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Fairfield Market Report April 2021
Market Overview
Fairfield’s real estate market took a noticeable turn in March as the median sales price halted its 3-month slide with a dramatic 6.7% rise from February. That brings the values of homes up 4.77% for the year to $725,000. With interest rates on the rise since December’s low of 2.67% (30yr fixed rate) there has been some talk about a possible coming slowdown, however just the opposite seems to be taking place. While low inventory has plagued the real estate market for months, and still does, sellers are beginning to bring more homes to the Fairfield market, perhaps in anticipation of the Spring market or, perhaps to take advantage of the low interest rates before they rise further. The number of new listings rose 55%, from 78 houses in February to 121 houses in March. Even with that impressive increase, inventory remains dramatically low to meet buyer demand. The number of houses for sale was 195 in March. Looking back at previous years, March 2018, 474, March 2019, 497, March 2020, 450, illustrates the severity of the inventory shortage and begins to explain the dramatic increases in home values over the past 12 months. Buyers are still looking for homes in Fairfield, as the days on market remains relatively low at 57 days, and the % of list price to sold price remains high at 99.8%. By the end of March, the 30-year fixed rate reached 3.18%, prompting many buyers to move before rates increase further. This is an excellent time to sell a home 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: | $725,000 |
| change: | 6.70% |
| YTD change: | 4.77% |
| Units Sold: | 91 |
| change: | 75.00% |
| Active Listings: | 195 |
| change: | 17.47% |
| New Listings: | 121 |
| change: | 55.13% |
| Days on Market: | 57 |
| change: | -1.72% |
| Months of Supply: | 2.00 (Seller's Market) |
| change: | 11.11% |
Interest Rates
Market Temperature
Local Median Sales Price Trends
| Feb-21 | Mar-21 | Change | |
| Bethel | $430,000 | $462,500 | 7.56% |
| Bridgeport | $250,000 | $265,000 | 6.00% |
| Brookfield | $432,500 | $430,000 | -0.58% |
| Danbury | $357,000 | $335,000 | -6.16% |
| Easton | $612,125 | $675,250 | 10.31% |
| Fairfield | $679,000 | $725,000 | 6.77% |
| Milford | $408,000 | $380,000 | -6.86% |
| Monroe | $430,000 | $410,000 | -4.65% |
| Newtown | $465,000 | $520,000 | 11.83% |
| North Haven | $335,000 | $310,000 | -7.46% |
| Orange | $386,000 | $445,000 | 15.28% |
| Oxford | $373,250 | $360,000 | -3.55% |
| Redding | $702,500 | $768,500 | 9.40% |
| Ridgefield | $850,000 | $860,000 | 1.18% |
| Seymour | $268,000 | $305,000 | 13.81% |
| Shelton | $361,000 | $410,000 | 13.57% |
| Stratford | $343,750 | $320,000 | -6.91% |
| Trumbull | $450,000 | $480,000 | 6.67% |
| Weston | $1,212,000 | $941,250 | -22.34% |
| Westport | $1,600,000 | $1,774,500 | 10.91% |
News
How Will the Vaccine Affect Home Sales?
After COVID-19 contributed to an unparalleled hot housing market in 2020, many are wondering what the impact will be on real estate now that vaccines are being rolled out in phases. While our world won’t magically go back to pre-pandemic “normal,” there will be many positive rippling effects on the housing market, according to Realtor.com®.
While there was a significant shortage of resale homes available in 2020, that inventory is expected to slowly increase throughout 2021. As more of the population is vaccinated, Americans will feel safer about listing their homes and looking for move-up houses. Baby boomers in particular were reluctant to sell their homes during the height of the pandemic, but are more likely to move forward with downsizing.
New home construction also ramped up during the pandemic, and the chief economist for the National Association of Home Builders predicts that 1 million single-family homes and townhouses could be built this year. This will also contribute to the inventory available for home buyers.
However, an increase in seller confidence also means more buyers entering the marketplace. While properties may not go flying off the shelves as quickly as last year, buyer competition will still be a big factor in the market. In comparison to the days of 6% mortgage interest rates, even slowly increasing mortgage rates will likely hover around 3%, continuing to entice younger generations to become first-time homeowners.
The price of homes also increased in 2020, and while prices aren’t expected to decrease this year, they are expected to level off. More houses on the market means fewer bidding wars driving up prices among buyers, but the continued high demand for homes will keep prices from dropping.
