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Easton Market Report July 2022
Market Overview
With a slow end to 4th quarter of 2021, the real estate market in Easton has experienced some dramatic gains to the median sales price over the last few months. February and March saw the price of homes jump over 70% from a low of $630,000 in January to $1,077,500 in February and $1,067,500 in March. April saw a 25% drop to $800,000, but since then prices have again risen to $933,000 and $962,000 in May and June. That makes a year to date increase of nearly 53%. The number of homes sold are up as well, with 14 in June compared to just 8 in February. The months of supply, which measures how quickly the current inventory of homes would sell if no new homes enter the market, continued its 3 month rise to 4 months. This indicates that Easton is moving away from a seller’s market to a more stable market between buyers and sellers. Sales still favored sellers in June though, as on average, they sold their homes for 111.4% above asking price. This suggests that buyers have become more aggressive with their home search in fear of ever increasing interest rates and home prices. The Fed continued to raise the key short term rate in a multi-month effort to reign in record high inflation felt throughout the nation. The 30 year fixed mortgage rate started the month at 5.09%, peaked at 5.81% by week three and ended the month at 5.70%. By the end of the first week of July, rates had come down again to 5.3%. A rocky month for sure. Higher interest rates along with increased property values have been putting pressure on buyers to find affordable homes. However, the market remains strong, as houses are still selling quickly. Even though houses remained on the market for slightly longer in June (24 days vs. 22 days in May), this is still historically quite short. The end of 2021 through the beginning of 2022, houses were on the market for 2 and 3 times as many days. Inventory still remains extremely low, but sellers have slowly begun to list more homes. May and June each saw 20 new listings with 37 and 41 homes on the market. With sharp increases in property values and increasing interest rates, some sellers may feel the time is right to take advantage of current market conditions. For anyone considering a move, this is still a great time to sell a house in Easton. 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)
| Current Month | Previous Month | 12 month ago | |
| Median Sale Price: | $962,000 | $933,300 | $889,450 |
| change: | 3.08% | 8.16% | |
| YTD change: | 52.70% | ||
| Units Sold: | 14 | 14 | 22 |
| change: | 0.00% | -36.36% | |
| Active Listings: | 41 | 37 | 48 |
| change: | 10.81% | -14.58% | |
| New Listings: | 20 | 20 | 22 |
| change: | 0.00% | -9.09% | |
| Days on Market: | 24 | 22 | 30 |
| change: | 9.09% | -20.00% | |
| Months of Supply: | 4.0 | 3.6 | 2.9 |
| change: | 11.11% | 37.93% |
Interest Rates
Absorption Rate
The Absorption Rate, also know as Months Of Supply, is a great measure of the current market conditions. It indicates the number of months it would take the current number of houses on the market to sell if no additional houses came on the market. A months of supply under 4 is considered a seller’s market. Between 4 – 6 months would be a balanced market while over 6 months is considered a buyer’s market.
Local Real Estate Price Trends
| Curent Month | Previous Month | Change | |
| Bethel | $500,000 | $565,000 | -11.50% |
| Bridgeport | $330,000 | $309,500 | 6.62% |
| Brookfield | $710,000 | $607,500 | 16.87% |
| Danbury | $440,000 | $411,000 | 7.06% |
| Easton | $962,000 | $933,300 | 3.08% |
| Fairfield | $940,100 | $750,000 | 25.35% |
| Milford | $450,000 | $425,000 | 5.88% |
| Monroe | $610,000 | $492,500 | 23.86% |
| Newtown | $675,000 | $642,500 | 5.06% |
| North Haven | $410,500 | $440,000 | -6.70% |
| Orange | $545,000 | $510,450 | 6.77% |
| Oxford | $490,000 | $457,853 | 7.02% |
| Redding | $968,100 | $680,800 | 42.20% |
| Ridgefield | $926,000 | $917,500 | 0.93% |
| Seymour | $307,600 | $340,000 | -9.53% |
| Shelton | $479,708 | $497,500 | -3.58% |
| Stratford | $415,000 | $395,000 | 5.06% |
| Trumbull | $570,000 | $620,000 | -8.06% |
| Weston | $1,487,500 | $1,190,000 | 25.00% |
| Westport | $2,076,500 | $2,097,500 | 1.01% |
National Real Estate Headlines
Sellers Rush Before Market Slows: Home sellers are growing concerned that they could miss out on the buyer frenzy. Signs of a slowing real estate market are growing across the country—existing-home sales and new-home sales are falling as well as pending home sales. The inventory of homes for sale rose 9% last week compared to a year ago, according to realtor.com®. New listings are rising nearly twice as fast in the past four weeks as they did a year ago. “Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further.
