Fairfield Market Report August 2020

The Fairfield real estate market saw continued stability in July when compared to the previous month’s numbers.  The median sales price dipped slightly by 1.54% to $640,000, which brings the price about even with January’s price of $639,000.  The number of homes that sold was up over 50%, to 145, as predicted in last month’s increase in pending sales figure, however the number of new listings dropped nearly 13%, from a high of 193 in June to 168 in July.  This could forecast a future slowdown.   Pending sales were up by over 18%, which will be reflected in August’s closed numbers.  The months of supply was at 5.9% bringing Fairfield into a stable market between buyers and sellers.  As in many surrounding towns, days on market were short, as buyers were making quick decisions to purchase, and many homes saw multiple bids.  Interest rates are still incredibly low:  the 30-year fixed rate was at 2.99% by the end of July.  This trend continues to push buyers into the market and has been helping sellers overcome anxiety over listing their homes during the ongoing Coronavirus pandemic.  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:4.40 (Stable Market)
change:-26.67%

Economic News:
Stock Market:  July saw continued gains in the US stock market, with increases in all three major indexes. The Dow Jones was gained 2.3% in July, while the S%P 500 gained 4.2% and the Nasdaq was up 4.3%.  Most of the pandemic losses have now recovered:  year-to-date, the S&P 500 was up 0.5% by the end of July and the Nasdaq was up 18%.  The Dow Jones still has some catching up to do, down 7.8% for the year.  
Employment: For a third straight month, the national unemployment rate has dropped.  By the end of July, the rate was 10.2%; still higher than the 4.4% pre-pandemic rate.  July saw an increase of 1.8 million jobs, primarily in the leisure and hospitality sectors.  This increase has slowed compared to June’s 4.8 million jobs added, primarily due to the fear of a second wave of Covid-19 in many states.
Real Estate:  Buyers needs have been shifting since the pandemic, focusing less on high end amenities and more on space and outdoor features.  Square footage and living space have been top priorities, focusing less on open floor plans and more on personal space for family members.

2020 Local Real Estate Price Trends:

2020 continues to be a strong year for the area real estate markets when compared to 2019’s first 7 months.  Most towns show increases in median sales price.  Easton, which is still down 1.03% actually improved from last month’s number, which was down 11.52%.  

1/19-7/191/20-7/20Change
Bethel$345,000 $355,750 3.12%
Bridgeport$200,000 $225,000 12.50%
Easton$558,250 $552,500 -1.03%
Fairfield$583,000 $639,950 9.77%
Milford$299,950 $338,750 12.94%
Monroe$379,950 $379,500 -0.12%
Newtown$385,000 $412,500 7.14%
Norwalk$488,445 $510,000 4.41%
Orange$368,500 $370,000 0.41%
Redding$534,000 $552,500 3.46%
Ridgefield$635,000 $635,000 0.00%
Shelton$337,500 $350,000 3.70%
Stratford$250,000 $275,000 10.00%
Trumbull$385,000 $412,000 7.01%
Weston$675,000 $710,000 5.19%
Westport$1,196,250 $1,250,000 4.49%
Wilton$725,000 $762,500 5.17%
The New Post Pandemic Buyer: 
Since the start of the pandemic, buyer wishes have change dramatically from the same time last year, or even just a few months ago.  Sellers should understand these changes in order to get the best deal and smoothest transaction for their home sale.
1-    Buyers are in a rush:  Nationwide, buyers are looking at 3-4 homes before making an offer, compared to 9 homes a year ago.  
2-    Wish lists are shifting:  Home shoppers priorities have been changing.  The top desired feature is a home office, followed by outdoor space with an interest in a pool, garden and bigger yards.  
3-    Commute time is less important:  With the increase of remote work, many buyers are expanding their home search further from their offices physical location.
4-    Multigenerational households are becoming more common:  Trends suggest that Gen Xers and Millennials have been considering sharing a home with an older parent.  This translates to need for larger sized homes and first floor living space.
5-    Pets are playing a bigger factor in home purchasing decisions:  Having space to accommodate a pet, fenced in yard has been a growing factor is some home purchase decisions.
6-    First-time homebuyers are on the rise:  More young people have been making home purchases prior to marriage, and there has been an increase in roommates pooling their money in order to purchase a house together.
7-    Housing tenure may fall:  Over the past few years, homeowners have been staying longer in their homes then in past decades.  This may change due to a need to find a home that better meets their growing desire for more space and better home workspace.  
Debunking Coronavirus Myths:
Due to high unemployment and economic recession, some Americans were predicting a gloomy housing picture. The opposite has been true.
Myth #1:  It’s a bad time to sell a home:  The reality has been that with record low interest rates, buyers have been sparking bidding wars in many markets with limited inventory.  
Myth #2:  Home prices are dropping:  The opposite has been true.  In most markets, home prices have been rising, as much as 7% for the year.  Again, fueled by low interest rates and low inventory.
Myth #3:  Everyone is rushing to the suburbs:  While the suburbs have received an increase in demand from city buyers, this is more the case with wealthier buyers who have the resources to move.

