We have not yet seen the full effect of the current environment with COVID-19 and the need to practice social distancing and stay home. With that said, the need for shelter and the sale and purchase of homes are considered essential. Connecticut began to see the effects of COVID-19 around early March, hence, these market updates will not reflect the true effect as of yet.
Observations from the data (Single Family Homes in Stratford):
- The number of listings in Stratford, CT compared to the previous year has decreased. With that said, there was an increase in new listings when March 2020 is compared to February 2020
- Some towns are experiencing more of a hit than others. Trumbull and Shelton has a Year over Year (YOY) decrease of 22% and 46% respectively & unlike Stratford the decrease appears to continue from February to March
- Homes are selling a little faster that in March 2019. With that said, will that hold true in April 2020?
- Sale prices are increasing as to be expecting with the Spring and Summer markets, which is great for sellers and based on the data here sellers are receiving on average approximately 96% of listing price. But once again, with the current environment due to COVID-19 impact - how will we fare in the remainder of 2020?
Main TakeAways: The number of New listings are decreasing, with that said, overall inventory appears to remain fairly flat from January to March as can be seen here. Homes are selling faster as sales prices increase in the Stratford market.
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- Fairfield County December 2019 Market Update
- New Haven County December 2019 Market Update
- Home Purchasing Steps
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