Orange Market Report October 2020

The real estate market in Orange saw a slow down in September over July and August’s increases.  The median sales, having risen to $440,000 in July and $494,000 in August, dropped to $419,000 in September.  Although down for the month, since January, the median sales price is still up an impressive 23%, and overall for 2020, higher than last year.   The median sales price for 2019 was $378,000, and so far in the first 9 months of 2020, it is has increased to $395,000.  Other factors signaling a slow down were the number of units sold:  11 in September compared to 17 in August and 25 in July.  Even with the slow down, Orange has moved further into a strong sellers-market, as buyer demand continues to increase.  Supply of houses for sale is tight, with the months of supply at 1.8 months.  Compare that with the previous September of 5 months (a stable market between buyers and sellers).  Buyers are still benefiting from this years incredibly low interest rates and are ready to buy.  By the end of September, the 30yr fixed rate was 2.88%.  Homeowners may be still reluctant to list their homes during the pandemic for fear of not being able to find suitable housing.  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:$419,000
change:-15.18%
YTD change:23.24%
Units Sold:11
change:-35.29%
Active Listings:34
change:17.24%
New Listings:18
change:20.00%
Days on Market:36
change:-12.20%
Months of Supply:1.80 (Seller's Market)
change:-10.00%

Economic News:
Stock Market: After a strong performance in August, the major US stock markets suffered losses in September. The NASDEQ was down 5.16%, S&P 500 down 3.92% and the Dow Jones was down 2.28%. Despite September’s pullback, the NASDEQ and S&P 500 were up for the year, 24.46% and 4.09% respectivly, while the Dow Jones YTD performance for the end of September was -2.65%.
Employment:  September saw another drop in the unemployment rate from 8.4% in August to 7.9%, according to the Bureau of Labor Statistics. Although a real improvement since April’s high of 14.7%, this will be the highest uneployment rate going into an election since first being recorded in 1948. September’s biggest job gains came in the leisure and hospitality sectors, followed by retail trade.
Real Estate:  Real estate sales continued to be brisk nationwide.  Existing-home sales continued to climb in August, marking three consecutive months of positive sales gains, according to the National Association of Realtors®. Each of the four major regions experienced both month-over-month and year-over-year growth, with the Northeast seeing the greatest improvement from the prior month.

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 9 months.  All towns show increases in median sales price, with many over 10%.  The days on market have also decreased significantly, except for Orange and Ridgefield, which have both increased
1/19-9/191/20-9/20Change
Bethel$345,000 $365,000 5.80%
Bridgeport$200,000 $235,000 17.50%
Easton$557,000 $560,000 0.54%
Fairfield$590,000 $655,000 11.02%
Milford$305,000 $350,000 14.75%
Monroe$374,000 $404,000 8.02%
Newtown$380,100 $424,500 11.68%
Norwalk$486,509 $530,000 8.94%
Orange$375,000 $392,500 4.67%
Redding$530,500 $555,000 4.62%
Ridgefield$635,000 $672,500 5.91%
Shelton$337,500 $370,000 9.63%
Stratford$252,000 $280,000 11.11%
Trumbull$385,000 $421,813 9.56%
Weston$687,000 $790,000 14.99%
Westport$1,182,500 $1,325,000 12.05%
Wilton$720,000 $782,500 8.68%
Tips To Prepare Your Garden For Fall:
With more time at home this Spring, millions of Americans planted garden beds to improve their yards’ aesthetics and provide food for their families.  Now with Fall approaching, gardens need to be tended to in preparation for Spring. Deadhead Perennials:  When perennial flowers have finished blooming, cut off old stalks or stems, which is called “deadheading.” This keeps them healthy and helps them to regenerate more flowers next season. Prune And Transplant Overgrowth: Plants and bushes require different types of trimming, thinning out old growth, which will help the plant grow bigger and fuller next  season.   Overgrown plants can be transplanted to another part of the yard after they finish blooming, usually during late fall. Mulch Plants To Retain Water:  Using an organic material, such as wood, bark, or straw, homeowners should mulch flower beds and around trees to help them retain water, keep down weeds and curtails ground temperature fluctuations protecting plants over winter. Plant Bulbs In The Fall:  Homeowners should plant bulbs vin the fall, before the first frost arrives and get a jump on the spring growth. Plant Vegetable Gardens With A Cover Crop:  Planting cover crops such as clover or winter wheat protect your vegetable garden soils from the harsh winter.  Come spring, thes crops can be turned into the soil prior to replanting, wihch provides nitrogen and other organic nutrients to the soil.

Stage A Cozy Outdoor Space For Cooler Weather:
During the pandemic, outdoor space has become a premium consideration. Homeowners are sprucing up their spaces to maximize every square inch of their properties, and home buyers are reportedly giving more weight to the outdoor appeal of homes.  Here are a few ways to spend more tie outdoors as the weather cools:

1: Add a fire pit.  Outdoor fireplaces or fire pits are a big win once the sun goes down and the weather cools off.
2: Add plush cushions and blankets.  Add seat cushions, outdoor pillows, and a basket of warm blankets to wrought-iron deck chairs and enjoy a cozy evining outdoors.
3:  Propane Heaters.  Patio heaters have become one of the hottest accessories this fall as the temperature drops. Try a standing propane heater, electric heat lamp, or an infrared heater.
4: All-weather rugs.  Outdoor rugs can add an extra layer to your outdoor space can cozy it up.
5: Extra lighting.   Outdoor lamps can help with ambiance. Consider adding Edison bulbs, glowing lanterns, mason jars with tee lights or tiki torches.

Sales Trends: January-September

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
622 Arrowhead Dr.Contemporary, Raised Ranch3,00042/1$429,000$419,000$419,50098%12
397 Pine Tree Dr.Split Level1,62832/0$415,000$415,000$407,50098%30
53 Wedgewood Dr.Ranch1,92532/0$399,900$399,900$410,000103%67
789 Donna Dr.Ranch2,63333/0$475,000$475,000$475,000100%84
259 Heartland TerraceColonial3,80442/1$679,900$679,900$660,00097%20
657 High Ridge Rd.Colonial2,66042/1$389,900$389,900$415,000106%6
406 Ridgeview Rd.Ranch1,55631/1$299,000$299,000$315,000105%36
319 Manley Heights Rd.Contemporary, Ranch2,64533/0$514,900$514,900$490,00095%66
43 Farm Hill Rd.Colonial5,29665/1$1,299,000$1,299,000$1,175,00090%59
169 Surrey Dr.Raised Ranch2,09632/1$370,000$370,000$370,000100%4
682 Lambert Rd.Contemporary4,17433/1$477,500$452,000$420,00088%71
Units Sold: 11$429,000$419,000$419,50098%36
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