Market Overview

After a July slowdown, Fairfield’s real estate market saw some notable gains in August.  The median sales price rose by over 12% from $706,500 in July to $776,000 in August.  For most of 2021, month over month home values have been up and down, however Augusts’ numbers puts home values up by 12.14% since January.  Perhaps contributing to the impressive monthly price increase was the decrease in inventory as the number of active listings was down by nearly 11% and the number of new listings was down by over 15% since July.  The limited supply of house sold in the same amount of time as July, 38 days on market, as buyers faced more competition and continue to be advantaged by long standing low interest rates.  The 30 year fixed rate continued its sub 3% trend. By months end, the rate was 2.87%.  Although still in sellers’ market territory, the months of supply made a noticeable move towards the balanced market side, moving from 2.3 months in July to 3.3 months in August.  The last month of a balanced market between buyers and sellers in Fairfield was August 2020.  Overall, sellers also sold their homes slightly above asking price as the % of list price to sales price was 100.1%, continuing a 5 month trend.  August was a solid month for sellers, and pending sales point to another good month for September.  For anyone considering a move, this is still a great time to sell a house 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:$776,000
change:9.84%
YTD change:12.14%
Units Sold:107
change:9.18%
Active Listings:187
change:-10.95%
New Listings:77
change:-15.38%
Days on Market:38
change:0.00%
Months of Supply:3.30 (Seller's Market)
change:43.48%

Interest Rates

Market Temperature

Local Real Estate Price Trends

21-Jul21-AugChange
Bethel$500,000 $440,000 -12.00%
Bridgeport$325,000 $297,000 -8.62%
Brookfield$437,500 $450,000 2.86%
Danbury$400,000 $440,000 10.00%
Easton$682,000 $775,000 13.64%
Fairfield$706,500 $776,000 9.84%
Milford$404,500 $422,500 4.45%
Monroe$511,000 $479,150 -6.23%
Newtown$500,000 $515,000 3.00%
N. Haven$438,500 $375,250 -14.42%
Orange$500,000 $405,000 -19.00%
Oxford$510,000 $460,000 -9.80%
Redding$640,000 $625,464 -2.27%
Ridgefield$875,000 $835,000 -4.57%
Seymour$325,000 $302,500 -6.92%
Shelton$442,500 $432,500 -2.26%
Stratford$362,500 $349,900 -3.48%
Trumbull$505,000 $500,000 -0.99%
Weston$1,145,500 $1,025,000 -10.52%
Westport$1,557,500 $1,750,000 12.36%

Tips

Why Living Simply Is Good For The Planet

Those who embrace a minimalist lifestyle are frequently motivated by the mental and emotional benefits of consuming less. As another unexpected benefit, they’re living a lifestyle that is also good for the environment. Others who seek a zero-waste lifestyle are driven by their positive impact on the planet. Both philosophies embrace choosing products that last and resisting mindless consumerism.

Once you understand the personal benefits of living with less, you can begin to make small changes one step at a time to lead you down a path of significant impact. Here are five ways to help you start incorporating sustainable practices into your daily life.

  1. Repair or repurpose broken items instead of tossing them out. When it’s time to replace, search for high-quality products that last.
  2. Buy items secondhand from thrift stores or online retailers like thredUP or Poshmark. Companies like Patagonia and REI also offer used apparel.
  3. Slow down so you can make mindful purchases. Consider disabling the “one-click” buying option from online retailers, and institute a waiting period before making large purchases to curtail impulse spending.
  4. As you use them up, replace disposable products with reusable items when possible. For example, plastic bags can be replaced with silicone options and dish sponges swapped out for compostable bamboo brushes.
  5. Look for companies with sustainable labels like USDA Organic, Certified B Corporation or Fair Trade Certified. Additionally, try to seek out organizations that offer extended warranties and free repair programs.

Maximize Your Workouts

Give these healthy habits a try to enhance your workouts.

Eat Before and After.
Eating a small snack an hour before exercising can help you stay energized during your workout, while eating within two hours after a workout supports muscle recovery.
Set a Time Limit.
Research shows that workouts are more efficient when done with higher intensity over a shorter period of time. Try keeping your workouts around 30-40 minutes at maximum effort.
Compound It.
If you don’t have a lot of time for exercise, incorporating compound movements — where multiple muscle groups are worked at once — can be more effective than single exercises. Popular compound movements include squats, push-ups, deadlifts, and rows.

