The July real estate market in Stratford continued to be quite active, following trends felt in surrounding towns. The median sales price was slightly lower than the previous month, $300,000 down to $291,500, but still up an impressive 15% since the beginning of the year. The number of units sold rose over 43% and the number of new listings rose nearly 10%. Sellers have definitely been noticing the increase in buyer demand and have brought more houses to market over the past few months. Buyer activity has been strong. Days on market continues to be low, at just 34 days in July, with many homes getting full price offers and multiple bids. The percentage of list price to closing price was 100%. The number of new listings rose as did the number of pending sales, which suggests another brisk month of activity in August. 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: | $297,500 |
| change: | -0.83% |
| YTD change: | 17.13% |
| Units Sold: | 82 |
| change: | 49.09% |
| Active Listings: | 176 |
| change: | 14.29% |
| New Listings: | 112 |
| change: | 8.74% |
| Days on Market: | 35 |
| change: | -22.22% |
| Months of Supply: | 2.80 (Seller's Market) |
| change: | -3.45% |
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%.
| 1/19-7/19 | 1/20-7/20 | Change | |
| 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% |
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.
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)
| Address | Style | sq ft | BR | BA (f/h) | OLP | LP | SP | SP/OLP | DOM |
| 163 Jackson Ave. | Colonial | 1,032 | 2 | 1/1 | $180,000 | $180,000 | $183,700 | 102% | 8 |
| 47 Ryan Ave. | Half Duplex | 1,456 | 3 | 1/1 | $199,000 | $199,000 | $192,600 | 97% | 23 |
| 40 Emery St. | Cape Cod | 1,307 | 2 | 1/1 | $219,900 | $219,900 | $219,900 | 100% | 23 |
| 248 Wigwam Lane | Ranch | 1,144 | 2 | 1/0 | $234,000 | $234,000 | $234,000 | 100% | 19 |
| 156 Ridge Rd. | Colonial | 1,152 | 3 | 2/0 | $299,900 | $299,900 | $305,500 | 102% | 25 |
| 68 2nd Ave. | Contemporary, A-Frame | 1,935 | 4 | 3/0 | $369,000 | $350,000 | $342,000 | 93% | 106 |
| 95 Academy Hill Terrace | Colonial | 2,124 | 3 | 2/1 | $349,900 | $349,900 | $345,000 | 99% | 67 |
| 353 Greenfield Ave. | Cape Cod | 2,453 | 4 | 2/0 | $359,900 | $359,900 | $350,000 | 97% | 25 |
| 244 Spruce St. | Colonial | 2,700 | 4 | 2/1 | $420,000 | $420,000 | $410,000 | 98% | 48 |
| 64 Hazelwood Terrace | Colonial | 2,756 | 4 | 2/1 | $459,900 | $449,900 | $440,000 | 96% | 87 |
| 182 Reeds Lane | Colonial | 1,880 | 3 | 2/1 | $460,000 | $460,000 | $470,000 | 102% | 3 |
| 111 Colony St. | Cape Cod | 1,664 | 4 | 1/1 | $259,900 | $219,900 | $220,000 | 85% | 77 |
| 12 Raven Terrace | Ranch | 1,384 | 3 | 1/1 | $209,000 | $209,000 | $222,000 | 106% | 3 |
| 185 Kenwood Ave. | Colonial | 1,380 | 3 | 1/1 | $259,500 | $259,500 | $250,000 | 96% | 43 |
| 217 1st Ave. | Cape Cod | 1,576 | 4 | 2/0 | $325,000 | $325,000 | $330,000 | 102% | 9 |
| 440 Huntington Rd. | Cape Cod | 1,351 | 3 | 1/1 | $309,900 | $309,900 | $302,500 | 98% | 7 |
| 66 1st Ave. | Colonial | 2,070 | 4 | 2/0 | $449,000 | $419,000 | $395,000 | 88% | 112 |
