Fairfield Market Report November 2020

October real estate activity was somewhat slower in Fairfield than the previous month, but still strong for the year, and up significantly than the previous October. The median sales price dropped 3.66% from August and September’s levels of around $710,000, to $685,000, however, it is still up over 7% since January. The number of units sold dropped from 154 to 120, and the number of houses for sale dropped from 281 to 258. Looking back to October 2019, the number of houses sold was only 50, while 488 houses were for sale. There is no doubt that 2020 has been a very positive year for sellers. In fact, when looking at the median sales price per year, 2020 has seen the highest home sales prices ever, at $660,000. The previous high was 2007, prior to the great recession, at $635,000. Even with the high number of sales last month, inventory still remains low. With only 116 new houses coming on the market (about the same as in the previous 2 months), buyers are still in a tight position. Days on market dropped to the lowest level all year as buyers are making quick decisions. The months of supply dropped again in October, indicating a strong sellers-market, which will likely continue through the winter, as predicted by the National Association of Realtors. Other key factors are the high closed price to list price ratio (99%), the high number of pending sales (112) and the historically low interest rates (2.81% 30yr fixed). This is still a great time to sell a home, and with low interest rates, a good time to buy. 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:$685,000
change:-3.66%
YTD change:7.20%
Units Sold:120
change:-22.08%
Active Listings:258
change:-8.19%
New Listings:116
change:3.57%
Days on Market:50
change:-5.66%
Months of Supply:2.90 (Seller's Market)
change:-17.14%

Economic News:
Stock Market: The three major US markets all continued to post losses in October, as investors were looking to Congress for another Covid stimulus package that did not materialize. Increased infection rates also dampened expectations. The NASDEQ was down 2.29%, S&P 500 down 2.77% and the Dow Jones was down 4.61%.
Employment: Employment rose by 638,000 jobs in October, and the unemployment rate declined to 6.9%, according to the U.S. Bureau of Labor Statistics. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In October, notable job gains occurred in leisure and hospitality, professional and business services, retail trade, and construction, while employment in government declined.
Real Estate: Based on the 2019 Survey of Consumer Finance data, among all families, the ownership of a primary residence typically accounts for 90% of total wealth. As of September 2020, the median sales price of existing home sales was $311,800, a 35% gain since July 2006 when prices peaked at $230,00

2020 Local Real Estate Price Trends:

Year-to-date median sales prices continued to be on the rise for most local towns when compared to 2019’s first 10 months. All towns show increases in median sales price, with many over 10%. Most houses are also selling quicker in 2020 then the did in 2019.

1/19-10/191/20-10/20Change
Bethel$348,000 $375,000 7.76%
Bridgeport$200,000 $240,000 20.00%
Easton$562,500 $572,500 1.78%
Fairfield$581,500 $658,000 13.16%
Milford$305,000 $350,000 14.75%
Monroe$370,000 $410,000 10.81%
Newtown$380,000 $425,000 11.84%
Norwalk$485,128 $540,000 11.31%
Orange$375,000 $397,500 6.00%
Redding$529,000 $561,000 6.05%
Ridgefield$635,000 $690,500 8.74%
Shelton$338,250 $375,000 10.86%
Stratford$250,000 $289,000 15.60%
Trumbull$385,000 $427,000 10.91%
Weston$685,000 $799,500 16.72%
Westport$1,155,000 $1,349,500 16.84%
Wilton$716,250 $800,000 11.69%

New Trends For A Home Office:

Certain housing trends emerging from the pandemic likely will outlast the virus, real estate professionals predict. The home has become more than a living space. The suburbs have become a hot place to be in the pandemic. Some real estate experts have called urban flight a myth, but Americans—particularly millennials—were already leaving crowded cities for the suburbs in the five years prior to the pandemic, according to the Urban Land Institute. Housing inventory in the suburbs is shrinking faster than in urban areas, according to a report from realtor.com®. People are leaving cities in favor of homes with more space, a backyard, or some type of view. More and more companies are taking their workforce fully remote, giving many Americans more flexibility to move. As remote work grows, being prepared for video conferences is growing in importance. Some real estate professionals and sellers are even including “Zoom rooms” in listings as part of the home’s features. These are areas in the home that serve as a dedicated corner or section of the home that offers an aesthetically pleasing background for video calls. Buyers are looking for extra space to create workspaces for students and working parents. For many buyers, three bedrooms are no longer enough. Now it must be three bedrooms and an additional workspace, at least. 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. When that extra work space isn’t available, homeowners have some clever ways to separate the workday from the daily household routine. An armoire can be a perfect solution for a pop-up work station. You can store your computer, printer, and papers inside, and close it up when you’re done with your workday. When you need to put your workspace in a larger, more trafficked room, consider using an all-white desk, chair, and accessories, making your work area less conspicuous. Convert a closet into a workspace by removing the garment rod and adding a desk. In an open space, consider closing off one section using a stylish privacy screen or curtain. Transform a long hallway into a work zone for the children by bringing in a long table and stools to show off extra workspace.

