12 Month Sales Activity
Housing Stats
(change from previous month)
| Median Sale Price: | $720,000 |
| change: | 5.11% |
| YTD change: | 12.50% |
| Units Sold: | 21 |
| change: | 61.54% |
| Active Listings: | 46 |
| change: | -25.81% |
| New Listings: | 7 |
| change: | -65.00% |
| Days on Market: | 51 |
| change: | 21.43% |
| Months of Supply: | 5.30 (Stable Market) |
| change: | 23.26% |
2020 Local Real Estate Price Trends:
2020 turned out to be a stellar year for home value growth, which increased dramatically in nearly every town. The three big factors driving home prices for the year were pandemic driven buyers, historically low interest rates and an unusually low inventory of houses. Surprisingly, historic unemployment rates did not stop the surge in demand for CT houses. Even with 2020’s spectacular gains however, only Westport, Milford and Fairfield have seen home values return to levels prior to the great recession of 2009.
| 2019 | 2020 | Change | |
| Bethel | $345,000 | $388,750 | 12.68% |
| Bridgeport | $206,150 | $245,000 | 18.85% |
| Easton | $562,500 | $586,250 | 4.22% |
| Fairfield | $585,000 | $675,000 | 15.38% |
| Milford | $307,250 | $350,000 | 13.91% |
| Monroe | $367,500 | $425,000 | 15.65% |
| Newtown | $380,000 | $430,000 | 13.16% |
| Norwalk | $485,128 | $539,500 | 11.21% |
| Orange | $378,000 | $395,000 | 4.50% |
| Redding | $525,000 | $567,500 | 8.10% |
| Ridgefield | $628,250 | $700,000 | 11.42% |
| Shelton | $339,450 | $379,000 | 11.65% |
| Stratford | $250,000 | $299,900 | 19.96% |
| Trumbull | $385,000 | $430,000 | 11.69% |
| Weston | $685,000 | $819,000 | 19.56% |
| Westport | $1,125,000 | $1,355,499 | 20.49% |
| Wilton | $690,000 | $810,000 | 17.39% |
Gen X, Millennials Likely to Keep Home Buying Strong for Years to Come:
Between 2018 and 2028, the number of households is projected to increase by up to 12 million. Generation X and millennials are expected to drive most of that household formation. As they replace dropped households over that time, the two generations could add nearly 25 million new households by 2028, according to the CoreLogic Insights Blog.
The largest cohort of millennial buyers have yet to surface on the market, researchers note. That segment, from ages 28 to 30, numbers nearly 15 million and is approaching the average age to buy a first home, 33 years old, CoreLogic reports.
Even as younger generations wait to enter the housing market in high numbers, the market already faces a home inventory shortage. The number of homes for sale has reached the lowest level on record. That has prompted home prices to increase faster than incomes. Over the past two decades, home prices have increased by 1.6 times the rate of real household incomes, CoreLogic says.
Record low mortgage rates over the past few months have helped to offset high prices. Still, first-time home buyers are facing increasing affordability woes as they try to come up with a down payment. While the monthly mortgage payment and insurance have dropped by 3% compared to a year ago, the down payment needed is up 8% (from about $20,000 to about $22,000 for a median-priced home at $225,000), according to CoreLogic.
“This may be a daunting challenge for some particularly given that the median financial asset holding of families headed by a person under 35 years of age is only about $8,500,”
Exodus To The Suburbs Appears To Be Reversing:
The latest housing data shows consumers returning to urban areas after abandoning cities for the suburbs in the early days of the COVID-19 pandemic. In places such as New York, San Francisco, Chicago, and Boston, some rental buildings went from full occupancy to 50% vacant as remote work and school enabled residents to move to less congested areas.
But now there are signs of a reversal of that trend.
The Greater Boston Association of REALTORS® reports that sales of single-family homes and condos in the city were at their highest levels on record in October. In Chicago, home sales surged 39% the same month compared to a year ago, according to the Illinois Association of REALTORS®. In New York, single-family home sales jumped 34% from September to October.