Sales Trends: January-July

July Single-Family Home Sales

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

AddressStylesq ftBRBA (f/h)OLPLPSPSP/OLPDOM
205 Nonopoge Rd.Cape Cod1,40542/0$400,000$359,900$330,00083%253
87 Edgewood PlaceColonial1,40831/1$449,000$449,000$428,00095%107
357 N. Benson Rd.Cape Cod1,43032/0$449,000$449,000$435,00097%146
1252 Fairfield Woods Rd.Ranch1,61431/1$469,000$469,000$469,000100%78
446 Stratfield Rd.Colonial, Antique1,98041/1$495,000$479,000$475,00096%53
80 Poe CourtRaised Ranch2,41853/1$495,000$495,000$475,00096%17
145 Tuckahoe LaneCape Cod, Colonial1,60432/0$499,900$499,900$483,00097%131
98 Wheeler Park Ave.Colonial2,01552/0$494,500$494,500$487,50099%68
1486 Round Hill Rd.Cape Cod2,21442/0$598,000$598,000$580,00097%106
1677 Bronson Rd.Cape Cod, Ranch2,24643/0$800,000$779,000$760,00095%230
20 Alden St.Colonial2,73542/1$839,900$789,900$775,00092%35
221 Tuckahoe LaneColonial2,10043/1$869,000$869,000$843,00097%29
2278 Hillside Rd.Colonial8,02254/2$949,000$949,000$920,00097%17
250 Algonquin Rd.Colonial6,43466/2$1,049,000$1,049,000$1,029,00098%88
1690 Fairfield Beach Rd.Colonial, Contemporary1,67232/0$1,095,000$1,095,000$1,050,00096%17
1041 Round Hill Rd.Colonial5,45954/1$1,333,000$1,199,000$1,142,90086%173
261 Colony St.Cape Cod2,14641/0$375,000$375,000$375,000100%1
109 Brooklawn TerraceRanch1,34631/1$399,999$399,999$399,999100%55
1663 Black Rock Tpke.Cape Cod1,52332/0$409,900$409,900$400,00098%25
2858 Black Rock Tpke.Ranch1,47221/0$419,900$419,900$415,00099%55
45 Linley Dr.Colonial3,05142/1$549,000$499,000$480,00087%264
251 Shoreham Village Dr.Colonial1,53631/1$584,500$539,000$524,50090%207
50 Jackman Ave.Colonial3,04744/1$699,000$699,000$660,00094%34
668 Mill Hill TerraceCape Cod2,13242/0$699,900$699,900$699,900100%17
760 Galloping Hill Rd.Colonial, Split Level3,64753/1$839,000$839,000$810,00097%46
55 Guydan LaneColonial3,98443/1$848,900$848,900$860,000101%26
40 Walbin CourtColonial4,12943/1$935,000$935,000$917,50098%99
289 Puritan Rd.Colonial4,10054/1$1,849,000$1,849,000$1,800,00097%20
397 Westford Dr.Cape Cod1,12431/1$524,900$524,900$512,50098%52
181 Hulls Hwy.Cape Cod1,22933/0$550,000$550,000$550,000100%2
157 Tanglewood LaneColonial2,88442/1$659,000$589,000$565,00086%259
21 Taintor Dr.Colonial4,03853/1$995,000$945,000$900,00090%327
76 Paul PlaceColonial, Contemporary2,90943/1$1,165,000$1,165,000$1,100,00094%33
178 Alberta St.Ranch1,10021/0$379,900$379,900$359,00094%132
