June saw an increase in Fairfield real estate activity over May as more homes were sold and more homes came on the market to meet an increase in buyer demand. The number of houses sold climbed from 73 in May to 92 in June, a respectable increase, however the number of new listings jumped by 40% from May; great news for buyers. More and more sellers have been feeling comfortable with putting their homes on the market as monthly increases have been seen since the low in April. Covid-19 showing protocols with mandatory masks and only primary purchasers allowed in the house have been implemented. Open houses are steadily increasing, with only 1 group at a time allowed to tour the house at a time. The median sales price was down slightly: from $655,000 in May to $649,500 in June; still up 2% for the year. Compared to the same month last year, the median sales price is up 8%. Buyer demand is still strong with many listings receiving multiple offers. Buyers continue to benefit from historically low interest rates as the average 30-year fixed rate reached another all-time record low of 3.07% in June. 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: | $635,000 |
| change: | -2.31% |
| YTD change: | -0.63% |
| Units Sold: | 151 |
| change: | 62.37% |
| Active Listings: | 404 |
| change: | -8.39% |
| New Listings: | 167 |
| change: | -13.02% |
| Days on Market: | 59 |
| change: | -11.94% |
| Months of Supply: | 6.00 (Buyer's Market) |
| change: | -16.67% |
Economic News:
Stock Market: After a 25% recovery through April and May, the markets in June saw slower gains. Initially fueled by the drop in unemployment claims at the beginning of the month, a resurgence of coronavirus cases put a hault to those gains. The Nasdaq faired best with a 6% gain, followed by the S%P 500 up 1.8% and the Dow Jones up 1.7%.
Employment: Covid-19 has negatively impacted older workers. Since February, the share of employed US adults 65 years and older has dropped by 16%, versus an 11% decline for all Americans 16 years and older, according to data from the US Bureau of Labor Statistics. Older workers face new hurdles to working longer. Their increased risk for severe illness from Covid-19 makes them both less likely to want to return to the workplace and less likely to find new jobs.
Real Estate: Bidding wars have been on the rise in most US markets as strong buyer demand and low inventory continue. Sales of newly built homes surged 55% year-over-year in June, the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006.
Stock Market: After a 25% recovery through April and May, the markets in June saw slower gains. Initially fueled by the drop in unemployment claims at the beginning of the month, a resurgence of coronavirus cases put a hault to those gains. The Nasdaq faired best with a 6% gain, followed by the S%P 500 up 1.8% and the Dow Jones up 1.7%.
Employment: Covid-19 has negatively impacted older workers. Since February, the share of employed US adults 65 years and older has dropped by 16%, versus an 11% decline for all Americans 16 years and older, according to data from the US Bureau of Labor Statistics. Older workers face new hurdles to working longer. Their increased risk for severe illness from Covid-19 makes them both less likely to want to return to the workplace and less likely to find new jobs.
Real Estate: Bidding wars have been on the rise in most US markets as strong buyer demand and low inventory continue. Sales of newly built homes surged 55% year-over-year in June, the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006.
2020 Local Real Estate Price Trends:
The first half of 2020 has been a positive year for real estate markets. Most towns have seen an increases in median sales price in the first 6 months compared with the same period in 2019. Days on market has been mixed, with fairly substantial changes, either positive or negative.
| 1/19-7/19 | 1/20-7/20 | Change | |
| Bethel | $340,000 | $355,000 | 4.41% |
| Bridgeport | $195,000 | $222,500 | 14.10% |
| Easton | $599,000 | $530,000 | -11.52% |
| Fairfield | $580,000 | $639,950 | 10.34% |
| Milford | $294,500 | $330,000 | 12.05% |
| Monroe | $370,000 | $399,999 | 8.11% |
| Newtown | $377,950 | $407,500 | 7.82% |
| Norwalk | $486,509 | $495,000 | 1.75% |
| Orange | $360,000 | $363,750 | 1.04% |
| Redding | $522,750 | $513,750 | -1.72% |
| Ridgefield | $625,000 | $635,000 | 1.60% |
| Shelton | $331,000 | $346,250 | 4.61% |
| Stratford | $245,000 | $270,000 | 10.20% |
| Trumbull | $374,000 | $407,500 | 8.96% |
| Weston | $665,000 | $695,000 | 4.51% |
| Westport | $1,222,500 | $1,215,000 | -0.61% |
| Wilton | $706,250 | $749,000 | 6.05% |
Recent Influences Motivating Buyers During The Pandemic:
As the nation grapples with a health crisis, Americans have been on the move for more reasons than just to snag record low mortgage rates, shows a new survey of 2,000 real estate agents from HomeLight. The survey was conducted in a series of seven separate polls from April to the end of June. The top moving motivators cited include the need for space (44%), a desire to buy versus rent (41%), and to relocate to the suburbs (37%).