This year’s real estate market will likely level off to more of a middle ground. “We’re going to settle somewhere in between where we were before COVID and where we were during COVID,” says Danielle Hale, chief economist for Realtor.com®.
Real Estate Headlines
Property Taxes Jumped in 2020: “Homeowners across the United States in 2020 got hit with the largest average property tax hike in the last four years, a sign that the cost of running local governments and public school systems rose well past the rate of inflation,” says Todd Teta, chief product officer for ATTOM Data Solutions. The latest tax numbers speak loud and clear about the continuing pressure on both recent and longtime homeowners to support the rising cost of public services.” Northeast metros tended to have the highest effective tax rates in the country. Connecticut, in the top ten highest of states, saw average tax hikes of 1.92%.
Demand for Pools, Hot Tubs Surging: New in-ground residential pools saw a 21% uptick in 2020 compared to 2019. This is historic growth for the industry—the next closest period was in 1983 with 16% growth over a much smaller base. Hot tubs are also in demand, with some areas reporting a 400% uptick. Manufacturers are reporting a six-month wait to fulfill hot tub orders. Since the pandemic, real estate professionals are reporting pools have become a major selling point. Pools also have become one of the most popular keyword searches on real estate listing sites.
NAR Survey: Design Shows Raise Buyer Expectations: Staged homes can sell faster and for more money, according to the 2021 Profile of Home Staging, a report released this week by the National Association of REALTORS®. Television shows about home design may be having an influence on buyers’ perceptions of what homes for sale should look like, the survey finds. TV design shows may lead to unrealistic expectations when house hunters go to view homes for sale. “The magic of television can make a home transformation look like it happened in a quick 60-minute time frame, which is an unrealistic standard,” says NAR President Charlie Oppler. Staged homes also may sell faster, the study says. Thirty-one percent of real estate pros said that home staging greatly decreased the amount of time a home spent on the market. The most important rooms in the house to stage, according to more than half of real estate pros surveyed: living rooms, kitchens, primary bedrooms, and dining rooms.
Americans May Prefer Investing in Homes Over Stocks: The pandemic may be shifting consumer preferences about what makes the best investment. A new study from the Federal Reserve Bank of New York asked respondents to rate which is a better investment: a home or a financial asset such as stocks? Ninety percent of respondents chose owning a primary residence over investing in the stock market. Additionally, more than 50% of survey respondents say they preferred to own a rental property over purchasing stocks. Many respondents cited housing over stocks due to the belief that real estate offers more comfort and stability. The stock market was more volatile during the initial weeks of the COVID-19 pandemic. The S&P 500 index lost over 20% in the first quarter after the outbreak struck the U.S. The stock market has largely recovered since. Strong housing appreciation and returns are also helping to lift optimism of the housing market among more Americans.