785 Church Hill Rd.Ranch, Split Level2,91243/0$525,000$525,000$505,00096%72
350 Canterbury LaneRaised Ranch1,93632/1$564,500$564,500$549,00097%46
115 Forest Ave.Colonial, Half Duplex2,85043/1$729,000$729,000$726,000100%110
386 Random Rd.Colonial3,85143/1$739,000$739,000$750,000101%42
405 Hill Farm Rd.Colonial3,30842/1$914,900$854,900$855,00093%307
753 Rowland Rd.Contemporary4,78654/1$2,429,000$2,429,000$2,315,00095%188
58 Cherry Hill Rd.Split Level2,53643/1$619,000$619,000$635,000103%17
801 South Pine Creek Rd.Cape Cod2,11332/0$645,000$645,000$640,00099%21
232 Harvester Rd.Colonial3,80042/1$825,000$779,000$770,00093%111
261 Whites Hill LaneContemporary5,51554/2$1,399,999$1,399,999$1,360,00097%24
125 Brett LaneColonial7,76464/2$1,595,000$1,400,000$1,360,00085%205
541 Sasco Hill Rd.Colonial11,99957/3$2,994,000$2,295,000$2,125,00071%427
305 Alma Dr.Ranch1,52832/0$535,000$535,000$536,000100%28
700 Fairfield Woods Rd.Cape Cod1,49631/0$379,000$379,000$360,00095%100
331 Stratfield Rd.Colonial2,61752/1$525,000$465,000$375,00071%82
103 Brooklawn ParkwayColonial1,66732/0$449,900$449,900$415,00092%173
120 Palamar Dr.Colonial1,85331/1$500,000$500,000$500,000100%17
150 Sunset Ave.Ranch1,63232/0$575,000$575,000$555,00097%43
163 Springer Rd.Colonial2,92642/1$839,000$839,000$795,00095%48
2742 Sturges Hwy.Colonial2,90042/1$850,000$850,000$835,00098%32
109 Jeniford Rd.Colonial3,80044/1$929,000$915,000$895,00096%102
41 Eastlawn St.Colonial2,59252/1$925,000$925,000$917,00099%52
31 Melody LaneColonial, Farm House4,38854/1$1,129,000$1,099,000$1,075,00095%151
160 Golden Pond LaneColonial7,89664/2$2,599,000$2,599,000$2,450,00094%55
61 Cardinal St.Cape Cod1,58131/1$309,000$309,000$310,000100%36
360 Pansy Rd.Ranch1,34432/0$395,000$425,000$440,000111%139
90 Colonese Rd.Split Level2,38552/0$499,900$499,900$475,00095%29
90 Colonese Rd.Split Level2,38552/0$499,900$499,900$475,00095%29
2145 Burr St.Cape Cod, Ranch2,57143/0$579,000$579,000$500,00086%24
40 Lind St.Ranch1,57821/0$435,000$435,000$425,00098%24
917 Jennings Rd.Split Level1,76931/1$499,000$499,000$480,00096%103
136 Wilton Rd.Cape Cod1,76232/0$579,000$579,000$595,000103%18
152 Dill Rd.Cape Cod, Colonial1,99842/1$819,000$819,000$810,00099%273
105 French St.Colonial2,02442/1$975,000$975,000$950,00097%15
160 Granville St.Cape Cod1,40831/0$449,000$419,000$428,50095%77
116 Reid St.Farm House2,71042/1$824,999$824,999$815,00099%28
33 Evergreen Hill Rd.Colonial4,39954/1$999,000$999,000$999,000100%26
2043 Congress St.Colonial5,15042/1$639,000$639,000$615,00096%162