The home office is also taking front and center as a prime home feature attracting buyers. As remote work grows more common, home buyers need a formal home office. Designated home offices were the top feature in demand among home shoppers, followed by a home in a less dense location, single-family living, a private and spacious outdoor area, and a well-appointed kitchen, the survey shows.
For homeowners wanting to add a home office onto their existing space, they’ll likely spend, on average, $12,000. However, the home office can recoup 87% of that spend at resale, according to HomeLight. Another remodeling project that can recoup the most at resale: Walk-in pantries (a 76% ROI of its average $3,400 cost).
The home office is also taking front and center as a prime home feature attracting buyers. As remote work grows more common, home buyers need a formal home office. Designated home offices were the top feature in demand among home shoppers, followed by a home in a less dense location, single-family living, a private and spacious outdoor area, and a well-appointed kitchen, the survey shows.
For homeowners wanting to add a home office onto their existing space, they’ll likely spend, on average, $12,000. However, the home office can recoup 87% of that spend at resale, according to HomeLight. Another remodeling project that can recoup the most at resale: Walk-in pantries (a 76% ROI of its average $3,400 cost).
Time To Sell?
If you have been thinking about selling, now could be the best time in months to put your house on the market. Because of coronavirus, many homeowners were reluctant to list their homes: fearful of infected strangers entering their home and a lack of desire to look for their next home for similar reason. This caused a lack of inventory and a stall to the Spring market. However, buyers are out there, and ready to take advantage of never seen before low interest rates. By the end of June, the 30-year fixed rate was 3.07%! We have have seen an increase in buyers from New York City wishing to leave behind the city crowds for a taste of what Connecticut living has to offer. Prices have remained steady, and in some towns increased. Days on market in most towns have decreased as has the # of showings to contract. The market is moving in the right direction for sellers, and buyers are getting great financing options to afford the house and lifestyle of their dreams. Safe showing options (such as virtual tours) are available. If you have been thinking of selling, talk to your Realtor of choice for more information.
If you have been thinking about selling, now could be the best time in months to put your house on the market. Because of coronavirus, many homeowners were reluctant to list their homes: fearful of infected strangers entering their home and a lack of desire to look for their next home for similar reason. This caused a lack of inventory and a stall to the Spring market. However, buyers are out there, and ready to take advantage of never seen before low interest rates. By the end of June, the 30-year fixed rate was 3.07%! We have have seen an increase in buyers from New York City wishing to leave behind the city crowds for a taste of what Connecticut living has to offer. Prices have remained steady, and in some towns increased. Days on market in most towns have decreased as has the # of showings to contract. The market is moving in the right direction for sellers, and buyers are getting great financing options to afford the house and lifestyle of their dreams. Safe showing options (such as virtual tours) are available. If you have been thinking of selling, talk to your Realtor of choice for more information.