| 165 Stratford Rd. | Cape Cod, Ranch | 3,169 | 3 | 2/1 | $399,900 | $399,900 | $405,000 | 101% | 39 |
| 985 Cutspring Rd. | Ranch, Bungalow | 1,260 | 2 | 1/0 | $499,000 | $499,000 | $482,000 | 97% | 83 |
| 115 Blueberry Lane | Cape Cod | 3,842 | 4 | 3/1 | $579,900 | $479,000 | $493,000 | 85% | 323 |
| 366 Bridgeview Place | Colonial | 3,135 | 4 | 3/1 | $579,900 | $579,900 | $577,400 | 100% | 6 |
| 235 Red Bird Dr. | Colonial | 1,586 | 3 | 1/1 | $334,900 | $359,900 | $350,000 | 105% | 66 |
| 383 Windsor Ave. | Ranch | 2,567 | 3 | 3/0 | $375,000 | $400,000 | $406,366 | 108% | 4 |
| 18 Philo St. | Ranch | 1,808 | 3 | 1/1 | $279,900 | $279,900 | $288,500 | 103% | 2 |
| 465 Barnum Terrace Ext. | Colonial | 1,914 | 3 | 1/1 | $325,000 | $318,500 | $325,000 | 100% | 113 |
| 70 Kenyon St. | Bungalow | 1,082 | 3 | 1/1 | $199,900 | $199,900 | $200,000 | 100% | 172 |
| 35 Sunnybank Ave. | Cape Cod | 1,588 | 3 | 2/0 | $229,900 | $209,900 | $225,000 | 98% | 115 |
| 70 Topaz Place | Cape Cod | 1,233 | 4 | 1/0 | $254,900 | $234,900 | $230,000 | 90% | 206 |
| 255 London Terrace | Cape Cod | 1,183 | 3 | 1/0 | $267,500 | $267,500 | $269,500 | 101% | 3 |
| 192 Washington Parkway | Colonial | 1,456 | 3 | 2/1 | $299,500 | $299,500 | $305,000 | 102% | 7 |
| 21 Fairview Ave. | Ranch | 1,224 | 3 | 1/0 | $309,900 | $309,900 | $309,900 | 100% | 30 |
| 8 Jesse Ave. | Cape Cod | 3,110 | 4 | 3/0 | $397,000 | $397,000 | $405,000 | 102% | 17 |
| 240 Luanne Rd. | Colonial | 2,010 | 3 | 3/0 | $529,000 | $529,000 | $530,000 | 100% | 29 |
| 805 Robin Lane | Colonial | 1,224 | 3 | 1/0 | $179,900 | $169,300 | $172,000 | 96% | 157 |
| 35 Masna Place | Cape Cod | 1,308 | 3 | 1/0 | $279,900 | $270,000 | $270,000 | 96% | 92 |
| 642 California St. | Ranch | 1,506 | 3 | 1/1 | $289,000 | $289,000 | $310,000 | 107% | 40 |
| 76 Crestwood Rd. | Ranch | 1,200 | 3 | 1/0 | $319,900 | $319,900 | $315,000 | 98% | 44 |
| 71 Oakland St. | Raised Ranch | 1,992 | 3 | 2/1 | $339,900 | $339,900 | $355,000 | 104% | 5 |
| 14 Clarendon St. | Colonial | 1,270 | 3 | 1/0 | $165,000 | $165,000 | $165,000 | 100% | 3 |
| 159 Raven Terrace | Contemporary | 1,393 | 3 | 2/0 | $209,900 | $209,900 | $220,000 | 105% | 5 |
| 899 Wilcoxson Ave. | Colonial | 1,169 | 3 | 1/1 | $259,900 | $259,900 | $250,000 | 96% | 71 |
| 133 Glenfield Ave. | Cape Cod | 1,663 | 3 | 2/0 | $279,000 | $279,000 | $280,000 | 100% | 3 |
| 1435 North Ave. | Colonial | 1,234 | 3 | 2/0 | $299,900 | $289,900 | $292,500 | 98% | 59 |
| 1877 Nichols Ave. | Colonial | 1,742 | 4 | 1/1 | $349,900 | $349,900 | $355,000 | 101% | 4 |
| 55 E. Gate Lane | Cape Cod, Colonial | 1,510 | 3 | 2/0 | $379,000 | $379,000 | $360,000 | 95% | 118 |
| 70 Brookbend Dr. | Colonial | 1,914 | 3 | 2/1 | $369,900 | $369,900 | $369,900 | 100% | 52 |
| 145 Pilgrim Lane | Ranch, Bungalow | 1,686 | 4 | 2/0 | $239,900 | $239,900 | $239,900 | 100% | 41 |
| 101 Boswell St. | Ranch | 2,592 | 3 | 2/0 | $329,900 | $329,900 | $329,900 | 100% | 62 |
| 90 Bittersweet Lane | Cape Cod | 2,200 | 4 | 2/0 | $349,000 | $339,000 | $335,000 | 96% | 31 |
| 139 Mcgrath Court | Colonial | 2,384 | 4 | 2/1 | $419,000 | $419,000 | $410,000 | 98% | 145 |
