Real estate activity for Fairfield had some mixed results as the Summer market drew to an end. While the median sales price rebounded from the drop in August, the number of units sold decreased and the number of new units to hit the market increased. That means a surplus in houses for sale, illustrated by the high months of supply number (8 months), continuing Fairfield’s buyers-market trend of the past 19 months. Although the median sales price of $622,000 increased 7.52% over August and is up 4% for the year, it still significantly trails the $710,000 high reached in July 2018. Buyers are still waiting (days on market increased 21%), even though interest rates continue to be in their favor. The 30yr fixed rate ticked up slightly to 3.64%, keeping the cost to borrow low. Homeowners are continuing to take advantage of these low rates by refinancing their higher rate mortgages. If you have any questions, or if you know anyone who is thinking of buying or selling real estate, I’d be happy to speak with you.
10 Most Recent Single Family Home Sales Ending September
(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 |
| 12 Brookdale | Cape Cod | 1,282 | 4 | 1/0 | $354,500 | $354,500 | $360,000 | 102% | 25 |
| 2155 Fairfield Beach | Colonial | 1,500 | 3 | 2/0 | $1,177,000 | $1,177,000 | $1,050,000 | 89% | 65 |
| 42 Ridgely | Colonial | 1,720 | 3 | 2/2 | $389,900 | $374,900 | $378,000 | 97% | 81 |
| 324 Oakwood | Split Level | 1,732 | 3 | 2/0 | $415,000 | $399,000 | $385,000 | 93% | 107 |
| 33 Sky Top | Split Level | 3,374 | 4 | 3/0 | $614,900 | $579,900 | $570,000 | 93% | 133 |
| 77 Winoca | Colonial | 3,924 | 4 | 3/0 | $599,900 | $569,900 | $600,000 | 100% | 41 |
| 260 Godfrey | Colonial | 3,400 | 4 | 4/0 | $939,000 | $939,000 | $930,000 | 99% | 100 |
| 529 Riverside | Colonial | 1,835 | 3 | 1/1 | $459,000 | $419,000 | $405,000 | 88% | 99 |
| 725 Old Stratfield | Cape Cod | 2,029 | 3 | 2/0 | $425,900 | $425,900 | $420,000 | 99% | 38 |
| 87 Brooklawn | Colonial | 1,502 | 3 | 1/1 | $475,000 | $475,000 | $472,500 | 99% | 24 |
| Units Sold: 63 | Medians: | $675,000 | $649,000 | $622,000 | 92% | 78 |
12 Month Sales Activity
Housing Stats
(change from previous month)
| Median Sale Price: | $622,000 |
| change: | 7.52% |
| YTD change: | 4.10% |
| Units Sold: | 63 |
| change: | -21.25% |
| Active Listings: | 509 |
| change: | 2.00% |
| New Listings: | 145 |
| change: | 98.63% |
| Days on Market: | 78 |
| change: | 21.88% |
| Months of Supply: | 8.00 (Buyer's Market) |
| change: | 0.00% |
Homeowner Joy
Certain home remodeling projects are making homeowners happier and proving to be well worth the cost and time when they sell their properties, according to a new survey from the National Association of REALTORS. “REALTORS® and homeowners alike recognize the value of taking on a major home remodeling project,” says NAR President John Smaby. “While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us with feelings of accomplishment, satisfaction, and higher home values.” NAR calculated a “joy score” for each home remodeling project studied. The score, a scale from one to 10, is based on homeowners’ overall perceived happiness with their renovations. The higher the joy score for the project, the more homeowners felt satisfaction from it. Some of the highest joy scores for interior projects centered on complete kitchen renovations, closet renovations, full interior and interior room paint jobs, kitchen upgrades, and basement conversions to living areas.
Kitchen renovation: Joy score: 10
Ninety-three percent of consumers said they had a greater desire to be at home since the completion of their kitchen remodel. “The kitchen is a space that homeowners frequent regularly throughout the course of the day, so when the area is remodeled to owners’ exact preferences, they continually experience the satisfaction of a job well done.”
Closet renovation: Joy score: 10
Upgrading home closets also made for instantly happier homeowners. Sixty-eight percent of consumers surveyed say they feel a major sense of accomplishment when they think about a completed closet renovation project.
Full interior paint job: Joy score: 9.8
A fresh coat of paint can do wonders for improving the look of a house—but it also improves the mood of those living there. Eighty-eight percent of respondents reported a greater desire to be home since having their home freshly painted.
New fiberglass front door: Joy score: 9.7
The installation of fiberglass front doors can also help for resale and happiness, the survey found. Seventy-nine percent of respondents said that they’ve had a greater desire to be home, thanks to their new front door.
New vinyl windows: Joy score: 9.6
The happiness around new windows mostly comes from the result of improved functionality and livability. Forty-seven percent of respondents said they were motivated to update their windows to improve their home’s energy efficiency.
Overall, the top remodeling projects for recovering costs at resale were from new roofing, hardwood floor refinishing, and new hardwood floor installation.
NARI remodelers say that homeowners spend on average about $7,500 for new roofing, but real estate pros estimate that sellers will recover $8,000 at resale—an estimated 107% of the value recovered. On new wood flooring, the average cost homeowners spend on an update is $4,700, but a 106% potential return is possible at resale (real estate pros estimate $5,000).
A Brief History:
Fairfield’s Immigrant Roots: Although initially settled by northern European Puritan’s, starting in the mid 19th century, Fairfield, like most of the Eastern United States, saw an influx of immigrants from Ireland, Sweden, Italy, and Eastern Europe looking to take advantage of opportunities and flee poverty and political upheaval back home. Beginning with the Irish potato famines of the 1840’s, waves of immigrants found opportunities in the factories of Bridgeport, and neighborhoods began to form from clusters of immigrants of similar descent. Widespread prejudice against mostly Catholic immigrants by the predominately Puritan population made assimilation difficult, nevertheless, the population continued to grow as opportunities for a better life continued. Newcomers eventually began buying land in Fairfield to farm. By the early 20th century, land located toward the east side of Fairfield and west of the town center that had once been considered less desirable for cultivation, attracted immigrant settlers looking to farm. Eventually farms gave way to land development, and culturally specific neighborhoods took shape. Tunxis Hill became home to many people from Poland, Russia, Hungary and Sweden, and ethnic businesses flourished. Fairfield Woods and Stratfield were popular with Jewish immigrants following World War 2. Although today’s neighborhoods have become more diverse, hints to Fairfield’s strong immigrant history can be seen in street names and neighborhood churches.