Fairfield 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 |
| 131 Hunyadi Ave. | Cape Cod | 1,674 | 3 | 2/1 | $285,900 | $285,900 | $255,000 | 89% | 59 |
| 15 Narrow St. | Colonial | 2,206 | 4 | 2/1 | $735,000 | $735,000 | $750,000 | 102% | 17 |
| 1091 Fairfield Beach Rd. | Colonial | 3,580 | 5 | 5/0 | $3,000,000 | $3,000,000 | $3,000,000 | 100% | 67 |
| 267 Silver Spring Rd. | Contemporary, Ranch | 2,715 | 2 | 2/1 | $795,000 | $439,000 | $405,000 | 51% | 672 |
| 90 Brighton View Rd. | Colonial | 2,476 | 4 | 2/1 | $605,000 | $559,000 | $540,000 | 89% | 223 |
| 740 S. Pine Creek Rd. | Cape Cod | 1,954 | 3 | 2/0 | $599,000 | $599,000 | $599,000 | 100% | 62 |
| 176 Fairfield Place | Cape Cod | 1,647 | 3 | 2/0 | $715,000 | $715,000 | $715,000 | 100% | 4 |
| 30 Spring Hill Rd. | Contemporary, Ranch | 3,356 | 3 | 2/2 | $847,000 | $748,000 | $748,000 | 88% | 240 |
| 1177 Hillside Rd. | Colonial | 2,843 | 4 | 3/1 | $799,900 | $799,900 | $775,000 | 97% | 119 |
| 200 Rock Major | Colonial | 3,847 | 5 | 5/0 | $1,048,000 | $1,048,000 | $1,048,000 | 100% | 126 |
| 270 James St. | Colonial | 3,100 | 4 | 3/1 | $1,099,000 | $1,099,000 | $1,100,000 | 100% | 37 |
| 987 Pequot Ave. | Contemporary, European | 5,200 | 6 | 5/1 | $3,250,000 | $3,250,000 | $2,900,000 | 89% | 7 |
| 142 Rockland Rd. | Colonial | 1,584 | 3 | 1/1 | $450,000 | $450,000 | $435,000 | 97% | 49 |
| 275 Mill Plain Rd. | Colonial | 2,594 | 4 | 2/1 | $480,000 | $460,000 | $445,000 | 93% | 56 |
| 109 Meadowcrest Dr. | Split Level | 4,030 | 3 | 3/1 | $535,000 | $535,000 | $490,000 | 92% | 19 |
| 370 Woodridge Ave. | Cape Cod | 1,822 | 3 | 2/0 | $479,900 | $479,900 | $510,000 | 106% | 24 |
| 185 Lovers Lane | Colonial | 2,874 | 4 | 2/1 | $650,000 | $650,000 | $640,000 | 98% | 5 |
| 58 Smith St. | Colonial | 1,678 | 3 | 1/1 | $649,000 | $649,000 | $649,000 | 100% | 49 |
| 653 Hollydale Rd. | Colonial, Contemporary | 3,463 | 5 | 3/1 | $799,900 | $799,900 | $775,000 | 97% | 42 |
| 375 Sasco Hill Rd. | Colonial, Antique | 8,273 | 6 | 7/2 | $3,195,000 | $3,195,000 | $2,875,000 | 90% | 56 |
| 89 Westway Rd. | Colonial | 5,004 | 5 | 6/2 | $4,495,000 | $4,495,000 | $4,100,000 | 91% | 217 |
| 492 High St. | Cape Cod | 830 | 2 | 1/0 | $259,000 | $259,000 | $275,000 | 106% | 20 |
| 1100 Catamount Rd. | Colonial, Contemporary | 4,400 | 5 | 3/1 | $837,000 | $795,000 | $785,000 | 94% | 147 |
| 165 Bennett St. | Cape Cod | 1,850 | 4 | 2/0 | $435,000 | $435,000 | $423,000 | 97% | 13 |
| 37 Limerick Rd. | Colonial | 2,616 | 4 | 2/1 | $699,900 | $639,900 | $639,900 | 91% | 101 |
| 225 Dunham Rd. | Cape Cod | 3,460 | 4 | 2/1 | $799,000 | $799,000 | $780,000 | 98% | 30 |
| 418 Harbor Rd. | Colonial, Victorian | 6,532 | 7 | 6/1 | $2,895,000 | $2,395,000 | $2,200,000 | 76% | 322 |
