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Trumbull Market Report July 2021
Market Overview
Trumbull had a solid month of real estate activity in June. The median sales price for a single family home was up 4.65% over the previous month; from $495,000 to $518,000. That brings home values up 6.8% for the year. Sales were very strong in June. The number of homes sold more than doubled, from 30 for both the previous two months to 64 homes sold in June. Those houses sold fairly quickly as well. The days on market was just 29 days, about the same as the previous month. Buyer demand still remains high, as in most surrounding towns in Connecticut, due to low inventory. There were under 100 homes listed in June, which is lower than comparable months in past years. Sellers also received, in most transactions, above asking price, as the % of list price to sales price was 103.3%. And, with just 1.9 months of supply, Trumbull continues to be solidly in a seller’s market. New listings were about the same as the previous month at 76, which is contributing to the low inventory. With interest rates still holding steady below 3%, buyers are still looking to move to Trumbull. The 30 year fixed rate was 2.98% by the end of the month. With a huge jump in pending sales, July looks to be another strong month. 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: | $518,000 |
| change: | 4.65% |
| YTD change: | 6.80% |
| Units Sold: | 64 |
| change: | 113.33% |
| Active Listings: | 62 |
| change: | 26.83% |
| New Listings: | 76 |
| change: | 2.70% |
| Days on Market: | 29 |
| change: | 3.57% |
| Months of Supply: | 1.90 (Seller's Market) |
| change: | -20.83% |
Interest Rates
Market Temperature
Local Median Sales Price Trends
| May '21 | Jun '21 | Change | |
| Bethel | $390,000 | $515,000 | 32.05% |
| Bridgeport | $290,000 | $300,500 | 3.62% |
| Brookfield | $490,000 | $540,000 | 10.20% |
| Danbury | $410,000 | $447,500 | 9.15% |
| Easton | $852,000 | $889,450 | 4.40% |
| Fairfield | $767,500 | $765,000 | -0.33% |
| Milford | $428,000 | $432,500 | 1.05% |
| Monroe | $485,000 | $505,000 | 4.12% |
| Newtown | $540,000 | $572,500 | 6.02% |
| N. Haven | $350,000 | $342,500 | -2.14% |
| Orange | $470,000 | $461,500 | -1.81% |
| Oxford | $472,450 | $447,500 | -5.28% |
| Redding | $815,000 | $750,000 | -7.98% |
| Ridgefield | $722,500 | $757,500 | 4.84% |
| Seymour | $356,000 | $277,500 | -22.05% |
| Shelton | $463,750 | $419,900 | -9.46% |
| Stratford | $335,000 | $373,000 | 11.34% |
| Trumbull | $495,000 | $518,000 | 4.65% |
| Weston | $1,050,000 | $1,162,500 | 10.71% |
| Westport | $1,636,000 | $1,628,000 | -0.49% |
Tips
4 Reasons Downsizing Makes Sense
If you’re considering making a move to a smaller home, now may be a great time to list your property. Here’s why.
It’s a seller’s market. The real estate market is hot right now in most areas of the country. If you’ve been thinking about selling your current house and purchasing a smaller one, the timing is ideal to make your move.
Retirement is approaching. As you near retirement, it may make sense to reduce your monthly expenses and add those savings to your retirement nest egg. Downsizing your home means you’ll likely pay less in property taxes, insurance and mortgage payments.
Maintenance is reduced. A smaller home means less maintenance. If you have extra rooms you rarely use but still have to clean, heat and/or cool, it may be time to lessen the effort of maintaining a larger space.
You want to travel. If you’re hoping to spend more time visiting family or exploring the world, you’ll love the freedom of having less to take care of when you return home.
Remote Work: How To Hold Yourself Accountable
Working from home has its advantages, but it can also be filled with distractions. Try these tips to help you focus and hold yourself accountable when working remotely.
Set up a separate work space. Having a designated space for your home office can help you mentally separate your work and home life. Choose an area of your home that’s away from distractions such as kids, pets and household chores.
Establish tangible goals. Set daily, weekly and monthly goals for what you want to accomplish. Hold yourself accountable by writing down your tasks and crossing them off as you complete each one.
Follow a routine. Wake up at the same time each day and work a set number of hours. Try to complete work tasks during business hours and save personal and household tasks for when you’re off the clock.
Get dressed. While it can be tempting to stay in your pajamas all day, changing into “real clothes” sends a signal to your brain that it’s time to get to work.