Hot Housing Market Likely To Continue:
While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year. Lawrence Yun, chief economist of the National Association of REALTORS®, says “it will be one of the best winter sales years ever.” Many home buyers are looking to upsize their homes as they work from home and their children attend school at home. Also, as remote work remains an option for many and some employers make it a permanent situation for office workers, some house hunters are looking farther away from city limits in search of bigger homes and greater affordability. “We currently see buyers sticking around in the housing market much later than we usually do this fall,” says Danielle Hale, realtor.com®’s chief economist. “If that trend continues, we will see more buyers in the market this winter, too. So this winter is likely to be a good time to sell.” Inventories are way lower than in years past. The national housing inventory has shown some recent improvment, but it still has dropped 39% since last year, according to realtor.com®’s Monthly Housing Market Trends Report. Seventy-one percent of homes sold in September were on the market for less than a month, according to NAR data. Properties typically stayed on the market for just 21 days in September—an all-time low.

Fairfield Sales Trends: January-October

October Single-Family Home Sales

(OLP: original list price • LP: list price • SP: sale price • DOM: days on market)

AddressStylesq ftBRBA (f/h)OLPLPSPSP/OLPDOM
36 Coburn StCape Cod, Colonial1,71031/1$329,000$329,000$325,00099%91
2740 Easton TpkeRanch1,52421/1$385,000$369,000$385,000100%8
251 Oldfield RdCape Cod1,05031/0$415,000$415,000$428,000103%3
50 University DrCape Cod1,55633/0$549,000$549,000$549,000100%21
683 Old Stratfield RdColonial2,68842/1$579,000$579,000$565,00098%32
297 Bennett StColonial1,94442/1$559,000$559,000$580,000104%14
194 Papermill LnRaised Ranch2,21632/1$599,000$599,000$585,00098%55
5 Woodcrest RdCape Cod, Colonial1,63233/0$595,000$595,000$620,000104%109
255 Aran Hill RdColonial, Split Level5,03854/0$849,000$829,000$790,00093%205
520 Pemburn DrColonial3,46242/2$849,900$849,900$853,000100%20
296 Lalley BlvdColonial2,82453/0$850,000$850,000$975,000115%17
65 Norcliff LnColonial3,46744/1$1,849,000$1,849,000$1,849,000100%19
3891 Congress StColonial, Antique5,16654/1$2,500,000$2,500,000$2,437,50098%21
846 Valley RdCape Cod1,05021/1$409,000$409,000$398,00097%63
88 Palamar DrColonial2,03432/1$449,900$429,900$420,00093%18
225 Primrose LnColonial2,64842/1$475,000$459,000$448,50094%110
254 Woodside CirSplit Level2,90032/1$619,000$575,000$560,00090%241
10 Sleepy Hollow RdCape Cod1,71832/0$599,000$599,000$615,000103%19
249 Old South RdAntique4,53343/1$1,995,000$1,995,000$1,935,00097%49
105 Patrick DrContemporary2,42443/0$750,000$719,000$680,00091%17
580 Morehouse HwyColonial, Contemporary3,55843/1$899,000$899,000$899,000100%134
1373 Redding RdColonial7,59267/2$1,599,000$1,499,000$1,424,00089%196
551 Penfield RdColonial3,70044/1$1,895,000$1,895,000$1,895,000100%11
191 Szost DrCape Cod1,82532/0$479,000$479,000$450,00094%29
637 Reef RdColonial, Half Duplex2,33942/1$769,000$799,000$790,000103%18
105 Surrey LnColonial3,59142/2$839,000$839,000$820,00098%212
2850 Redding RdColonial4,90853/1$995,000$949,000$950,60096%194