| 306 Woodridge Ave. | Cape Cod | 1,208 | 3 | 1/0 | $399,000 | $399,000 | $385,000 | 96% | 73 |
| 38 Forest Ave. | Cape Cod | 1,567 | 3 | 2/0 | $599,000 | $599,000 | $585,000 | 98% | 172 |
| 2357 Easton Tpke. | Cape Cod | 2,240 | 4 | 2/1 | $405,000 | $365,000 | $340,000 | 84% | 138 |
| 133 May St. | Ranch | 2,190 | 3 | 2/0 | $409,900 | $399,900 | $370,000 | 90% | 152 |
| 25 Ginger Circle | Ranch | 1,975 | 3 | 1/1 | $389,000 | $379,000 | $379,000 | 97% | 38 |
| 118 Lloyd Dr. | Cape Cod | 1,736 | 3 | 2/0 | $399,000 | $399,000 | $382,500 | 96% | 240 |
| 57 Pine Ridge Rd. | Ranch | 2,862 | 4 | 3/0 | $499,900 | $499,900 | $485,000 | 97% | 139 |
| 51 Shoreham Terrace | Cape Cod, Colonial | 1,316 | 3 | 1/1 | $500,000 | $500,000 | $490,000 | 98% | 18 |
| 336 Jackman Ave. | Colonial, Bungalow | 1,928 | 3 | 3/0 | $549,985 | $523,000 | $523,000 | 95% | 175 |
| 112 Veres St. | Colonial | 2,887 | 4 | 3/1 | $1,125,000 | $1,125,000 | $1,090,000 | 97% | 39 |
| 41 French St. | Colonial, Contemporary | 3,100 | 4 | 3/1 | $1,499,000 | $1,499,000 | $1,400,000 | 93% | 101 |
| 362 Penfield Rd. | Colonial | 4,246 | 4 | 3/2 | $1,749,000 | $1,749,000 | $1,745,000 | 100% | 22 |
| 1086 Cedar Rd. | Contemporary, Ranch | 4,130 | 4 | 4/1 | $1,899,000 | $1,899,000 | $1,800,000 | 95% | 5 |
| 172 Eastlawn St. | Colonial | 3,682 | 4 | 3/1 | $1,050,000 | $1,050,000 | $1,035,000 | 99% | 40 |
| 414 Sky Top Dr. | Split Level, Modern | 1,992 | 3 | 2/1 | $525,000 | $525,000 | $525,000 | 100% | 16 |
| 243 Sturbridge Lane | Colonial | 2,608 | 4 | 2/1 | $789,000 | $769,000 | $738,000 | 94% | 99 |
| 410 N. Cedar Rd. | Colonial, Farm House | 5,983 | 5 | 3/1 | $1,399,000 | $1,299,000 | $1,177,500 | 84% | 343 |
| 240 Henry St. | Cape Cod | 1,111 | 3 | 1/1 | $475,000 | $475,000 | $450,000 | 95% | 45 |
| 315 Country Rd. | Half Duplex | 1,970 | 3 | 2/1 | $619,900 | $599,000 | $570,000 | 92% | 70 |
| 311 Country Rd. | Half Duplex | 1,970 | 3 | 2/1 | $619,900 | $599,000 | $570,000 | 92% | 70 |
| 15 Deane Lane, Unit #15 | Colonial | 3,957 | 4 | 2/1 | $675,000 | $675,000 | $655,000 | 97% | 24 |
| 160 Grandview Rd. | Cape Cod | 1,688 | 4 | 2/0 | $434,000 | $429,000 | $418,500 | 96% | 88 |
| 287 Pansy Rd. | Raised Ranch | 1,844 | 3 | 3/0 | $499,000 | $499,000 | $495,000 | 99% | 16 |
| 67 Brookview Ave. | Colonial | 1,660 | 3 | 1/1 | $524,900 | $524,900 | $515,400 | 98% | 20 |
| 365 S. Benson Rd. | Cape Cod | 1,432 | 3 | 2/0 | $579,999 | $579,999 | $583,000 | 101% | 23 |
| 571 Bronson Rd. | Colonial, Farm House | 1,785 | 4 | 2/0 | $725,000 | $675,000 | $600,000 | 83% | 192 |
| 143 Rolling Hills Dr. | Colonial | 3,072 | 4 | 2/1 | $649,999 | $649,999 | $650,000 | 100% | 16 |
| 306 Barberry Rd. | Cape Cod | 1,993 | 4 | 3/0 | $685,000 | $685,000 | $675,000 | 99% | 86 |
| 766 Mountain Laurel Rd. | Colonial | 4,147 | 5 | 4/1 | $899,000 | $899,000 | $830,000 | 92% | 91 |
| 1316 Cross Hwy. | Colonial | 3,561 | 4 | 5/1 | $899,000 | $899,000 | $887,000 | 99% | 70 |
| 57 Dunnlea Rd. | Colonial | 4,100 | 5 | 5/1 | $1,225,000 | $1,225,000 | $1,220,000 | 100% | 15 |
| 191 Field Rock Rd. | Colonial | 5,749 | 6 | 5/2 | $1,649,000 | $1,649,000 | $1,600,000 | 97% | 114 |
| 20 Cherry Lane | Colonial | 5,283 | 5 | 4/2 | $1,950,000 | $1,775,000 | $1,717,500 | 88% | 167 |
