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Fairfield Market Report June 2021
Market Overview
May was an active month for Fairfield real estate as the Spring market was in full swing. After taking a dip in April, the median sales price for single family homes rose more than 9% to $767,500. Since January, that translates to a 10.91% gain. The number of sales also increased slightly from 71 houses sold in April to 76 sold in May, while the time it took to sell dropped to just 33 days. Fairfield homes haven’t sold that quickly since the Summer of 2018. Although inventory is still well under buyer demand, the number of new houses to enter the market has been steadily increasing each month since February. There were 140 new homes offered for sale in May, up over 8% from the previous month, about the same as the previous year’s numbers. The story of lack of inventory has been the same for several months as buyers continue to look to Fairfield and surrounding towns to find a home. Interest rates for a 30 year fixed mortgage was at 2.95% at the end of May, holding steady just below 3% where they have been for the past two months. Low rates and rising home prices are pushing many buyers to offer asking price and above, trying to lock in a home before prices go even higher. The percentage of sold price to list price was 100.10%. The strong seller’s market continues, and with pending sales at a respectable 90 homes, indicate another strong month ahead for June. For anyone considering a move, this is still 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: | $767,500 |
| change: | 9.64% |
| YTD change: | 10.91% |
| Units Sold: | 76 |
| change: | 7.04% |
| Active Listings: | 228 |
| change: | 12.32% |
| New Listings: | 140 |
| change: | 8.53% |
| Days on Market: | 33 |
| change: | -10.81% |
| Months of Supply: | 2.40 (Seller's Market) |
| change: | 14.29% |
Interest Rates
Market Temperature
Local Median Sales Price Trends
| 21-Apr | 21-May | Change | |
| Bethel | $447,500 | $390,000 | -12.85% |
| Bridgeport | $312,500 | $290,000 | -7.20% |
| Brookfield | $575,000 | $490,000 | -14.78% |
| Danbury | $360,000 | $410,000 | 13.89% |
| Easton | $802,500 | $852,000 | 6.17% |
| Fairfield | $700,000 | $767,500 | 9.64% |
| Milford | $345,000 | $431,000 | 24.93% |
| Monroe | $472,450 | $485,000 | 2.66% |
| Newtown | $485,000 | $540,000 | 11.34% |
| N. Haven | $377,451 | $350,000 | -7.27% |
| Orange | $526,250 | $470,000 | -10.69% |
| Oxford | $426,000 | $472,450 | 10.90% |
| Redding | $655,000 | $815,000 | 24.43% |
| Ridgefield | $705,000 | $722,500 | 2.48% |
| Seymour | $275,000 | $356,000 | 29.45% |
| Shelton | $441,250 | $463,750 | 5.10% |
| Stratford | $340,000 | $335,000 | -1.47% |
| Trumbull | $520,000 | $495,000 | -4.81% |
| Weston | $1,245,000 | $1,050,000 | -15.66% |
| Westport | $1,400,000 | $1,636,000 | 16.86% |
Tips
Reduce Stress by Decluttering:
Living a simple life with less clutter sounds appealing to many Americans, yet the dream can be challenging to achieve. It is a worthwhile pursuit because studies have found that decluttering results in lower stress levels. Try these five simple decluttering practices to help you relax in a neater, tidier home.
Create a plan. Deciding where to begin decluttering can be overwhelming for many people. Start by making a list of all of the rooms or areas that need the most organization, and then choose attainable timelines. Every weekend, focus on tackling just one area – whether that be a flat surface like a countertop or desk, or an entire room.
Keep, give away or throw away. As you sort through items, place them into one of three boxes marked as keep, give away and throw away. If you haven’t used an item in 9-12 months, it’s safe to assume you probably don’t need it. Go through your pantry and bathrooms to throw away expired or broken items. Make sure to neatly organize the items that you place in the keep box.
Evaluate items. If you’re struggling to decide what to do with something, ask yourself: Does this item reflect my current lifestyle? Does it still serve me today? For clothing, ask: Do I like the way it fits? Is it damaged, stained or faded? Have I worn it in the past year?