| 279 Sherwood Place | Colonial | 2,352 | 3 | 2/0 | $274,900 | $274,900 | $281,000 | 102% | 1 |
| 57 Fernwood Dr. | Cape Cod, Ranch | 2,031 | 3 | 2/0 | $389,900 | $389,900 | $390,000 | 100% | 35 |
| 1047 Nichols Ave. | Half Duplex | 1,252 | 3 | 2/0 | $205,000 | $205,000 | $215,000 | 105% | 7 |
| 220 Clinton Ave. | Colonial | 1,476 | 4 | 2/0 | $239,900 | $239,900 | $247,000 | 103% | 41 |
| 215 Mckinley Ave. | Cape Cod | 2,362 | 5 | 3/1 | $389,900 | $389,900 | $389,900 | 100% | 13 |
| 524 Barnum Terrace Ext. | Cape Cod | 1,769 | 4 | 2/0 | $270,000 | $260,000 | $250,000 | 93% | 171 |
| 119 Beers Place | Colonial | 2,110 | 4 | 2/1 | $412,500 | $412,500 | $405,000 | 98% | 21 |
| 130 Matthew Dr. | Cape Cod | 1,800 | 3 | 2/0 | $279,000 | $279,000 | $287,000 | 103% | 17 |
| 370 Maple Oak Dr., Unit #37 | Colonial | 1,900 | 3 | 1/1 | $309,900 | $309,900 | $314,000 | 101% | 36 |
| 404 Highland Ave. | Colonial | 1,132 | 3 | 1/1 | $329,900 | $329,900 | $315,000 | 95% | 39 |
| 467 Windsor Ave. | Colonial | 1,385 | 3 | 2/0 | $339,900 | $339,900 | $355,000 | 104% | 0 |
| 299 Housatonic Ave. | Colonial | 1,500 | 2 | 2/1 | $429,000 | $429,000 | $429,900 | 100% | 175 |
| 38 Knowlton St. | Colonial | 1,421 | 3 | 1/0 | $229,900 | $224,900 | $220,000 | 96% | 67 |
| 923 Judson Place | Cape Cod | 1,373 | 4 | 2/0 | $225,900 | $225,900 | $245,000 | 108% | 19 |
| 325 Woodstock Ave. | Colonial | 1,470 | 3 | 1/1 | $299,900 | $299,900 | $289,000 | 96% | 61 |
| 421 Oak Bluff Ave. | Cape Cod | 1,044 | 3 | 1/0 | $240,000 | $234,900 | $227,000 | 95% | 69 |
| 18 Collins St. | Ranch | 1,355 | 3 | 2/0 | $264,900 | $264,900 | $269,900 | 102% | 18 |
| 113 Temple St. | Colonial | 1,533 | 3 | 1/1 | $279,000 | $279,000 | $272,500 | 98% | 3 |
| 6 Alfred Court | Cape Cod | 2,117 | 2 | 2/0 | $256,000 | $256,000 | $256,000 | 100% | 2 |
| 1524 Broadbridge Ave. | Colonial | 1,526 | 3 | 1/1 | $260,000 | $260,000 | $260,000 | 100% | 34 |
| 130 River Valley Rd. | Colonial | 1,177 | 2 | 1/1 | $179,000 | $139,000 | $144,100 | 81% | 267 |
| 44 Meritine Ave. | Colonial | 1,044 | 3 | 1/0 | $149,900 | $149,900 | $151,000 | 101% | 51 |
| 15 Val Dr. | Colonial | 1,254 | 3 | 1/1 | $224,000 | $224,000 | $231,000 | 103% | 10 |
| 194 Wakelee Ave. | Ranch | 2,090 | 3 | 1/1 | $379,900 | $379,900 | $380,000 | 100% | 39 |
| 55 Torsey St. | Colonial | 1,584 | 2 | 1/0 | $219,900 | $219,900 | $215,000 | 98% | 4 |
| 55 White St. | Cape Cod | 1,408 | 3 | 1/1 | $235,000 | $223,250 | $223,250 | 95% | 47 |
| 31 Plymouth St. | Cape Cod | 2,144 | 3 | 1/1 | $264,900 | $264,900 | $255,000 | 96% | 46 |
| 220 Flagler Ave. | Colonial | 1,743 | 3 | 2/0 | $335,000 | $335,000 | $338,000 | 101% | 10 |
| 140 Bayview Blvd. | Colonial | 1,301 | 3 | 1/0 | $199,900 | $199,900 | $184,500 | 92% | 16 |
| Plymouth | Cape Cod, Colonial | 2,053 | 4 | 2/0 | $285,000 | $285,000 | $291,500 | 102% | 16 |
| Flagler | Cape Cod | 1,700 | 4 | 1/0 | $324,900 | $324,900 | $330,000 | 102% | 0 |
| Bayview | Colonial | 3,529 | 4 | 4/1 | $799,000 | $799,000 | $785,000 | 98% | 289 |
| Units Sold: 82 | $299,700 | $294,700 | $297,500 | 100% | 35 | ||||