| 771 Rowland Rd. | Colonial | 4,744 | 5 | 4/1 | $2,250,000 | $2,250,000 | $2,200,000 | 98% | 265 |
| 771 Rowland Rd. | Colonial | 4,744 | 5 | 4/1 | $2,250,000 | $2,250,000 | $2,200,000 | 98% | 265 |
| 101 Candlewood Rd. | Cape Cod | 1,210 | 3 | 1/0 | $389,000 | $389,000 | $379,000 | 97% | 48 |
| 77 Green Acre Lane | Raised Ranch | 2,352 | 4 | 2/0 | $615,000 | $615,000 | $600,000 | 98% | 31 |
| 1381 Stillson Rd. | Colonial, Farm House | 3,951 | 5 | 4/1 | $1,080,000 | $1,080,000 | $1,070,000 | 99% | 49 |
| 126 Margemere Dr. | Colonial | 5,694 | 5 | 4/1 | $1,149,900 | $1,149,900 | $1,140,000 | 99% | 59 |
| 814 Knapps Hwy. | Cape Cod | 2,180 | 4 | 2/0 | $339,000 | $339,000 | $335,000 | 99% | 20 |
| 187 Southwood Rd. | Colonial | 3,566 | 4 | 3/1 | $665,000 | $665,000 | $665,000 | 100% | 70 |
| 20 Village Lane | Ranch, Modern | 3,315 | 4 | 3/1 | $937,000 | $937,000 | $930,000 | 99% | 20 |
| 47 Grace St. | Farm House | 2,280 | 2 | 2/0 | $330,000 | $318,000 | $305,000 | 92% | 145 |
| 265 Jackman Ave. | Colonial | 1,542 | 3 | 1/1 | $499,000 | $499,000 | $479,000 | 96% | 57 |
| 866 N. Benson Rd. | Ranch | 1,999 | 2 | 2/0 | $529,900 | $519,900 | $480,000 | 91% | 155 |
| 340 Longmeadow Rd. | Colonial | 3,294 | 4 | 2/1 | $825,000 | $815,000 | $767,500 | 93% | 250 |
| 189 Edge Hill Rd. | Colonial | 4,011 | 4 | 3/1 | $1,049,000 | $997,000 | $964,500 | 92% | 84 |
| 873 Black Rock Tpke. | Colonial | 1,434 | 3 | 1/1 | $350,000 | $338,000 | $333,000 | 95% | 91 |
| 14 Windsor Place | Split Level | 2,005 | 3 | 2/0 | $589,000 | $589,000 | $594,000 | 101% | 76 |
| 565 Oldfield Rd. | Colonial | 2,390 | 3 | 2/1 | $599,900 | $615,000 | $615,000 | 103% | 2 |
| 729 Burroughs Rd. | Colonial | 2,888 | 4 | 3/0 | $749,000 | $734,900 | $688,000 | 92% | 96 |
| 148 Shoreham Village Dr. | Colonial | 2,102 | 3 | 2/1 | $700,000 | $700,000 | $740,000 | 106% | 15 |
| 824 Riverside Dr. | Colonial | 2,670 | 4 | 3/1 | $949,900 | $949,900 | $949,000 | 100% | 115 |
| 184 Edward St. | Colonial | 3,395 | 4 | 4/1 | $1,600,000 | $1,600,000 | $1,510,000 | 94% | 122 |
| 697 Tunxis Hill Rd. | Cape Cod | 1,140 | 3 | 1/1 | $225,000 | $225,000 | $225,000 | 100% | 23 |
| 248 Castle Ave. | Cape Cod | 1,165 | 4 | 1/0 | $325,000 | $325,000 | $310,000 | 95% | 75 |
| 1999 N. Benson Rd. | Contemporary | 2,050 | 3 | 2/0 | $465,000 | $465,000 | $440,000 | 95% | 127 |
| 350 Brookside Dr. | Cape Cod | 2,317 | 4 | 2/0 | $485,000 | $450,000 | $440,000 | 91% | 104 |
| 240 Arbor Dr. | Cape Cod, Colonial | 2,590 | 4 | 4/0 | $779,000 | $779,000 | $770,000 | 99% | 61 |
| 333 Rowland Rd. | Colonial | 2,603 | 4 | 2/0 | $844,400 | $844,400 | $847,400 | 100% | 67 |
| 122 Arbor Dr. | Cape Cod, Colonial | 1,229 | 3 | 2/0 | $585,000 | $585,000 | $570,000 | 97% | 30 |
| 888 N. Benson Rd. | Cape Cod | 2,601 | 4 | 2/1 | $665,000 | $665,000 | $665,000 | 100% | 46 |
| 660 Silver Spring Rd. | Colonial | 4,476 | 4 | 2/2 | $850,000 | $850,000 | $850,000 | 100% | 80 |
| 920 Burr St. | Colonial | 3,975 | 5 | 4/1 | $1,165,000 | $1,100,000 | $1,030,000 | 88% | 230 |
| 683 Pequot Ave. | Antique | 5,963 | 6 | 4/2 | $2,950,000 | $2,950,000 | $2,900,000 | 98% | 64 |
| Units Sold: 92 | $680,000 | $665,000 | $652,500 | 97% | 67 |
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