But the appeal of big cities likely will return as the coronavirus vaccine rollout escalates, real estate experts predict. “I expect the big-city market to stay hot for a more gestalt reason: because city dwellers are city people,” Ryan Serhant, writes for Forbes.com. “City dwellers aren’t the type who want to live in rural areas, have only one or two local restaurants to choose from, and lose the electric energy that makes our cities such special places to be. Collectively, we are all looking ahead and looking forward to a return to pre-pandemic life.”With the pandemic, homeowners are seeking more privacy and security. The demand for fences has driven up prices. Since the begining of 2020, the price for pressure treated wood as more than doubled.
Easton Sales Trends: January-December
December 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 |
| 60 Mile Common Rd | Colonial | 5,267 | 5 | 3/1 | $900,000 | $900,000 | $900,000 | 100% | 28 |
| 200 Redding Rd | Colonial | 4,507 | 4 | 4/1 | $1,250,000 | $1,399,000 | $1,175,000 | 94% | 504 |
| 166 Banks Rd | Ranch | 2,434 | 4 | 2/1 | $729,000 | $699,900 | $660,000 | 91% | 78 |
| 45 Sanford Dr | Colonial | 3,188 | 4 | 4/0 | $695,000 | $695,000 | $675,000 | 97% | 85 |
| 62 Bayberry Ln | Contemporary, Modern | 3,928 | 4 | 2/1 | $995,000 | $995,000 | $985,000 | 99% | 33 |
| 12 Morning Glory Ln | Colonial | 2,910 | 4 | 2/1 | $575,000 | $559,000 | $540,000 | 94% | 51 |
| 131 Sport Hill Rd | Colonial, Victorian | 4,600 | 4 | 3/0 | $929,000 | $929,000 | $850,000 | 91% | 93 |
| 33 Herrmann Ln | Colonial | 4,110 | 4 | 3/2 | $749,000 | $749,000 | $750,000 | 100% | 8 |
| 111 High Ridge Rd | Ranch | 1,262 | 2 | 1/0 | $429,900 | $429,900 | $415,000 | 97% | 115 |
| 37 Ridgeway Rd | Colonial | 4,193 | 4 | 3/1 | $799,000 | $799,000 | $800,000 | 100% | 22 |
| 68 Tuckahoe Rd | Colonial | 5,059 | 4 | 4/1 | $1,059,900 | $1,059,900 | $1,060,000 | 100% | 23 |
| 35 Wintergreen Dr | Colonial | 3,147 | 4 | 2/1 | $629,900 | $629,900 | $625,000 | 99% | 65 |
| 70 Deepwood Rd | Colonial | 3,140 | 4 | 2/1 | $700,000 | $700,000 | $720,000 | 103% | 21 |
| 56 Westwood Dr | Colonial | 4,050 | 4 | 4/1 | $915,000 | $915,000 | $915,000 | 100% | 37 |
| 134 Flat Rock Rd | Ranch | 2,323 | 3 | 2/0 | $439,000 | $439,000 | $450,000 | 103% | 114 |
| 10 Stepney Rd | Colonial | 3,080 | 4 | 2/1 | $575,000 | $575,000 | $585,000 | 102% | 14 |
| 260 Rock House Rd | Colonial | 2,356 | 5 | 4/0 | $655,000 | $655,000 | $600,000 | 92% | 64 |
| 86 Wells Hill Rd | Contemporary, Cottage | 5,953 | 4 | 5/2 | $1,700,000 | $1,599,000 | $1,525,000 | 90% | 66 |
| 902 Sport Hill Rd | Colonial, Split Level | 2,900 | 5 | 2/1 | $625,000 | $625,000 | $615,000 | 98% | 23 |
| 15 Carriage Dr | Colonial | 5,223 | 5 | 4/1 | $1,050,000 | $1,050,000 | $1,087,000 | 104% | 24 |
| 123 N. Park Ave | Ranch | 1,848 | 3 | 1/1 | $460,000 | $460,000 | $420,000 | 91% | 94 |
| Units Sold: 21 | $729,000 | $700,000 | $720,000 | 99% | 51 |