By Osi Rosenberg, A to Z Realty, LLC
Location! Location! Location! Stratford is my dream hometown. Situated on the Metro North Train Line with a Forest at one end, and the Shore on the other, Stratford truly is the town for all seasons. The housing market has certainly proven that the time to be in Stratford is now!
Since the pandemic began in March 2020, homes on the market have been flying off the streets of Stratford at record prices. In July 2019, Stratford’s average price range was approximately $243,000, but spiked drastically between March and July 2020 to $258,000. This increased the price average per square feet values from $150 in July 2019 to $160 per square foot in July.
Many homeowners chose not to move out during the uncertain times of the pandemic, dropping the supply of new homes to a bare minimum. As a result of the low supply of homes, the Stratford market has been in a heat wave throughout the summer months. May 2019 Stratford had 1,218 new listings on the market compared to May 2020 only 963 new listings were available. There has been a slight uptick in July 2020 which saw 1,023 new listings.
It is no wonder it’s a seller’s market with the low inventory and high demand for suburban living that Stratford offers in abundance. Even a pandemic could not quash the American suburban dream in Stratford. I, for one, felt insulated and safe while still being able to take the kids for a stroll in the woods, or head to the beach to go kayaking or fishing. Friendly neighbors, active civic organizations, strong sense of community, proximity to major metropolises, and well-maintained beaches and parks. Many New York residents look to Stratford as an affordable option to escape while still staying tethered to the big city.
The average amount of time a home stays on the market is only 69 days, which from my experience, is slowed mostly by lenders that are overwhelmed by a backlog of loan applications and closings.
What does this mean for your property? Simple! Right now, most homes are selling at a premium. Your home may see an increase market value. Which is great news if you want to sell, refinance, or obtain a line of equity while interest rates are historically low.
*Note that the figures in this article are taken from InfoSparks statistics with the restriction of Stratford, CT/All Price Ranges/All Property Types/All Bedrooms/All Bathrooms/All Sizes.
A to Z Realty, LLC is Stratford based Real Estate Brokerage.