Invest in storage. After you’ve gotten rid of unnecessary clutter, concentrate on finding proper storage for your remaining belongings. Invest in new spice racks, under-the-bed storage containers, filing cabinets, and coat hooks to give everything a home.
Declutter regularly. Throughout your life, you will inevitably continue to accumulate new things, but don’t let this halt or discourage your efforts. Commit to decluttering regularly, and you’ll be able to enjoy an orderly home on a consistent, long-term basis.
Is It Time To Upsize Your Home?
Increased square footage can make life more comfortable, especially if you have a growing family. The following signs could indicate that you are financially ready to upsize your home.
- You have adequate savings.You’ll need cash to cover closing costs and moving expenses.
- You have equity in your current home. You may be pleasantly surprised by how much equity you’ve built up in your current residence, which can be used as a down payment on a larger house.
- You’ve adjusted your budget. A great way to quickly see what the financial impact of upsizing would be is to update your monthly budget with a larger home’s mortgage payment plus average utility costs.
Real Estate Headlines
Consumer Spending Likely to Spur Economy: “The economy is at 99% of its pre-pandemic activity, and growth in Americans’ income and savings could propel housing in the second half of the year”, says Lawrence Yun, chief economist for the National Association of REALTORS®. Personal income was up 10.7% year over year in the second quarter while personal savings soared an astonishing 302%. Therefore, Yun predicted the economy would grow 4.5% over the rest of the year.
More than 8 of 10 Homes Sold at or Above List Price: With a low supply of homes for sale, sellers are finding quicker sales and fetching higher offers. Eighty two percent of homeowners who sold in the last six months accepted offers at list price or above, according to a new survey of about 1,600 homeowners conducted by Homes.com. What’s more, homes are selling fast too: A quarter of home sellers said they had five or fewer showings before finding a buyer. Twenty-six percent had between six and 10 showings before selling. Nearly 10% say they had no in-person showings at all and were still able to sell their home.
Homeowners See Nearly 20% Equity Jump in a Year: Existing homeowners may be feeling richer since they’ve received a notable boost to their home equity over the last year. Homeowners with a mortgage have seen their equity climb nearly 20% year over year, according to a new report from CoreLogic, a real estate research firm. In the first quarter of 2021, the average homeowner gained about $33,400 in equity over the past year, the study shows. “Homeowner equity has more than doubled over the past decade and become a crucial buffer for many weathering the challenges of the pandemic,” says Frank Martell, president and CEO of CoreLogic. Homeowners who are nearing the end of their pandemic-aid forbearance options but still struggling to keep up with house payments may find selling their home an option over foreclosing.
Young Adults Underestimate Costs of Homeownership: Young adults may be missing some key information to move forward in the housing market. For example, two out of three young adults recently surveyed say they are waiting for lower mortgage rates to start the homebuying process, according to a survey of 1,000 non-owner millennials. With mortgage rates already near historic lows, this “may speak to a lack of education and awareness among this cohort of home buyers,” the survey notes. Also, many young adults are underestimating how much they need for homeownership, the survey finds. Millennials underestimated how much home they can afford right now, how much interest they would pay over a 30-year mortgage, and how much home values appreciate, on average, over 10 years, the survey notes.
City Exodus May Be Nearing an End: The big city is starting to look attractive again. More than a year into the pandemic, moves from dense urban cities, like New York, San Francisco, and Boston, have started to slow.
Cool Off And Explore CT’s Beaches This Summer
Connecticut offers a huge variety of salt water beaches along its 96 mile Long Island Sound coastline, stretching from Greenwich in the south to Stonington in the north. This Summer, why not take a day trip to explore beyond the familiar and enjoy all kinds of Summertime activities including fishing, swimming, boating, kayaking, sunbathing, hiking and relaxing in the sun in some of Connecticut’s most beautiful coastal beaches and towns.