Unique CT Restaurants
With a large majority of CT residents getting vaccinated, dining out may soon be back to normal. Connecticut offers a host of truly interesting restaurant experiences in unique historic buildings, repurposed to satisfy the foodie in each of us. Ever want to dine in a former jailhouse, post office, train station or firehouse? You can, as CT offers diners all sorts of interesting landmarked venues.
Sales Trends: January - March
March 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 |
| 281 Jennings Rd | Cape Cod, Colonial | 1,186 | 3 | 2/0 | $369,000 | $369,000 | $380,000 | 103% | 7 |
| 255 Coventry Ln | Colonial | 3,879 | 5 | 3/0 | $1,045,000 | $1,045,000 | $1,135,000 | 109% | 7 |
| 169 Carriage Dr | Colonial | 3,544 | 5 | 3/1 | $1,350,000 | $1,350,000 | $1,290,000 | 96% | 109 |
| 776 Pequot Ave | Colonial | 2,806 | 4 | 3/1 | $1,595,000 | $1,595,000 | $1,570,000 | 98% | 177 |
| 147 Westford Dr | Cape Cod | 1,195 | 4 | 2/0 | $439,000 | $439,000 | $465,000 | 106% | 16 |
| 818 Holland Hill Rd | Colonial | 2,250 | 3 | 2/0 | $499,000 | $499,000 | $517,000 | 104% | 14 |
| 254 Canterbury Ln | Colonial | 3,270 | 4 | 2/1 | $629,900 | $629,900 | $726,532 | 115% | 19 |
| 1160 Unquowa Rd | Colonial | 3,042 | 4 | 2/1 | $899,000 | $899,000 | $935,000 | 104% | 15 |
| 621 Warner Hill Rd | Colonial, Farm House | 6,365 | 5 | 5/1 | $2,250,000 | $2,250,000 | $2,020,000 | 90% | 156 |
| 12 Puritan Rd | Colonial | 4,700 | 6 | 4/1 | $2,289,000 | $2,289,000 | $2,250,000 | 98% | 110 |
| 1211 Old Academy(1,51,91 Milbank) Rd | Colonial, Other | 7,635 | 4 | 5/3 | $2,997,000 | $2,997,000 | $2,997,000 | 100% | 75 |
| 80 Melville Ave | Colonial | 1,673 | 3 | 2/1 | $449,000 | $435,000 | $420,000 | 94% | 112 |
| 200 Reef Rd | Cape Cod | 1,750 | 3 | 2/1 | $799,000 | $799,000 | $772,500 | 97% | 59 |
| 14 Willow St | Colonial, Antique | 5,457 | 6 | 4/2 | $2,895,000 | $2,895,000 | $2,760,000 | 95% | 172 |
| 71 New England Ave | Cape Cod | 2,093 | 3 | 2/0 | $475,000 | $475,000 | $520,000 | 109% | 26 |
| 302 Szost Dr | Colonial | 2,416 | 4 | 3/0 | $624,500 | $579,500 | $535,000 | 86% | 64 |
| 33 Brooklawn Ter | Colonial | 2,160 | 3 | 3/0 | $649,000 | $649,000 | $649,000 | 100% | 22 |
| 56 Robson Pl | Colonial | 2,393 | 4 | 2/1 | $899,900 | $899,900 | $900,000 | 100% | 19 |
| 457 N. Benson Rd | Colonial | 4,195 | 4 | 2/1 | $1,179,000 | $1,179,000 | $1,177,000 | 100% | 39 |
| 77 Cricker Brook Ln | Colonial | 5,012 | 5 | 4/2 | $1,249,000 | $1,249,000 | $1,250,000 | 100% | 54 |
| 233 High Meadow Rd | Colonial | 5,985 | 5 | 3/1 | $1,500,000 | $1,400,000 | $1,400,000 | 93% | 102 |
| 1125 Sasco Hill Rd | Colonial | 3,114 | 3 | 3/1 | $2,295,000 | $2,295,000 | $2,400,000 | 105% | 20 |
| 989 Pequot Ave | Colonial | 3,834 | 3 | 3/1 | $2,579,000 | $2,579,000 | $2,675,000 | 104% | 26 |
| 183 Rockland Rd | Colonial | 1,799 | 3 | 2/1 | $569,000 | $569,000 | $619,000 | 109% | 20 |
| 64 Woodside Ave | Cape Cod, Colonial | 2,250 | 4 | 2/0 | $619,000 | $619,000 | $640,000 | 103% | 28 |
