Latest Stamford data paints (mostly) strong economic picture

Home sales in Stamford were up significantly, while leasing rebounded slightly, in the third quarter of 2020, according to the latest report from the city”™s Department of Economic Development.

Home sales in Q3 2020 numbered 377, compared with 304 sold in Q3 2019 and 224 during Q3 2018. Through Sept. 30, 664 homes were sold last year, a 6.2% year-over-year increase. The average home sale price during Q3 was $738,641 and the median was $641,000. The mean sale price increased by a massive $104,300 vs Q3 2019, while the median sale price rose by over $89,600 when compared to Q3 2019.

The highest value sale of the quarter was for a six-bedroom waterfront home on Gurley Road, which sold for $3.78 million. The total home sales for the quarter was nearly $280 million, the highest value of total home sales in over five years.

Stamford”™s condo market had its best quarter in more than five years, with 193 units sold during the quarter, compared with 152 last year. Q3 saw combined sales of over $75 million ”“ the highest since Q1 2017.

On the apartment front, there are over 4,900 units in development throughout the city. The quarterly average occupancy rate for downtown and Harbor Point apartment buildings was roughly 94.9%.

While Q3 leasing saw an uptick, a majority of the deals were lease renewals or companies relocating within the city. There was 204,000 square feet of space leased in Q3, compared with the 164,000 square feet in Q2 and roughly 174,000 square feet in Q3 2019.

The largest lease was the relocation and expansion of Berkley Insurance, which is moving into a 63,000-square-foot office at 1 Station Place, followed by the 47,000-square-foot renewal of Phillips”™ North American consumer goods headquarters at 1600 Summer St.

The Buitoni Food Co. established its headquarters in Stamford after being acquired by Greenwich-based private equity firm Brynwood Partners. Its nearly 8,000-square-foot lease was signed in the High Ridge Park complex.

Employment activity improved over Q2 since last quarter ”“ 9.4% vs. 11.2% ”“ but was still markedly higher than Q3 2019”™s 3.1%. Only Danbury and Norwalk had lower unemployment rates.

Due to the Covid-19 pandemic, all sectors in the Stamford-Bridgeport-Norwalk local market area saw significant job losses. Other Services saw the largest number of job losses at nearly -31%, followed by leisure and hospitality at -17.5%. Manufacturing jobs were nearly steady when compared to last year, and financial activities saw a moderate reduction of -6.4%.

According to 2019 population data released by the U.S. Census Bureau, Stamford”™s median income has increased from $87,000 to $101,000, making it one of the wealthiest cities in Connecticut and the region.

City officials said that Stamford is only a few hundred residents away from becoming the second largest city in the state, and should surpass New Haven”™s population of 130,250 after the data for the 2020 U.S. Census is released.