Sales Trends: January - May
May 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 |
| 179 Sunset Ave | Cape Cod | 1,500 | 3 | 2/0 | $589,000 | $588,000 | $587,000 | 100% | 67 |
| 484 Surrey Ln | Ranch | 2,409 | 3 | 2/1 | $649,000 | $649,000 | $674,000 | 104% | 12 |
| 344 Fence Row Dr | Colonial | 8,757 | 5 | 6/2 | $2,450,000 | $2,395,000 | $2,300,000 | 94% | 69 |
| 109 Ruane St | Colonial, Farm House | 1,191 | 3 | 1/1 | $645,000 | $645,000 | $650,000 | 101% | 9 |
| 68 Alma Dr | Cape Cod | 2,269 | 3 | 2/0 | $685,000 | $685,000 | $685,000 | 100% | 55 |
| 290 Acorn Ln | Colonial | 5,035 | 4 | 3/1 | $1,225,000 | $1,225,000 | $1,302,500 | 106% | 12 |
| 546 Hoydens Hill Rd | Colonial, Contemporary | 4,934 | 5 | 3/1 | $1,475,000 | $1,475,000 | $1,550,000 | 105% | 12 |
| 112 Vermont Ave | Cape Cod | 1,070 | 3 | 1/0 | $369,900 | $369,900 | $390,100 | 105% | 49 |
| 1052 Black Rock Tpke | Colonial | 1,382 | 3 | 1/1 | $479,999 | $459,900 | $459,900 | 96% | 98 |
| 110 South St | Colonial | 2,147 | 3 | 3/0 | $815,000 | $815,000 | $850,000 | 104% | 17 |
| 243 Hill Brook Ln | Colonial | 3,321 | 4 | 2/1 | $849,999 | $849,999 | $815,000 | 96% | 25 |
| 163 Edge Hill Rd | Colonial | 4,404 | 4 | 2/1 | $1,149,000 | $1,149,000 | $1,177,000 | 102% | 52 |
| 155 Pemburn Dr | Colonial | 2,658 | 4 | 3/0 | $1,100,000 | $995,000 | $1,000,000 | 91% | 84 |
| 98 Youngstown Rd | Split Level | 1,474 | 3 | 2/1 | $365,000 | $365,000 | $330,000 | 90% | 63 |
| 241 Buena Vista Rd | Colonial | 1,654 | 3 | 1/1 | $520,000 | $520,000 | $570,000 | 110% | 13 |
| 36 Yarrow Rd | Cape Cod | 2,242 | 4 | 3/0 | $725,000 | $675,000 | $670,000 | 92% | 28 |
| 330 Morehouse Ln | Colonial | 6,917 | 5 | 4/2 | $2,600,000 | $2,600,000 | $2,400,000 | 92% | 19 |
| 699 Stillson Rd | Cape Cod | 1,142 | 3 | 2/0 | $429,900 | $429,900 | $471,000 | 110% | 25 |
| 3395 Park Ave | Colonial | 1,813 | 3 | 2/1 | $549,000 | $549,000 | $640,000 | 117% | 9 |
| 558 Riverside Dr | Colonial | 1,296 | 3 | 1/1 | $600,000 | $600,000 | $645,000 | 108% | 11 |
| 290 Sasco Hill Rd | Colonial | 8,083 | 7 | 7/3 | $5,575,000 | $5,575,000 | $4,995,000 | 90% | 169 |
| 225 Treasure Rd | Colonial, Farm House | 7,151 | 5 | 5/2 | $1,879,000 | $1,879,000 | $2,000,000 | 106% | 11 |
| 302 Birch Rd | Colonial | 3,196 | 4 | 2/1 | $1,649,000 | $1,649,000 | $1,750,000 | 106% | 13 |
| 192 Fairland Dr | Ranch | 1,320 | 3 | 1/0 | $450,000 | $450,000 | $470,000 | 104% | 4 |
| 100 Melville Dr | Ranch | 1,771 | 3 | 1/1 | $469,000 | $469,000 | $525,000 | 112% | 64 |