Maintain communication. Check in regularly with your boss, coworkers and clients to ensure you’re supporting them with all necessary tasks. Follow up on in-progress projects and let everyone know if you have a change to your schedule or will be unavailable during a specific period of time.
Schedule your breaks. Instead of getting up from your desk any time a distraction pops up, schedule regular breaks by using a timer or calendar reminders. This can help you remain focused on the task in front of you while also allowing you time to eat lunch, take mental breaks or enjoy a quick walk.
Find an accountability partner. Find a coworker who is also working remotely, and share your routines, goals and to-do lists with each other. Check in periodically to see how you’re doing with following through on your intentions.
Real Estate Headlines
Housing Moving Past Pricing Peak, But Inventory Still Low: Nationwide, the rate of home price growth has started to slow, and the competition for homes may be showing some signs of easing somewhat. “The market’s topping out,” Mark Zandi, chief economist at Moody’s Analytics, told realtor.com®. It’s “starting to show cracks. It feels like we’ve hit the apex, and we’re moving to the other side of it.” But that doesn’t mean the housing market is heading for a bubble that is bound to burst. Mortgage lending has remained tight. Real estate economists have long said the current frenzy in the housing market is no housing bubble that is reminiscent of nearly a decade ago with the run-up in real estate. Some buyers are getting priced out of the market. There is also a severe shortage of homes for sale: Total housing inventory is down 42% year over year. Buyers still in the market may soon start to see less bidding wars and fewer offers that are way above the asking price. Regardless, economists are predicting an overall slowdown in prices and more moderation rather than any major downfall.
Plummeting Lumber Prices Little Help to Builders: The price of framing lumber has plunged about 50% over the last seven weeks, offering up a hopeful sign that skyrocketing building costs would ease. However, builders say that the prices they pay have only declined by a fraction of that percentage. The disconnect in pricing has always existed in the lumber supply chain. It can still be a “long lag time” before the full price reductions come to builders, the National Association of Home Builders reports. Meanwhile, new-home building prices for home buyers continue to rise. May’s price was 18% higher than last year.
The Home Improvement Boom Isn’t Letting Up Soon: Half of U.S. homeowners recently surveyed say they plan to spend more on home improvements in 2021 than they did last year. Many homeowners are using cash to complete these home renovation projects. kitchen and bathroom renovations tend to offer some of the highest returns on investment.
Top 7 Hot Spots for Undeveloped Land: Realtor.com® evaluated the 100 largest metros in the U.S. to find where land values have increased the most since the pandemic (comparing the first half of 2020 with the first half of 2021). The top 7 areas with % increase and price per sq. ft. of raw land are: North Port/Sarasota, FL (+92% / $2.52), Portland, OR (+72% / $9.17), Los Angeles, CA (+67% / $1.38), Boise City, ID (+52% / $3.06), Raleigh, NC. (+50% / $1.71), Syracuse, NY (+50% / $0.40), Spokane, WA (+47% / $0.43).