| 26 Renchy St | Cape Cod | 1,426 | 3 | 1/0 | $419,000 | $419,000 | $410,000 | 98% | 140 |
| 441 Reid St | Ranch | 1,144 | 3 | 1/1 | $429,900 | $429,900 | $429,900 | 100% | 57 |
| 779 Hulls Hwy | Colonial, Antique | 3,990 | 4 | 3/1 | $1,830,000 | $1,830,000 | $1,830,000 | 100% | 0 |
| 350 Harbor Rd | Colonial | 3,498 | 5 | 3/1 | $2,250,000 | $2,250,000 | $2,115,000 | 94% | 144 |
| 211 Marlborough Ter | Colonial | 2,305 | 4 | 3/0 | $580,000 | $580,000 | $568,500 | 98% | 24 |
| 236 Judd St | Colonial, Farm House | 2,282 | 4 | 2/0 | $599,000 | $599,000 | $600,000 | 100% | 21 |
| 920 Redding Rd | Cape Cod, Colonial | 3,675 | 6 | 4/0 | $1,025,000 | $1,025,000 | $955,000 | 93% | 101 |
| 173 Quarter Horse Ln | Colonial, Georgian Colonial | 5,599 | 5 | 4/2 | $1,899,000 | $1,899,000 | $1,725,000 | 91% | 1150 |
| 2187 Mill Plain Rd | Cape Cod | 1,200 | 3 | 1/1 | $499,000 | $499,000 | $479,000 | 96% | 29 |
| 234 Windermere St | Colonial | 1,300 | 3 | 1/1 | $529,000 | $529,000 | $540,000 | 102% | 32 |
| 914 Stratfield Rd | Colonial | 3,542 | 5 | 3/1 | $687,000 | $687,000 | $697,000 | 101% | 46 |
| 29 Ridgeview Ave | Colonial | 2,600 | 4 | 3/0 | $625,000 | $625,000 | $703,000 | 112% | 22 |
| 1446 Redding Rd | Split Level | 2,296 | 4 | 3/0 | $730,000 | $730,000 | $725,000 | 99% | 215 |
| 191 Lloyd Dr | Colonial | 2,700 | 4 | 2/1 | $785,000 | $785,000 | $825,000 | 105% | 79 |
| 105 Patrick Dr | Contemporary | 2,424 | 4 | 3/0 | $799,000 | $799,000 | $835,000 | 105% | 21 |
| 1289 Fairfield Beach Rd | Colonial | 2,028 | 3 | 1/1 | $1,400,000 | $1,275,000 | $1,170,000 | 84% | 70 |
| 302 High St | Colonial | 3,130 | 4 | 3/1 | $839,000 | $839,000 | $825,000 | 98% | 13 |
| 37 Ermine St | Cape Cod, Colonial | 3,304 | 4 | 3/0 | $849,000 | $849,000 | $855,000 | 101% | 54 |
| 272 Catamount Rd | Colonial, Contemporary | 5,233 | 5 | 4/1 | $1,100,000 | $1,100,000 | $1,045,000 | 95% | 140 |
| 633 Rowland Rd | Colonial | 3,532 | 4 | 3/1 | $1,949,000 | $1,949,000 | $1,880,000 | 96% | 35 |
| 130 Charles St | Colonial | 1,817 | 3 | 2/1 | $725,000 | $725,000 | $725,000 | 100% | 20 |
| 1881 Burr St | Colonial | 4,140 | 5 | 4/1 | $1,475,000 | $1,475,000 | $1,350,000 | 92% | 29 |
| 63 Woodcrest Rd | Cape Cod | 1,336 | 3 | 1/0 | $415,000 | $399,900 | $390,000 | 94% | 153 |
| 422 Wilson St | Colonial | 2,920 | 4 | 3/1 | $484,900 | $457,000 | $421,000 | 87% | 201 |
| 3758 Black Rock Tpke | Ranch | 2,652 | 4 | 2/0 | $475,000 | $475,000 | $480,000 | 101% | 40 |
| 14 Greenbriar Cir | Ranch | 1,922 | 3 | 2/0 | $550,000 | $509,000 | $495,000 | 90% | 103 |
| 592 Center St | Cape Cod | 1,414 | 3 | 2/0 | $519,000 | $519,000 | $519,000 | 100% | 69 |
| 87 Montauk St | Colonial | 2,151 | 4 | 2/1 | $609,000 | $609,000 | $600,000 | 99% | 97 |
| 87 Montauk St | Colonial | 2,151 | 4 | 2/1 | $609,000 | $609,000 | $600,000 | 99% | 97 |
| 804 Stratfield Rd | Cape Cod | 2,364 | 4 | 3/1 | $677,000 | $677,000 | $650,000 | 96% | 88 |
| 1775 North St | Colonial | 4,972 | 5 | 5/1 | $898,000 | $875,000 | $855,000 | 95% | 108 |
| 801 Banks North Rd | Colonial | 6,083 | 5 | 4/2 | $1,499,000 | $1,499,000 | $1,440,000 | 96% | 166 |
| 260 Weeping Willow Ln | Raised Ranch | 2,196 | 3 | 2/0 | $549,900 | $549,900 | $549,900 | 100% | 5 |
| 276 Rakoczy Ave | Ranch | 768 | 2 | 1/0 | $249,900 | $249,900 | $277,500 | 111% | 24 |