| 269 Carroll Rd | Colonial | 2,894 | 4 | 3/1 | $915,000 | $915,000 | $915,000 | 100% | 0 |
| 133 Sasco Hill Ter | Colonial | 3,792 | 4 | 2/1 | $1,595,000 | $1,595,000 | $1,615,000 | 101% | 66 |
| 38 Davis Rd | Cape Cod | 1,216 | 3 | 1/0 | $385,000 | $400,000 | $390,000 | 101% | 37 |
| 400 Burr St | Colonial | 5,075 | 5 | 3/1 | $1,195,000 | $1,195,000 | $1,040,000 | 87% | 105 |
| 897 Congress St | Cape Cod | 1,563 | 2 | 1/1 | $499,000 | $499,000 | $460,000 | 92% | 48 |
| 30 Kalan Cir | Raised Ranch | 1,772 | 3 | 2/0 | $499,000 | $499,000 | $515,000 | 103% | 12 |
| 19 Arbor Dr | Cape Cod | 1,470 | 4 | 2/0 | $525,000 | $525,000 | $600,000 | 114% | 19 |
| 425 Wormwood Rd | Cape Cod | 2,000 | 3 | 2/0 | $675,000 | $675,000 | $680,000 | 101% | 48 |
| 1039 S. Pine Creek Rd | Cape Cod | 1,817 | 4 | 3/0 | $779,900 | $729,000 | $717,600 | 92% | 150 |
| 114 Turney Rd | Colonial | 1,766 | 3 | 2/0 | $799,000 | $799,000 | $850,000 | 106% | 12 |
| 245 Sherman St | Cape Cod, Colonial | 2,284 | 4 | 3/0 | $899,000 | $899,000 | $899,000 | 100% | 27 |
| 530 Lakeview Dr | Colonial | 3,220 | 4 | 3/1 | $899,000 | $899,000 | $960,000 | 107% | 11 |
| 1446 Unquowa Rd | Colonial | 2,642 | 4 | 2/1 | $995,000 | $995,000 | $1,026,000 | 103% | 47 |
| 1160 Pequot Ave | Mediterranean | 5,605 | 5 | 5/1 | $2,500,000 | $2,500,000 | $2,174,800 | 87% | 148 |
| 893 Sasco Hill Rd | Georgian Colonial | 7,863 | 6 | 6/1 | $4,295,000 | $4,295,000 | $4,450,000 | 104% | 77 |
| 239 Tuckahoe Ln | Colonial | 2,240 | 4 | 2/1 | $849,000 | $849,000 | $852,750 | 100% | 32 |
| 298 James St | Split Level | 1,348 | 3 | 1/0 | $549,000 | $549,000 | $575,000 | 105% | 11 |
| 8 Oldfield Dr | Cape Cod | 1,280 | 3 | 2/0 | $690,000 | $645,000 | $675,000 | 98% | 30 |
| 247 Homefair Dr | Colonial | 3,171 | 4 | 3/1 | $999,000 | $999,000 | $960,000 | 96% | 97 |
| 220 Burr St | Split Level, Farm House | 4,797 | 5 | 4/1 | $1,100,000 | $1,100,000 | $1,156,000 | 105% | 76 |
| 56 Windermere St | Cape Cod, Colonial | 1,325 | 2 | 1/1 | $549,000 | $549,000 | $526,500 | 96% | 27 |
| 4075 Redding Rd | Raised Ranch | 2,370 | 4 | 3/0 | $574,500 | $574,500 | $535,000 | 93% | 51 |
| 161 Morning Dew Cir | Colonial | 4,799 | 4 | 5/1 | $1,325,000 | $1,325,000 | $1,405,000 | 106% | 33 |
| 98 Stratfield Rd | Colonial | 2,452 | 5 | 1/1 | $469,000 | $449,000 | $439,000 | 94% | 35 |
| 485 High St | Cape Cod | 1,290 | 3 | 2/0 | $449,000 | $449,000 | $440,000 | 98% | 13 |
| 823 Church Hill Rd | Cape Cod | 1,951 | 3 | 2/0 | $425,000 | $425,000 | $460,000 | 108% | 6 |