 

Real Estate Headlines

New Listings Jump 5.1%; Price Adjustments Moderate:  More homeowners are listing their homes for sale, which is opening up options for anxious home buyers who have faced fierce competition the last few months over a limited housing stock.  New listings rose 5.1% in the 50 largest metros.  Also, as more inventory and new listings arrived on the market in August, the rate of sellers making price adjustments has also begun to approach more normal levels, realtor.com® notes. 

Property Taxes Are About to Rise:  Skyrocketing home prices over the last year may soon hit current homeowners in the form of property taxes. Housing experts are predicting property taxes nationwide to climb higher in 2021 than the 4% uptick in 2020.  according to realAppeal, property taxes nationwide are expected to increase by about 6.5% in 2021.  The 2020 housing boom may take a couple years to fully translate into dramatically higher property tax bills because counties usually reassess property values every few years.

Home Equity Hits Record High:  Housing equity surged nearly 40% compared to a year ago and is at a record high, according to a new report from Black Knight, Inc. The average mortgage holder now has $173,000 in equity.

Mortgage Demand Hits Two-Month Low:  Another sign the housing market may be cooling: Loan applications for home purchases—a gauge of housing demand—are now 18% lower than a year ago, the Mortgage Bankers Association reported Wednesday.  More listings are coming on the market, offering home buyers more choices. But some potential buyers are still getting priced out. Home prices are nearly 18% higher than a year ago, according to the National Association of REALTORS®. 

Owners Turn to Appliance Upgrades to Boost Home Value:  Three out of four homeowners would rather fix or replace appliances than accept a lower offer when selling their home, according to a new survey of about 1,000 consumers from Cinch Home Services.  On average, homeowners believe upgrading their home’s appliances will increase their home’s value by $13,668. 

Building Material Costs Continue to Surge:  A recent decline in lumber prices is helping to mitigate building costs, but that effect is being offset by numerous increases in other building materials that are surpassing records. Home building materials have climbed by up to 19% over the past year, according to the Bureau of Labor Statistics Producer Price Index.  Building materials that have seen the largest increases include:  steel mill products, asphalt, plastic water pipe, fertilizer, veneer lumber, concrete, copper pipe.

Home Repairs Lead to Couple Spats:  Many couples who live together admit to fighting over household repairs—some even breaking up over them, according to a new survey from Cinch Home Services, a home warranty company.  Nearly 52% of about 1,000 respondents said they fought with their partner over home repairs.  

It’s Apple Season In Connecticut

Fall is just about upon us, which means it’s time to pull out the sweaters, pack up the kids and head off to one of Connecticut’s famous apple orchards.  Nothing beats a crisp sunny Autumn weekend filled with hand-picked apples, fresh pressed cider and of course, cider donuts for the ride home.  As well as apples, preserves and baked goods, many of CT’s orchards offer time honored activities such as hayrides, straw maze’s and petting zoos.  September and October are the perfect months to get outside, take a drive and explore the wonders that CT’s orchards have to offer. 

Upcoming Events

Welcome Fall!  Connecticut’s event schedule is packed with outdoor concerts, plays, festivals, craft shows and more.  So grab the family, hit the road and enjoy some of the area’s great fun filled events. 

