 | 3/0 | $549,000 | $549,000 | $633,500 | 115% | 31 |
| 331 Stratfield Rd | Colonial | 2,617 | 5 | 3/1 | $699,000 | $699,000 | $685,000 | 98% | 41 |
| 64 Arbor Ter | Colonial | 3,200 | 4 | 4/1 | $1,199,000 | $1,199,000 | $1,280,000 | 107% | 47 |
| 146 Sherwood Farm Rd | Colonial | 6,465 | 4 | 4/2 | $1,480,000 | $1,399,000 | $1,450,000 | 98% | 140 |
| 160 Rose Hill Rd | Colonial, Georgian Colonial | 3,741 | 3 | 3/1 | $2,495,000 | $2,495,000 | $2,495,000 | 100% | 22 |
| 265 S. Benson Rd | Colonial | 2,114 | 4 | 2/1 | $849,000 | $849,000 | $905,000 | 107% | 25 |
| 78 Rockland Rd | Colonial | 1,435 | 3 | 1/1 | $539,000 | $539,000 | $553,000 | 103% | 76 |
| 36 Curtis Ter | Colonial, Split Level | 2,494 | 4 | 3/1 | $649,000 | $649,000 | $640,000 | 99% | 3 |
| 53 New St | Colonial | 2,376 | 3 | 2/0 | $299,900 | $299,900 | $350,000 | 117% | 42 |
| 79 Cynthia Dr | Split Level | 2,093 | 3 | 1/1 | $460,000 | $460,000 | $480,000 | 104% | 8 |
| 112 Smedley Rd | Cape Cod | 1,560 | 3 | 2/0 | $729,900 | $650,000 | $589,000 | 81% | 19 |
| 304 Homeland St | Colonial | 2,266 | 4 | 2/0 | $599,000 | $599,000 | $590,000 | 98% | 97 |
| 30 Blake Dr | Cape Cod | 1,680 | 3 | 2/0 | $559,900 | $559,900 | $625,000 | 112% | 15 |
| 58 Millspaugh Dr | Cape Cod | 1,568 | 4 | 2/0 | $599,000 | $599,000 | $639,000 | 107% | 19 |
| 825 Fairfield Beach Rd | Colonial | 4,301 | 5 | 4/1 | $2,875,000 | $2,875,000 | $2,950,000 | 103% | 26 |
| 170 Quarter Horse Ln | Colonial | 6,224 | 6 | 4/2 | $3,200,000 | $2,990,000 | $2,950,000 | 92% | 183 |
| 178 May St | Cape Cod | 1,236 | 3 | 2/0 | $375,000 | $375,000 | $375,000 | 100% | 56 |
| 103 Weeping Willow Ln | Split Level | 2,538 | 5 | 3/0 | $439,900 | $439,900 | $460,000 | 105% | 43 |
| 390 Judd St | Split Level | 1,502 | 3 | 2/0 | $595,000 | $595,000 | $564,000 | 95% | 8 |
| 879 Oldfield Rd | Colonial | 1,752 | 3 | 1/0 | $569,000 | $569,000 | $580,000 | 102% | 17 |
| 4604 Black Rock Tpke | Colonial | 2,022 | 5 | 1/1 | $399,000 | $380,000 | $380,000 | 95% | 94 |
| 105 Pine Creek Ave | Cape Cod, Colonial | 1,116 | 2 | 1/0 | $700,000 | $714,300 | $700,000 | 100% | 123 |
| 713 Sturges Rd | Colonial | 2,737 | 4 | 2/1 | $839,000 | $839,000 | $839,000 | 100% | 89 |
| 40 Ferguson Dr | Cape Cod | 2,391 | 3 | 2/1 | $799,000 | $799,000 | $877,000 | 110% | 7 |
| 75 Sasco Hill Ter | Colonial, Raised Ranch | 2,036 | 4 | 3/0 | $799,000 | $799,000 | $799,000 | 100% | 0 |
| 1653 Mill Plain Rd | Colonial | 3,512 | 5 | 2/1 | $789,000 | $789,000 | $830,000 | 105% | 56 |
| 107 Taylor Pl | Colonial | 3,172 | 4 | 3/2 | $899,000 | $899,000 | $980,000 | 109% | 14 |
| 1865 Burr St | Colonial | 5,547 | 5 | 4/1 | $1,729,000 | $1,729,000 | $1,625,000 | 94% | 22 |
| 54 Longview Ave | Row House | 1,128 | 2 | 1/0 | $282,500 | $282,500 | $295,000 | 104% | 21 |
| 3595 Park Ave | Colonial | 1,831 | 3 | 1/1 | $379,900 | $379,900 | $401,000 | 106% | 3 |
| 460 Papurah Rd | Colonial | 3,796 | 5 | 3/1 | $1,150,000 | $1,100,000 | $1,005,000 | 87% | 48 |
| 500 Mill Hill Ter | Colonial | 3,228 | 4 | 2/1 | $1,039,000 | $1,039,000 | $1,071,000 | 103% | 11 |
| 544 Silver Spring Rd | Colonial | 3,562 | 4 | 3/1 | $1,095,000 | $1,095,000 | $1,200,000 | 110% | 34 |
| 293 Eastlawn St | Colonial | 3,450 | 4 | 3/1 | $1,274,900 | $1,274,900 | $1,250,000 | 98% | 99 |
| Units Sold: 71 | $719,000 | $714,300 | $700,000 | 100% | 37 |
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