Home Buying Is 5% Cheaper Than a Week Ago: Mortgage rates are falling-at least for now-after posting rapid jumps in June. Over the last two weeks, the 30-year fixed-rate mortgage has dropped by one-half of a percentage point. Home buying is about 5% more affordable than a week ago, translating to about $100 less in monthly mortgage payments. Rates are dropping as concerns mount over a possible economic recession, says Sam Khater, Freddie Mac’s chief economist. “While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown,” Khater says. The 30-year fixed-rate averaged 5.30%, dropping from last week’s 5.70% average. Last year at this time, 30-year rates averaged 2.90%.
Majority of Aging Adults Say They’re Not Moving: Baby boomers hold the majority of real estate wealth in the U.S.—and as they age, they increasingly say they plan to stay put in their current homes. Sixty-six percent of U.S. adults aged 55 and older say they expect to age in place, according to a new Freddie Mac survey. But that could further exacerbate the housing supply shortage, the report notes. Baby boomers’ financial gains over the past five years may better equip them to stay in place, however, they acknowledge that their home will require some degree of renovations to make the space more appropriate to age in place. Smart technology is also making the choice easier. According to a study by insurance company The Hartford and the MIT AgeLab, these 10 technologies are making it easier for older Americans to handle home maintenance and safety concerns: Smart smoke and carbon monoxide detectors, Wireless doorbell cameras, Keyless entry, Automated lighting, Smart water shutoff valves, Smart home security systems, Smart outlets and plugs, Smart thermostats, Water and mold monitoring sensors, Smart window blinds.
New-Home Costs Rising at Unparalleled Rate: Inflation is pushing up homebuilding costs at an unprecedented rate, according to Bank of America’s Who Builds the House? report. Supply-chain disruptions and labor shortages are adding pressure to rising prices. The average cost for materials to build a single-family home jumped 42% from 2018 to 2021, according to the report. The median sales price of a new home in April reached a record $450,600, a 20% hike from a year earlier, Commerce Department data shows. Only about 10% of new homes in April on the market were priced at less than $300,000, according to the National Association of Home Builders. A year prior, that share was 25%.
Most Popular Garden Trends for 2022: Love them or hate them, gnomes are the biggest garden trend of 2022, according to a new study from Atlas Ceramics. They analyzed annual Google searches, Instagram posts, and TikTok data to identify the hottest garden trends of the summer. Their top 5 garden trends of 2022 are: garden gnomes, urban gardening, pergolas, bird baths and outdoor rugs & outdoor tiles.
Tips
Ecotourism on a Budget
A whopping 83% of global tourists say greener travel is imperative, according to Booking.com. So, it stands to reason that ecotourism is a growing market, expected to reach $385 billion by 2028.
The International Ecotourism Society has defined the movement as responsible travel “that conserves the environment, sustains the well-being of the local people and involves interpretation and education.”
Ecotourism doesn’t have to be luxurious, distant or expensive. In fact, the location only has to check three boxes: (1) Respects local cultures. (2) Minimizes environmental and social impacts on communities. (3) Recognizes the rights and spiritual beliefs of Indigenous Peoples.
If Costa Rica or Iceland are out of your reach, consider the endless ecotourism opportunities in the U.S., such as cycling trips, farm stays, National Park experiences, and even glamping. But do your homework first to help sort out the genuinely green options from the rest. Here are several questions to ask as you do your research.
- Are accommodations energy-efficient?
- Do the airlines use renewable biofuel?
- Is your tour operator committed to sustainability?