Sales Trends: January - August

August Single-Family Home Sales

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

AddressStylesq ftBRBA (f/h)OLPLPSPSP/OLPDOM
2057 Kings HwyCape Cod1,07541/0$349,000$349,000$349,000100%25
492 Ruane StColonial1,63331/0$399,900$399,900$400,600100%42
81 Kenwood AveCape Cod1,59032/0$429,000$429,000$432,550101%34
40 Gould AveRaised Ranch2,48422/0$485,000$485,000$470,00097%16
117 Jennings RdColonial2,52042/1$565,000$530,000$523,00093%116
83 Pepperidge CirSplit Level1,63632/0$689,000$689,000$689,000100%43
113 Daves LnSplit Level1,68032/1$749,000$749,000$770,000103%25
5 Evelyn StColonial3,11843/1$950,000$950,000$1,050,000111%38
4 Cedarhurst LnCape Cod1,22932/0$415,000$415,000$427,000103%24
74 Candlewood RdColonial1,56042/0$512,000$512,000$512,000100%47
1718 N. Benson RdSplit Level2,13832/0$569,000$569,000$565,00099%45
249 Toll House LnRanch3,02833/0$629,000$629,000$610,00097%58
54 Elm StRanch1,68431/1$619,900$619,900$619,900100%25
96 Papurah RdColonial4,47454/1$1,299,000$1,299,000$1,322,000102%30
51 Clinton StColonial, Farm House4,00054/1$1,675,000$1,675,000$1,675,000100%136
206 Orchard Hill LnRaised Ranch1,71032/0$565,000$565,000$575,000102%30
49 Newman PlColonial1,58431/1$579,000$579,000$590,000102%46
74 Woodside CirColonial2,42742/1$749,000$724,900$675,00090%70
701 Mill Plain RdColonial2,85231/1$849,000$849,000$845,000100%31
792 Sturges HwyColonial, Contemporary7,05355/3$2,599,000$2,099,000$1,950,00075%84
68 Old Farm RdColonial2,14631/1$625,000$625,000$650,000104%39
56 Juniper LnCape Cod2,47732/0$750,000$750,000$720,00096%33
130 Sasco Hill TerCape Cod2,34632/1$1,049,000$1,049,000$1,170,000112%9
580 Flintlock RdColonial3,52443/1$1,339,000$1,339,000$1,450,000108%2
1093 Pequot AveColonial9,09466/2$12,950,000$12,950,000$10,900,00084%66
185 Woodrow AveCape Cod1,26732/0$539,000$539,000$561,500104%18
50 Whites Hill LnColonial, Ranch4,77464/1$1,320,000$1,320,000$1,310,00099%99
1225 Holland Hill RdColonial2,48842/1$719,000$719,000$776,000108%19
158 Redding RdCape Cod2,90943/0$1,099,000$1,099,000$1,104,000100%50
89 Eunice AveCape Cod, Colonial2,90744/0$1,199,000$1,199,000$1,220,000102%7
120 Crane StColonial2,39632/1$525,000$525,000$510,00097%118
176 Adelaide StCape Cod, Colonial2,29933/0$525,000$525,000$525,000100%38
192 Fairland DrRanch1,32031/0$539,000$539,000$535,00099%37
165 Somerset AveCape Cod, Colonial2,99232/1$850,000$850,000$850,000100%30
33 Michaela CirColonial2,73542/1$874,900$874,900$880,000101%2
165 Hubbell LnColonial6,88754/1$2,099,000$2,099,000$2,250,000107%20
178 Szost DrCape Cod1,32042/0$399,900$399,900$430,000108%35
133 Brookview AveColonial2,33243/1$599,000$599,000$650,000109%62
395 High Ridge RdRanch2,27632/0$649,000$649,000$659,875102%40
70 Patrick DrColonial2,49642/1$879,000$879,000$900,000102%67
36 Risley RdCape Cod2,45832/0$899,999$899,999$965,000107%19
162 Sawyer RdCape Cod1,57642/0$399,000$399,000$399,000100%0
1100 S. Pine Creek RdCape Cod2,10032/0$765,000$765,000$790,000103%20
253 Tuckahoe LnColonial2,45042/1$865,000$865,000$871,300101%0
91 Quincy StColonial2,83243/1$1,085,000$1,085,000$1,100,000101%42
762 Hillside RdColonial3,58342/2$1,189,000$1,189,000$1,136,00096%46
307 Barberry RdColonial5,43655/2$1,389,000$1,389,000$1,370,00099%39
1510 Kings HwyCape Cod1,06132/0$330,000$330,000$320,00097%2
52 Sawyer RdCape Cod1,36632/0$465,000$439,000$439,00094%55
50 Pansy RdCape Cod1,73632/0$529,900$529,900$534,900101%22
53 Milton StCape Cod1,36022/0$699,000$675,000$690,00099%39
279 Rowland RdColonial2,28043/1$1,249,000$1,249,000$1,249,000100%91
80 Fleming LnColonial8,69754/1$2,699,000$2,499,000$2,432,26890%73
1311 Fairfield Beach RdColonial3,50044/1$3,795,000$3,795,000$3,400,00090%45
