Orange Market Report November 2020

The real estate market in Orange saw a slight up-tick in October from September, but still trails the activity experienced in July and August. The median sales price rose just over 2%, from $419,000 to $427,500, while the number of houses sold was about the same. More sellers jumped into the market, with 21 new houses for sale and 52 houses for sale in total, the highest monthly numbers so far this year. Overall, 2020 has been a terrific year for sellers, as the median sales price is up over 25% since January, and up over 6% in the first 10 months of 2020, compared to the same period in 2019. Sellers are still in a great position to list their homes now, as the 3.4 months of supply continues to point to a strong sellers-market. Houses are also selling quickly, in about 46 days in October, and close to asking price (98.2% of list price). According to the National Association of Realtors, the strong housing market is likely to continue through the winter, as low interest rates continue to break records, motivating buyers to jump into the market. The national 30yr fixed rate was down to 2.81% by the end of October. 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:$427,500
change:2.03%
YTD change:25.74%
Units Sold:12
change:9.09%
Active Listings:52
change:52.94%
New Listings:21
change:16.67%
Days on Market:46
change:27.78%
Months of Supply:3.40 (Seller's Market)
change:17.24%

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.

Orange 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
842 Taft RdColonial, Farm House1,39931/1$199,000$199,000$200,000101%31
337 Racebrook RdColonial2,79043/0$524,900$499,900$490,00093%35
970 Rainbow TrlColonial4,60534/0$669,000$669,000$640,00096%58
640 Saint Johns DrColonial7,57354/2$1,490,000$1,490,000$1,510,000101%9
372 Demarest DrRanch2,76233/0$460,000$455,000$460,000100%49
697 Lambert RdCape Cod1,40031/0$289,900$289,900$295,000102%3
576 Racebrook RdRanch1,66821/1$329,900$325,000$310,00094%59
460 Turkey Hill RdContemporary3,72832/1$899,999$849,000$787,50088%42
617 Saddle Ridge RdContemporary2,39833/0$322,000$322,000$316,66498%51
9 Racebrook TerRanch2,52032/0$424,900$419,900$395,00093%128
775 Grassy Hill RdCape Cod3,78232/0$349,900$349,900$345,00099%4
Units Sold: 11$424,900$419,900$395,00098%42
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