Upcoming Events
Connecticut’s event schedule is back this Summer, 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 - June
June 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 |
| 92 Crown St | Cape Cod | 2,219 | 3 | 2/1 | $419,000 | $419,000 | $451,000 | 108% | 5 |
| 9 Academy Rd | Colonial, Saltbox | 1,800 | 3 | 2/0 | $469,900 | $469,900 | $507,000 | 108% | 15 |
| 247 Pinewood Trl | Contemporary | 2,175 | 4 | 3/0 | $549,900 | $549,900 | $606,000 | 110% | 26 |
| 27 Bailey St | Colonial | 3,293 | 4 | 2/1 | $629,900 | $629,900 | $630,000 | 100% | 10 |
| 18 Saxony Dr | Colonial | 3,310 | 4 | 2/1 | $605,000 | $619,900 | $670,000 | 111% | 8 |
| 139 White Plains Rd | Raised Ranch | 1,380 | 3 | 2/0 | $389,000 | $389,000 | $400,000 | 103% | 48 |
| 11 Elaine St | Cape Cod | 1,245 | 2 | 1/1 | $379,900 | $379,900 | $414,611 | 109% | 5 |
| 5 Spruce St | Cape Cod | 1,715 | 3 | 2/0 | $369,000 | $369,000 | $435,000 | 118% | 63 |
| 141 Oldfield Rd | Colonial | 2,304 | 4 | 2/1 | $425,000 | $425,000 | $480,000 | 113% | 65 |
| 8 Walker Rd | Colonial | 2,730 | 4 | 2/1 | $550,000 | $550,000 | $560,000 | 102% | 9 |
| 52 Springwood Dr | Split Level | 1,800 | 4 | 2/1 | $549,000 | $549,000 | $585,000 | 107% | 65 |
| 193 Putting Green Rd | Colonial | 2,926 | 4 | 3/0 | $599,900 | $599,900 | $630,000 | 105% | 66 |
| 77 Wedgewood Rd | Colonial, Tudor | 3,858 | 4 | 2/1 | $619,900 | $619,900 | $680,000 | 110% | 21 |
| 31 N. Green Acres Ln | Contemporary, Farm House | 6,890 | 5 | 5/3 | $1,249,000 | $1,250,000 | $1,212,500 | 97% | 152 |
| 18 Hedgehog Rd | Cape Cod | 3,761 | 3 | 4/1 | $650,000 | $650,000 | $715,000 | 110% | 28 |
| 36 Harned Pl | Ranch | 1,375 | 4 | 1/1 | $379,900 | $379,900 | $414,000 | 109% | 73 |
| 333 Daniels Farm Rd | Ranch | 3,830 | 3 | 2/0 | $499,900 | $499,900 | $515,000 | 103% | 34 |
| 74 High Ridge Rd | Ranch | 1,884 | 3 | 2/0 | $479,900 | $479,900 | $521,000 | 109% | 27 |
| 550 Stonehouse Rd | Colonial | 3,333 | 4 | 2/1 | $689,000 | $689,000 | $713,000 | 103% | 57 |
| 9 Tuckahoe Rd | Colonial | 5,530 | 4 | 3/1 | $949,900 | $949,900 | $949,900 | 100% | 23 |
| 113 Campbell Rd | Split Level | 2,348 | 3 | 2/0 | $359,000 | $359,000 | $385,000 | 107% | 2 |
| 91 Jerusalem Hl | Colonial | 1,914 | 3 | 2/1 | $459,900 | $459,900 | $494,900 | 108% | 19 |
| 4725 Madison Ave | Colonial, Ranch | 3,187 | 5 | 3/0 | $639,000 | $599,000 | $600,000 | 94% | 76 |
| 109 Gilbert Dr | Ranch | 1,499 | 3 | 1/0 | $379,900 | $379,900 | $365,000 | 96% | 67 |
| 30 Merrill Rd | Cape Cod | 1,300 | 2 | 1/0 | $379,000 | $379,000 | $385,000 | 102% | 42 |
| 14 Abric Dr | Ranch | 2,200 | 4 | 3/0 | $429,900 | $429,900 | $460,000 | 107% | 70 |
| 111 Crabapple Rd | Colonial | 2,470 | 4 | 2/1 | $649,900 | $619,900 | $582,500 | 90% | 51 |
| 66 Wilson Ave | Cottage | 648 | 2 | 1/1 | $309,000 | $309,000 | $300,000 | 97% | 35 |
| 66 Lillian Dr | Ranch | 2,048 | 3 | 1/1 | $398,500 | $398,500 | $422,000 | 106% | 4 |
| 249 Booth Hill Rd | Raised Ranch | 2,991 | 4 | 3/0 | $489,000 | $489,000 | $450,000 | 92% | 14 |
| 38 White Birch Dr | Split Level | 2,084 | 3 | 1/1 | $475,000 | $475,000 | $480,000 | 101% | 14 |