| 115 Wilson St | Cape Cod | 1,678 | 2 | 1/1 | $499,900 | $499,900 | $500,000 | 100% | 40 |
| 764 Old Stratfield Rd | Colonial | 2,585 | 4 | 2/1 | $659,900 | $659,900 | $649,000 | 98% | 36 |
| 363 Pequot Ave | Colonial | 2,082 | 2 | 2/1 | $799,000 | $799,000 | $800,000 | 100% | 22 |
| 170 Woodrow Ave | Colonial | 2,741 | 3 | 3/1 | $799,000 | $799,000 | $825,000 | 103% | 65 |
| 238 Lancelot Rd | Colonial | 3,309 | 4 | 2/1 | $999,000 | $999,000 | $985,000 | 99% | 39 |
| 254 Sherwood Farm Rd | Colonial | 3,570 | 3 | 4/1 | $1,325,000 | $1,325,000 | $1,350,000 | 102% | 64 |
| 3360 Sturges Hwy | Colonial | 6,452 | 4 | 3/1 | $1,694,203 | $1,500,000 | $1,495,000 | 88% | 89 |
| 34 Rena Pl | Colonial | 2,940 | 4 | 2/1 | $649,900 | $649,900 | $649,900 | 100% | 168 |
| 320 Partridge Ln | Colonial | 3,496 | 4 | 3/1 | $950,000 | $950,000 | $1,075,000 | 113% | 36 |
| 141 Half Mile Rd | Colonial | 3,162 | 4 | 2/2 | $1,099,000 | $1,099,000 | $1,265,000 | 115% | 8 |
| 77 Reynolds Dr | Colonial | 1,378 | 3 | 1/1 | $449,000 | $439,000 | $439,000 | 98% | 111 |
| 65 Hulls Hwy | Cape Cod | 1,235 | 3 | 2/0 | $525,000 | $499,999 | $495,000 | 94% | 106 |
| 210 Sky Top Ter | Ranch | 2,258 | 3 | 2/0 | $699,000 | $699,000 | $672,000 | 96% | 22 |
| 160 Morehouse Hwy | Colonial | 3,018 | 3 | 1/1 | $699,000 | $699,000 | $695,000 | 99% | 25 |
| 405 Catamount Rd | Colonial | 4,689 | 5 | 4/1 | $1,389,000 | $1,389,000 | $1,389,000 | 100% | 21 |
| 203 Short Hill Ln | Split Level | 1,740 | 4 | 2/0 | $614,900 | $614,900 | $690,000 | 112% | 64 |
| 1446 Cross Hwy | Antique, Barn | 3,891 | 4 | 3/2 | $1,350,000 | $1,350,000 | $1,350,000 | 100% | 0 |
| 1391 Brooklawn Ave | Ranch | 1,680 | 3 | 2/0 | $450,000 | $450,000 | $455,000 | 101% | 12 |
| 175 Bennett St | Cape Cod | 1,331 | 3 | 2/0 | $519,900 | $499,900 | $499,900 | 96% | 166 |
| 88 Dwight St | Cape Cod | 1,550 | 4 | 2/0 | $735,000 | $735,000 | $735,000 | 100% | 32 |
| 270 Colony St | Colonial, Farm House | 2,685 | 4 | 3/1 | $849,000 | $849,000 | $850,000 | 100% | 24 |
| 1847 N. Benson Rd | Colonial | 4,198 | 5 | 4/1 | $1,089,000 | $1,089,000 | $1,145,000 | 105% | 45 |
| 1123 Round Hill Rd | Colonial | 5,014 | 6 | 4/1 | $1,425,000 | $1,425,000 | $1,440,000 | 101% | 6 |
| 567 S. Benson Rd | Colonial | 4,454 | 4 | 3/2 | $1,995,000 | $1,995,000 | $1,995,000 | 100% | 27 |
| 240 Harbor Rd | Colonial | 3,942 | 3 | 3/1 | $2,595,000 | $2,595,000 | $2,570,000 | 99% | 59 |
| Units Sold: 76 | $789,450 | $767,000 | $767,500 | 100% | 33 |
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