125 Sky Top TerRanch3,14632/1$605,000$605,000$630,000104%46
333 Judd StHi-Ranch2,62842/1$669,000$669,000$650,00097%37
141 Samp Mortar DrColonial, Contemporary3,90443/0$847,000$832,000$816,00096%82
106 Welch TerColonial1,79642/0$849,000$849,000$820,00097%45
200 Harvester RdColonial3,90045/0$1,100,000$1,050,000$950,00086%31
1540 Mill Plain RdColonial3,83753/1$1,299,999$1,199,999$1,175,00090%33
193 Half Mile RdColonial4,17853/2$1,349,000$1,349,000$1,375,000102%27
171 Paddock Hill LnColonial6,47144/2$1,460,000$1,460,000$1,400,00096%68
1701 Fence Row DrColonial6,67454/2$1,598,000$1,598,000$1,600,000100%51
422 Penfield RdColonial3,24543/2$1,900,000$1,900,000$1,727,50091%21
343 Old Hickory RdColonial3,90753/0$1,350,000$1,350,000$1,350,000100%39
56 Osborne PlColonial3,07254/0$1,450,000$1,395,000$1,372,50095%73
15 Mill Hill LnColonial5,80055/2$1,749,000$1,549,000$1,540,00088%446
249 Beach RdColonial5,82665/1$1,679,000$1,679,000$1,642,00098%68
401 Lakeview DrSplit Level2,01732/0$600,000$600,000$620,000103%54
72 Wheeler Park AveColonial2,74743/0$585,000$585,000$635,000109%10
263 Old Dam RdColonial3,16453/1$1,950,000$1,950,000$2,000,000103%53
75 Meeting House LnColonial, Victorian7,73474/2$2,950,000$2,950,000$2,950,000100%14
15 Henderson RdColonial1,81232/1$524,000$524,000$550,000105%100
448 Pequot AveColonial1,55622/1$1,395,000$1,395,000$1,437,500103%56
461 Valley RdSplit Level1,80232/1$525,000$525,000$600,000114%67
25 Millspaugh DrCape Cod, Colonial1,81922/0$649,900$649,900$630,00097%12
10 Flax RdCape Cod1,44042/0$699,000$699,000$776,500111%6
278 Sherwood DrColonial3,24553/1$1,395,000$1,395,000$1,256,00090%65
15 Rockland RdCape Cod89621/0$399,000$389,000$385,00096%79
76 Barryscott DrSplit Level1,42331/1$399,000$399,000$425,000107%21
358 Greenfield StColonial2,36932/1$444,500$444,500$437,50098%50
47 Quaker LnCape Cod1,50442/0$425,000$425,000$550,000129%4
20 Blueberry LnRanch2,95432/1$649,900$649,900$639,00098%21
18 Canterbury LnRanch3,21232/1$650,000$650,000$675,000104%46
1091 Round Hill RdCape Cod1,98332/1$799,900$729,000$705,00088%131
895 Burroughs RdColonial, Raised Ranch2,23543/0$659,900$659,900$711,000108%35
28 Riverfield DrRanch2,47832/0$725,000$725,000$750,000103%38
44 Wyncum Valley RdColonial5,95043/1$1,349,000$1,349,000$1,425,000106%12
1100 Banks North RdColonial6,96166/2$1,650,000$1,650,000$1,581,00096%57
298 Harbor RdColonial, Antique5,22355/1$2,998,000$2,998,000$2,998,000100%18
81 Webster StRanch1,15031/0$325,000$325,000$325,000100%5
241 Ronald DrSplit Level1,85342/1$579,999$579,999$620,000107%69
312 Rolling Hills DrColonial3,94343/1$999,999$999,999$1,000,000100%62
295 Osborne Hill RdColonial3,00042/1$1,099,000$1,099,000$1,280,000116%15
51 Dalewood AveColonial2,65041/1$522,000$522,000$522,000100%30
98 Banks PlColonial, Antique5,69944/1$4,459,000$3,999,999$3,900,00087%286
319 Bennett StColonial1,82431/1$525,000$525,000$550,000105%69
218 Wheeler Park AveRanch2,06832/1$550,000$550,000$580,000105%23
372 Nonopoge RdRanch2,18732/1$614,000$614,000$625,000102%19
25 Sedan TerColonial2,42343/0$669,000$669,000$690,000103%25
290 Carroll RdSplit Level2,66342/1$650,000$650,000$720,000111%43
104 Meadowcrest DrRanch4,13833/1$750,000$750,000$825,104110%19
288 S. Pine Creek RdCape Cod3,06043/1$829,000$829,000$836,500101%48
275 Fallowfield RdColonial3,65644/0$1,248,000$1,248,000$1,300,000104%12
21 Still Meadow PlColonial4,34343/1$1,399,000$1,399,000$1,425,000102%14
180 Merwins LnColonial5,08143/2$1,495,000$1,495,000$1,525,000102%8
454 Pine Creek AveColonial3,22833/1$2,049,000$2,049,000$1,975,00096%9
Units Sold: 107$750,000$749,000$776,000100%38
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