37 Ross Hill Rd.Colonial1,91431/1$499,999$499,999$494,00099%24
85 Rhoda Ave.Colonial, Contemporary4,58355/1$2,069,000$2,069,000$2,000,00097%84
1596 Stratfield Rd.Bungalow1,80022/0$299,000$299,000$285,00095%42
26 Pickwick St.Cape Cod1,08221/0$325,000$325,000$325,000100%33
14 Morehouse Dr.Ranch1,90032/0$375,000$349,000$340,00091%60
185 Webb Rd.Cape Cod, Colonial3,44343/1$728,000$728,000$728,500100%18
185 Red Oak Rd.Colonial7,40255/3$1,475,000$1,439,000$1,400,00095%126
101 Rhoda Ave.Colonial3,60043/1$1,639,000$1,639,000$1,565,00095%130
85 Cummings Ave.Cape Cod1,07532/0$420,000$375,000$360,00086%99
95 Woodcrest Rd., Unit #95Colonial, Half Duplex3,35432/1$485,000$485,000$472,50097%40
163 Windsor Rd.Split Level1,99041/1$539,000$499,000$486,50090%56
229 Eastfield Dr.Ranch1,74032/0$579,900$539,000$520,00090%132
1163 Merwins LaneCape Cod, Colonial2,96053/1$619,000$619,000$575,00093%195
248 Birch Rd.Colonial1,80632/0$799,999$799,999$799,999100%26
70 Walbin CourtColonial4,77453/1$999,000$999,000$930,00093%120
320 Ronald Dr.Ranch1,37531/0$375,000$375,000$355,00095%57
10 Youngstown Rd.Cape Cod1,27132/0$400,000$400,000$418,000105%6
955 Mill Plain Rd.Colonial1,74031/1$489,995$489,995$470,00096%79
1012 Mill Plain Rd.Colonial, Antique2,12742/1$549,000$549,000$505,00092%114
68 Ludlowe Rd.Colonial1,88831/1$499,500$499,500$547,500110%13
162 Eastlawn St.Colonial1,83932/1$688,500$688,500$650,00094%131
132 Charles St.Colonial1,72032/1$649,000$649,000$659,000102%36
91 Ingleside Rd.Colonial2,79642/1$799,900$749,900$735,00092%156
88 Overhill Rd.Colonial4,05743/0$899,000$899,000$899,000100%52
920 Merwins LaneColonial4,82053/3$949,900$949,900$915,00096%24
194 Willow St.Cape Cod, Colonial1,66532/1$995,000$995,000$950,00095%96
131 Oldfield Dr.Colonial2,95643/1$1,050,000$1,050,000$1,075,000102%12
254 Lucille St.Colonial3,63453/1$1,100,000$1,100,000$1,100,000100%21
77 Fern St.Colonial3,48753/1$1,449,000$1,385,000$1,367,50094%117
160 Edward St.Colonial3,30054/1$1,649,000$1,559,000$1,544,00094%98
494 Harbor Rd.Antique4,36053/1$1,750,000$1,750,000$1,700,00097%44
246 Bennett St.Ranch2,18643/0$419,900$419,900$419,900100%15
840 Sturges Hwy.Colonial2,62842/1$699,000$699,000$692,00099%36
130 Brookview Ave.Colonial1,96441/1$389,000$389,000$375,00096%84
10 High Circle LaneRanch2,09932/0$475,000$459,900$453,00095%55
400 Cascade Dr.Ranch, Other2,50053/0$539,000$539,000$515,00096%75
225 Harvester Rd.Colonial2,64042/1$759,000$759,000$759,000100%24