| 122 Tunxis Hill Cut Off | Cape Cod | 946 | 3 | 1/0 | $339,900 | $324,900 | $330,000 | 97% | 185 |
| 65 May St | Split Level | 1,200 | 2 | 1/0 | $375,000 | $370,000 | $340,000 | 91% | 87 |
| 1220 Merritt St | Colonial | 1,355 | 3 | 1/1 | $495,000 | $495,000 | $482,500 | 97% | 92 |
| 250 Roseville Ter | Cape Cod | 1,558 | 3 | 2/0 | $499,000 | $499,000 | $520,000 | 104% | 54 |
| 3071 North St | Contemporary | 2,883 | 3 | 3/1 | $549,900 | $549,900 | $615,000 | 112% | 20 |
| 304 Greenfield St | Cape Cod | 1,464 | 3 | 1/0 | $357,500 | $357,500 | $357,500 | 100% | 70 |
| 126 Jackman Ave | Colonial | 2,469 | 4 | 2/1 | $799,000 | $799,000 | $799,000 | 100% | 23 |
| 33 Henry St | Colonial, Farm House | 3,300 | 4 | 3/1 | $1,125,000 | $1,179,000 | $1,215,000 | 108% | 85 |
| 472 Mill Hill Rd | Farm House | 4,241 | 5 | 3/1 | $1,279,000 | $1,279,000 | $1,230,000 | 96% | 60 |
| 246 Church Hill Rd | Colonial | 1,317 | 3 | 1/0 | $375,000 | $375,000 | $380,000 | 101% | 8 |
| 145 Stevenson Rd | Ranch | 2,592 | 3 | 3/0 | $549,000 | $549,000 | $565,000 | 103% | 28 |
| 1852 Hillside Rd | Colonial | 6,122 | 6 | 5/2 | $1,899,000 | $1,899,000 | $1,860,000 | 98% | 138 |
| 14 Andrassy Ave | Cape Cod | 1,238 | 3 | 2/0 | $459,900 | $429,900 | $435,000 | 95% | 67 |
| 583 Knapps Hwy | Cape Cod, Contemporary | 1,877 | 3 | 2/1 | $439,900 | $439,900 | $447,500 | 102% | 33 |
| 216 Sterling St | Cape Cod | 1,659 | 3 | 2/0 | $449,000 | $449,000 | $460,000 | 102% | 41 |
| 161 Szost Dr | Colonial | 2,560 | 3 | 3/1 | $619,900 | $619,900 | $582,000 | 94% | 65 |
| 40 Hillside Rd, Unit #SF | Ranch | 2,523 | 0 | 1/2 | $875,000 | $875,000 | $725,000 | 83% | 127 |
| 31 Joan Dr | Colonial | 2,932 | 4 | 2/1 | $799,000 | $799,000 | $768,000 | 96% | 122 |
| 111 Lloyd Dr | Colonial, Ranch | 3,288 | 5 | 2/1 | $549,000 | $515,000 | $505,000 | 92% | 66 |
| 35 Glen Arden Dr | Colonial | 1,559 | 1 | 1/1 | $695,000 | $664,500 | $625,000 | 90% | 73 |
| 726 Reef Rd | Cape Cod | 1,517 | 3 | 2/0 | $850,000 | $850,000 | $850,000 | 100% | 5 |
| 365 Cross Hwy | Colonial | 2,834 | 5 | 3/1 | $900,000 | $900,000 | $875,000 | 97% | 97 |
| 96 College Pl | Colonial | 1,277 | 4 | 2/0 | $750,000 | $750,000 | $787,000 | 105% | 19 |
| 1551 Fairfield Woods Rd | Colonial | 1,446 | 3 | 1/1 | $409,999 | $409,999 | $406,000 | 99% | 43 |
| 110 Oldfield Dr | Cape Cod | 1,409 | 3 | 2/0 | $623,000 | $623,000 | $600,000 | 96% | 114 |
| 229 Lindamir Ln | Colonial | 2,788 | 4 | 2/1 | $675,000 | $649,000 | $635,000 | 94% | 111 |
| 55 Robson Pl | Colonial | 1,710 | 3 | 2/2 | $679,000 | $679,000 | $679,000 | 100% | 17 |
| 44 Elderberry Ln | Colonial | 3,264 | 4 | 3/1 | $785,000 | $785,000 | $785,000 | 100% | 26 |
| 544 Unquowa Rd | Colonial | 3,254 | 4 | 3/0 | $1,199,000 | $1,149,000 | $1,075,000 | 90% | 109 |
| 38 Painters Way | Colonial | 3,713 | 5 | 3/1 | $1,198,000 | $1,198,000 | $1,125,000 | 94% | 197 |
| 1492 Unquowa Rd | Colonial, Farm House | 3,895 | 4 | 3/1 | $1,149,000 | $1,149,000 | $1,194,000 | 104% | 68 |
| 1492 Unquowa Rd | Colonial, Farm House | 3,895 | 4 | 3/1 | $1,149,000 | $1,149,000 | $1,194,000 | 104% | 68 |
| Units Sold: 91 | $695,000 | $687,000 | $725,000 | 99% | 60 |
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