| 50 Craig Ln | Ranch | 1,140 | 2 | 1/1 | $329,900 | $329,900 | $329,000 | 100% | 1 |
| 16 Lansing Ave | Colonial | 2,490 | 4 | 2/1 | $429,500 | $429,500 | $494,000 | 115% | 27 |
| 20 Clark Rd | Ranch | 2,852 | 3 | 2/0 | $489,000 | $489,000 | $550,000 | 112% | 29 |
| 97 Old Hollow Rd | Colonial | 2,986 | 4 | 2/1 | $589,900 | $589,900 | $565,000 | 96% | 28 |
| 106 Golden Hill St | Colonial | 2,626 | 4 | 2/1 | $549,900 | $549,900 | $590,000 | 107% | 19 |
| 29 Porters Hill Rd | Raised Ranch | 2,704 | 4 | 2/1 | $550,000 | $550,000 | $600,000 | 109% | 6 |
| 19 Great Brook Rd | Colonial | 2,975 | 4 | 2/1 | $639,900 | $639,900 | $615,000 | 96% | 28 |
| 110 Aspen Ln | Colonial | 4,862 | 4 | 2/2 | $749,900 | $749,900 | $780,000 | 104% | 45 |
| 143 White Plains Rd | Cape Cod | 1,382 | 2 | 2/0 | $289,000 | $289,000 | $302,000 | 104% | 38 |
| 45 Old Green Rd | Cape Cod | 1,489 | 3 | 1/1 | $409,000 | $379,000 | $368,000 | 90% | 70 |
| 104 Salem Rd | Colonial | 4,132 | 5 | 3/1 | $724,000 | $724,000 | $730,000 | 101% | 14 |
| 26 Highgate Rd | Colonial | 1,545 | 3 | 1/1 | $495,000 | $479,000 | $479,000 | 97% | 29 |
| 28 Evelyn St | Colonial | 1,527 | 3 | 1/1 | $459,900 | $459,900 | $532,000 | 116% | 20 |
| 70 Vixen Rd | Colonial | 2,456 | 4 | 2/1 | $599,900 | $599,900 | $550,000 | 92% | 30 |
| 104 Shelter Rock Rd | Colonial | 2,300 | 4 | 2/1 | $534,900 | $534,900 | $570,000 | 107% | 23 |
| 183 Lawrence Rd | Split Level | 2,219 | 3 | 2/1 | $449,000 | $449,000 | $450,000 | 100% | 52 |
| 80 Shelton Rd | Colonial | 2,098 | 3 | 2/0 | $450,000 | $450,000 | $470,000 | 104% | 31 |
| 63 Catherine St | Ranch | 2,682 | 3 | 2/0 | $479,900 | $479,900 | $510,000 | 106% | 61 |
| 45 Blackhouse Rd | Colonial | 2,649 | 4 | 2/1 | $550,000 | $550,000 | $565,000 | 103% | 65 |
| 217 Pinewood Trl | Ranch | 1,352 | 3 | 1/1 | $459,900 | $459,900 | $425,000 | 92% | 33 |
| 6 Wareham Pl | Colonial | 2,585 | 4 | 3/0 | $649,900 | $624,900 | $589,000 | 91% | 153 |
| 22 Knecht Farm Rd | Colonial | 6,328 | 4 | 4/1 | $994,900 | $994,900 | $980,000 | 99% | 34 |
| 7 Round Ridge Trl | Ranch | 2,786 | 4 | 2/0 | $469,900 | $469,900 | $541,000 | 115% | 51 |
| 39 Kingsbury Dr | Colonial, Contemporary | 4,128 | 5 | 3/1 | $699,000 | $699,000 | $718,000 | 103% | 21 |
| 40 Old Sawmill Rd | Cape Cod | 1,491 | 3 | 1/1 | $379,900 | $379,900 | $379,900 | 100% | 17 |
| 40 Lillian Dr | Ranch | 2,921 | 3 | 2/1 | $466,900 | $466,900 | $515,000 | 110% | 17 |
| 94 Elliott Rd | Ranch | 1,670 | 2 | 1/0 | $399,900 | $399,900 | $405,000 | 101% | 3 |
| 33 Birdsall Ave | Cape Cod, Colonial | 1,595 | 4 | 2/0 | $475,000 | $475,000 | $480,000 | 101% | 5 |
| 60 Seeley Rd | Colonial, Farm House | 2,809 | 3 | 2/1 | $595,000 | $595,000 | $650,000 | 109% | 39 |
| 187 Old Dike Rd | Ranch, Chalet | 1,826 | 3 | 3/0 | $519,900 | $519,900 | $521,000 | 100% | 43 |
| 769 Daniels Farm Rd | Colonial, Antique | 3,308 | 4 | 2/1 | $499,900 | $454,900 | $380,000 | 76% | 342 |
| 480 Shelton Rd | Bungalow, Cottage | 3,599 | 5 | 2/1 | $395,000 | $395,000 | $410,000 | 104% | 117 |
| 156 Fresh Meadow Dr | Colonial | 3,950 | 4 | 2/2 | $699,900 | $699,900 | $710,000 | 101% | 3 |
| Units Sold: 64 | $489,000 | $479,900 | $518,000 | 103% | 29 |
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