295 Crestwood Rd.Colonial3,23543/1$949,000$914,000$889,00094%129
76 Geneva TerraceRanch1,70831/1$389,000$389,000$394,000101%22
660 Stillson Rd.Split Level1,58831/1$449,000$419,000$400,00089%206
21 Ludlowe CourtCape Cod1,29631/1$4,150,000$415,000$420,00010%23
506 Lakeview Dr.Ranch1,20022/0$479,000$459,000$438,00091%272
85 Chapman Ave.Colonial2,34733/1$514,000$495,000$485,00094%65
67 Mona TerraceCape Cod1,69242/0$795,000$725,000$670,00084%135
11 Oldfield Dr.Cape Cod2,14042/0$649,000$649,000$675,000104%40
32 Orange St.Colonial3,31842/1$715,000$715,000$711,00099%42
112 Sasco Hill TerraceCape Cod2,11832/0$839,000$839,000$824,00098%73
199 Osborne Hill Rd.Colonial, Farm House4,20054/0$1,048,900$1,048,900$1,035,00099%77
426 Knapps Hwy.Colonial, Farm House1,81732/0$425,000$425,000$432,000102%65
320 Warner Hill Rd.Colonial3,43452/1$1,249,000$1,149,000$1,118,00090%39
141 Veres St.Colonial, Contemporary3,40043/2$1,179,000$1,179,000$1,179,000100%30
199 Henderson Rd.Colonial1,33822/0$434,900$429,900$405,00093%63
45 Norwegian WoodsColonial2,65542/1$849,000$849,000$849,000100%15
95 Wellington Dr.Colonial4,05043/0$899,000$899,000$900,000100%18
58 South Gate LaneColonial3,04132/1$1,685,000$1,725,000$1,450,00086%113
3715 Park Ave.Ranch2,02432/0$370,000$370,000$371,500100%17
124 Juniper LaneCape Cod, Colonial2,11443/0$699,000$675,000$665,00095%126
144 Alvin St.Colonial1,91832/0$449,000$449,000$440,00098%23
185 Lindamir LaneRaised Ranch, Hi-Ranch1,91032/1$544,000$544,000$544,000100%32
208 Soundview Ave.Raised Ranch1,95232/0$430,000$410,000$390,00091%164
522 High St.Cape Cod1,06531/0$439,000$409,000$380,00087%37
429 Toll House LaneRanch1,70832/0$384,900$399,900$390,000101%3
193 Hulls Hwy.Cape Cod1,80042/0$569,000$569,000$550,00097%14
80 Old Dam Rd.Colonial1,82242/1$700,000$700,000$700,000100%48
226 Saxonwood Rd.Colonial2,95042/1$725,000$725,000$715,00099%43
1020 Merwins LaneBarn3,05022/1$998,000$998,000$998,000100%111
1085 Merritt St.Colonial1,11531/1$429,000$399,000$375,00087%86
91 Glover St.Cape Cod2,32342/0$545,000$529,500$520,00095%262
15 Windermere St.Colonial3,36042/2$699,000$679,000$650,00093%140
63 Centerbrook Rd.Colonial2,17643/0$725,000$725,000$740,000102%33
1880 Hillside Rd.Colonial3,89143/1$1,099,000$899,000$892,00081%120
535 Hoydens Hill Rd.Colonial4,65153/1$1,049,000$1,049,000$1,049,000100%121
1450 Hillside Rd.Colonial5,72666/2$2,500,000$2,500,000$2,350,00094%215
Units Sold: 145$649,000$645,000$640,00097%55
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