939 Hillside RdColonial4,00043/1$1,099,000$1,039,000$1,015,00092%392
10 Capuano CvRanch1,66432/0$419,000$419,000$419,000100%27
392 Castle Ave, Unit #392Half Duplex2,24632/1$440,000$440,000$430,00098%41
56 Country RdCape Cod1,28032/0$549,999$529,999$525,00095%122
335 Weeping Willow LnColonial, Split Level2,80043/0$579,900$579,900$579,000100%59
1001 Unquowa RdColonial1,77532/1$599,000$599,000$595,00099%22
271 Old Spring RdColonial1,60531/1$649,000$629,000$641,00099%49
220 Shoreham Village DrCape Cod1,85632/0$699,000$699,000$720,000103%28
2120 Bronson RdCape Cod2,72953/0$789,000$789,000$782,00099%34
63 Hill Farm RdColonial4,39544/1$1,599,000$1,599,000$1,615,000101%91
192 Barryscott DrSplit Level1,60831/1$439,000$374,900$360,00082%375
648 Wilson StCape Cod1,17821/0$369,000$369,000$416,500113%31
261 Coral DrRanch1,72032/1$539,000$539,000$535,00099%33
61 Dogwood LnCape Cod1,73031/1$525,000$525,000$550,000105%81
338 Orchard Hill LnColonial3,86742/1$1,149,800$1,149,800$1,130,00098%81
262 Pine Creek AveColonial2,72732/1$2,495,000$2,295,000$2,150,00086%91
385 Villa AveCape Cod1,25441/0$329,900$329,900$329,900100%6
115 Tuckahoe LnCape Cod1,88031/1$529,000$519,000$510,00096%57
395 Stratfield RdRaised Ranch, Split Level2,36042/1$595,000$580,000$580,00097%83
430 Lucille StRanch2,97933/0$539,000$539,000$530,00098%52
200 Greenbriar RdSplit Level2,07731/1$589,000$589,000$581,00099%56
161 Homeland StRanch3,47433/0$635,000$635,000$635,000100%60
131 Algonquin RdColonial3,96753/2$869,000$869,000$845,00097%44
1641 Fairfield Beach RdColonial4,87744/0$3,000,000$3,000,000$3,248,000108%103
66 Alden StBungalow1,28922/0$399,900$399,900$411,000103%7
561 Katona DrRaised Ranch1,54431/1$449,999$449,999$430,00096%65
145 Hawthorne DrRanch2,23532/0$459,000$449,000$432,00094%79
154 Taintor DrAntique, Victorian1,84032/0$945,000$899,000$840,00089%145
223 High Meadow RdModern, Other2,08842/0$1,039,000$1,039,000$1,039,000100%42
1890 Cross HwyColonial4,97343/2$1,195,000$1,195,000$1,200,000100%18
73 Carlynn DrRanch3,02532/1$1,325,000$1,279,000$1,230,00093%63
263 Queens Grant RdColonial6,44153/2$1,595,000$1,595,000$1,450,00091%77
230 Lockwood RdColonial3,97142/1$599,000$599,000$599,000100%93
51 Highlawn RdColonial2,68042/1$842,000$842,000$795,00094%35
51 Highlawn RdColonial2,68042/1$842,000$842,000$795,00094%35
390 Wilson StSplit Level1,23232/0$375,000$375,000$360,00096%56
135 Tuller RdCape Cod1,19331/0$439,000$439,000$415,00095%20
132 Cardinal StCape Cod1,93732/0$439,000$439,000$444,000101%37
337 Old Stratfield RdColonial3,04853/1$529,900$499,900$490,00092%119
308 Shoreham Village DrColonial2,04842/0$699,000$699,000$690,00099%66
354 Towne House RdColonial4,23753/1$1,010,000$1,010,000$1,100,000109%24
37 Donna DrRaised Ranch2,30032/1$399,900$399,900$410,000103%67
11 Tuckahoe LnColonial3,77843/1$945,000$945,000$946,000100%67
179 Pine Creek AveColonial, Contemporary2,07232/0$995,000$995,000$995,000100%26
288 Puritan RdColonial3,75343/1$1,549,000$1,549,000$1,590,000103%22
321 Taintor DrColonial4,96655/2$2,650,000$2,650,000$2,600,00098%73
3220 North StColonial3,45942/2$959,900$749,900$735,00077%198
224 Old Post RdColonial4,58064/2$1,199,000$1,199,000$1,200,000100%9
1270 Merritt StColonial2,04031/1$515,000$499,000$485,00094%49