- Consider home-sharing because many sites are online. But beware of those who own numerous properties, as they can cut into the local housing pool.
- Rethink hostels: They’re less expensive than hotels, and many offer private rooms and complimentary breakfast.
- Commit to volunteering in a developing country, but do your due diligence when vetting opportunities.
Whether you choose to stay close to home or hop continents, it’s easier than ever to enjoy the world in sustainable and culturally meaningful ways without breaking the bank.
Recipe
Cucumber Watermelon Gazpacho
Ingredients
1 (3 lb.) seedless watermelon, diced (about 5 cups), divided
1 small cucumber, peeled, seeded, diced
1 medium red bell pepper, seeded, diced
1 medium yellow bell pepper, seeded, diced
1 small jalapeno pepper, seeded, minced
3 inner celery ribs, diced
½ small red onion, diced
¼ cup mint, chopped
3 Tbsp. lime juice
2 Tbsp. red wine vinegar
¼ tsp. salt
Fresh mint for garnish1 (3 lb.) seedless watermelon, diced (about 5 cups), divided
Fresh mint for garnish
Directions
Puree 4 cups diced watermelon in blender until smooth. Pour puree into a large bowl. Add remaining 1 cup diced watermelon and rest of the ingredients. Stir to combine.
Cover gazpacho and refrigerate until cold, at least 1 hour. Ladle gazpacho into bowls and garnish with mint and a watermelon slice.
Serves 4
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Sales Trends: January - June
June 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 |
| 233 Sport Hill Rd | Colonial | 2,697 | 4 | 3/0 | $600,000 | $600,000 | $616,000 | 103% | 2 |
| 183 Banks Rd | Ranch | 2,525 | 3 | 3/0 | $675,000 | $675,000 | $750,000 | 111% | 45 |
| 125 Norton Rd | Georgian Colonial | 5,951 | 4 | 4/1 | $1,275,000 | $1,275,000 | $1,400,000 | 110% | 31 |
| 389 N. Park Ave | Colonial | 6,310 | 5 | 4/1 | $1,239,000 | $1,239,000 | $1,400,000 | 113% | 49 |
| 160 Far Horizon Dr | Cape Cod | 2,874 | 4 | 2/1 | $100,000 | $349,000 | $325,000 | 325% | 6 |
| 94 Mile Common Rd | Colonial | 4,422 | 4 | 3/2 | $1,295,000 | $1,295,000 | $1,295,000 | 100% | 10 |
| 11 Weathervane Dr | Colonial | 2,888 | 4 | 3/0 | $729,000 | $729,000 | $717,000 | 98% | 27 |
| 14 Pond Rd | Cape Cod | 2,711 | 4 | 3/0 | $660,000 | $660,000 | $751,000 | 114% | 20 |
| 533 Sport Hill Rd | Cape Cod, Colonial | 3,720 | 4 | 3/1 | $965,000 | $965,000 | $965,000 | 100% | 56 |
| 22 Newman Dr | Raised Ranch | 3,321 | 3 | 2/1 | $710,000 | $710,000 | $750,000 | 106% | 68 |
| 65 Norton Rd | Colonial | 3,244 | 4 | 2/2 | $950,000 | $950,000 | $1,075,000 | 113% | 7 |
| 26 High Ridge Rd | Cape Cod, Colonial | 4,278 | 5 | 3/1 | $1,099,000 | $1,099,000 | $1,300,000 | 118% | 21 |
| 409 Center Rd | Colonial | 5,931 | 4 | 3/1 | $1,085,000 | $1,085,000 | $1,225,000 | 113% | 40 |
| 10 Silver Hill Rd | Colonial, Split Level | 2,950 | 3 | 3/0 | $859,000 | $859,000 | $959,000 | 112% | 14 |
| Units Sold: 14 | $904,500 | $904,500 | $962,000 | 111% | 24 |
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July 16th: guinea pig appreciation day | July 18th: global hug your kids day | July 22nd: national hammock day | July 24th: international self-care day | July 26th: national coffee milkshake day | July 28th: national chili dog day | July 31st: avocado day