25 Elderberry LnColonial2,80842/1$679,000$629,000$585,00086%94
80 Canterbury LnRaised Ranch2,03043/0$629,000$599,000$610,00097%97
128 Smedley RdCape Cod2,67233/1$799,000$799,000$799,000100%5
460 Church Hill RdColonial4,59943/1$799,900$799,900$799,900100%48
225 South Gate LnColonial2,66842/1$969,900$969,900$965,00099%51
55 Cider Mill LnBarn, Modern5,53276/1$1,625,000$1,625,000$1,525,00094%79
157 Greenfield Hill RdGeorgian Colonial4,75954/1$1,827,000$1,697,000$1,598,50087%52
1680 Hillside RdColonial6,43954/2$3,290,000$3,290,000$3,150,00096%29
583 Jennings RdCape Cod1,00831/0$280,000$259,500$265,50095%176
254 Hawthorne DrRanch2,03832/0$479,000$459,000$440,00092%91
112 Country RdRanch1,52222/0$479,000$449,900$454,00095%42
71 Pell Meadow DrColonial2,08042/1$679,000$679,000$657,00097%28
137 Wood House RdColonial4,31654/1$925,000$875,000$843,00091%107
215 Acorn LnColonial4,33743/1$1,050,000$1,050,000$1,030,00098%50
2140 Burr StColonial7,23156/2$1,595,000$1,595,000$1,595,000100%21
301 S. Pine Creek RdColonial, Cottage1,20432/0$429,000$429,000$400,00093%34
50 Warner Hill LnColonial8,42455/2$2,349,000$2,349,000$2,375,000101%55
236 Fairfield Woods RdColonial1,88042/0$425,000$425,000$425,000100%32
785 S. Pine Creek RdRanch, Cottage1,24931/0$579,000$579,000$531,50092%36
70 Woodbine LnColonial3,09542/1$525,000$525,000$540,000103%6
40 Juniper LnCape Cod2,28543/0$899,000$889,000$889,00099%37
1159 Hulls Farm RdColonial4,80353/1$1,499,900$1,295,000$1,250,00083%68
492 Penfield RdColonial4,54565/0$1,999,000$1,989,000$1,989,00099%203
2713 Redding RdAntique3,01953/1$399,900$399,900$400,000100%83
572 Oldfield RdColonial1,73232/1$625,000$549,000$527,50084%421
847 Riverside DrCape Cod2,03442/0$695,000$645,000$650,00094%17
168 Harvester RdColonial2,50442/1$799,900$799,900$804,900101%34
260 Stratfield RdColonial1,75631/1$369,000$339,000$337,00091%161
142 Hillcrest RdColonial2,51343/2$699,000$699,000$700,000100%33
438 Wheeler Park AveColonial4,13843/1$888,000$799,000$815,00092%115
101 Mill Hill LnColonial, Contemporary3,47843/2$1,395,000$1,395,000$1,300,00093%66
133 Meadow Ridge RdColonial6,16654/1$2,095,000$2,095,000$2,000,00095%35
66 Burroughs RdCape Cod1,68141/0$429,000$409,000$390,00091%29
163 Alden StCape Cod1,10022/0$499,000$499,000$489,00098%38
48 Marsh DrRaised Ranch1,58631/1$559,900$559,900$540,00096%29
105 Primrose LnColonial3,41742/1$679,900$679,900$679,900100%1
6 Stoneleigh SqCape Cod3,25442/1$709,000$709,000$710,000100%50
12 Rolling Ridge RdRanch3,02443/1$835,000$835,000$814,12598%26
72 Mayweed RdColonial4,15054/1$1,188,000$1,188,000$1,189,000100%39
3781 Congress StColonial6,89443/1$1,499,000$1,499,000$1,415,00094%147
809 Cedar RdColonial, Saltbox4,99155/2$1,795,000$1,795,000$1,690,00094%462
524 Rowland RdColonial3,34143/1$1,945,000$1,945,000$1,885,00097%11
1894 Cross HwyColonial9,84756/2$2,395,000$2,295,000$2,100,00088%331
971 Hulls Farm RdColonial7,30066/2$3,250,000$3,250,000$3,250,000100%104
Units Sold: 120$699,000$699,000$695,00098%50
Are You Interested In A Real Estate Review?
A real estate review is designed to give you information about sales in your neighborhood you can use to make sure you are properly insured and aware of your home’s value.  Contact me today to get your personalized complementary review. phone:  (203) 895-2783.  email:  peterlamastro@kw.com