Ridgefield Q1 2017 Market Report

The first quarter of 2017 has been a busy one for us here at Karla Murtaugh Homes. We have sold five properties already this year, with five more under contract and seven properties under agreement.

Unit Sales
Overall, in Ridgefield the first quarter of 2017 has shown strong unit sales with 72 properties sold already. This exceeds the 68 properties sold in Q1 of 2016. There are also 48 properties under contract, surpassing last year by more than 50%, and 59 properties under deposit – a more than 40% increase over 2016.

Market Inventory
Market inventory is decreased with only 239 properties currently for sale. This is approximately 8% less than during the same time last year. As the weather warms and trees bloom, we expect this number to rise.

Median Prices
The median sales price for combined single family homes and condominiums currently sits at $583,875, while at the end of 2016 the median sales price was $610,000. While this represents a drop of 4%, we expect to see an uptick in this marker with the influx of a large buyer pool coupled with creeping mortgage rates and a continued strong economy.

Click here to download the full report.

Ridgefield Market Report February 2017

February continues to be a banner month for Ridgefield real estate. Buyers are out in force and there is almost not enough inventory to go around.  With the unseasonably warm weather, home sales have been uncharacteristically large resulting in multiple offer situations. With the stock market rallying, increasing consumer confidence and the threat of rising interest rates, people are again seeing real estate as a stable and worthwhile investment.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 21% compared to February 2016 with 23 homes sold compared to 19 at the same time last year. Year-to-date the market has seen a 26.5% increase in the number of sales. The median sales price was also up from $550,000 to $582,750 in 2017 – an increase of 6.0%. Overall, year-to-date 2017 has seen an increase in median price of almost 5%.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract took a huge jump over last year with 40 properties under contract compared to only 18 in 2016.  This represents a 122% increase. Overall in 2017 we have seen an 87.5% increase in buyers jumping into the market, with 60 properties going under contract since the beginning of the year, compared to only 32 last year.

DAYS ON MARKET and INVENTORY
We are seeing an extreme shortage of properties available for sale this month.  The months of inventory has decreased to 7.7 months, and only 72 properties entered the market this month.  This is very similar to the number listed last year, but we have seen an increase in the number of buyers.  This has resulted in multiple offer situations already being seen. Interestingly enough, the average days on market has increased.  This number is skewed by stale inventory.

For a breakdown of the Ridgefield Real Estate Market by price, view the February 2016 price snapshot. Also, see a full graphical analysis of Ridgefield’s February 2017 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level.  We recognize your home is your biggest asset and both Buyers and Sellers experience an unparalleled level of customer service when working with us.

* All data taken from Greater Fairfield County CMLS as of 03/01/2017

Fairfield County High Schools Among Best In Connecticut in 2017

The annual Niche.com ranking has been released and Fairfield County public high schools have done well.
Niche, a website for researching schools, used a variety of factors, including SAT/ACT scores, student-teacher ratio, the quality of colleges students consider and reviews from students and parents for its ranking.

In the number 1 position was New Canaan High School, followed by Staples High School in Westport, Greenwich High School and Weston High School. Wilton High School ranked number 7, Joel Barlow in Redding at 8, Darien High School at 9, and Ridgefield High School number 12.

The ranking also took into account how parents and students responded to surveys about their school, cultural diversity on campus, school absenteeism, teachers salary, state test scores, facilities, and the availability of clubs and activities, to name a few.

To see the full ranking list and to read more about the methodology, see the Full Report.

Ridgefield Market Report January 2017

2017 has started out with a bang. Median sales price, number of homes sold and number of new homes listed for sale have all increased. The warm weather throughout the winter months seems to have boosted sales, and we hope to see the increased market movement continue. Consumer confidence appears to be increasing, and as mortgage rates threaten to rise slightly, more buyers are taking advantage of available inventory.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 33% compared to January 2016 with 20 homes sold compared to 15 at the same time last year. The median sales price was also up from $590,000 to $650,000 in 2017 – an increase of 10.2% – which is great news for sellers. We have even seen updated, well-priced homes receive multiple offers.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract also increased over last year with 35 homes entering escrow compared to only 14 in January 2016. This represents an increase of 150% over last year. The number of new properties listed for sale also increased 19% from 42 to 50 during the same time this year.

DAYS ON MARKET and INVENTORY
The number of days on market increased from 112 in January, 2017 to 190 this year. However, the months supply of inventory is only 7.8 months compared to 21.8 months at this time last year. We are hoping to see more inventory come on the market in the upcoming few months.

See a full graphical analysis of Ridgefield’s January 2017 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

For a breakdown of the Ridgefield Real Estate Market by price, view the January 2016 price snapshot.

* All data taken from Greater Fairfield County CMLS as of 02/01/2017

Ridgefield’s 2016 Year End Market Report

What a year! The Ridgefield Real Estate market rallied resulting in the best year since 2013’s banner season. Overall sales volume was up at $259,407,724 as compared to $241,208,027 in 2015. Unit sales increased 8.1% with 348 homes selling in 2016 compared to 322 the year before. With the uncertainty of an election year behind us, as well as steady increases seen in financial markets and slowly rising interest rates, there is reason to believe that this trend towards slow and steady growth in the Ridgefield Real Estate market will continue.

A Buyer’s Market
Buyers were out in force in 2016, and they had a lot to choose from. Armed with a plethora of information at their fingertips, historically low interest rates and a 12.5% increase in Ridgefield home inventory over 2015, they were able to make better, more informed decisions than ever before. The fourth quarter of 2016 was unusually busy and set up a strong pipeline into the first quarter of 2017. This is reminiscent of what happened at the end of 2012 and into 2013. Predictors suggest continued growth and improving sales throughout 2017.

No Bump In Price
The median sales price for a Ridgefield home remained relatively the same in 2016, decreasing
by only 1.9% to $640,000 from last year’s 2015 $652,500. The average sales price was $745,424
compared to $749,093 in 2015, while the sale to list price ratio was 96.4%. The rise of the “HGTV -phenomenon” placed a burden on sellers with buyers expecting homes to have kitchen and
bathroom upgrades, as well as more current design elements. We see this trend continuing.

Looking Ahead
While there has been no appreciable increase in home values, the market indicators continue to point to a stable real estate market. With inventory increasing, and interest rates slowly climbing, buyers will continue to look to invest in homes they feel offer real value. As always, location plays a key role in purchasing decisions with homes residing in-town or in good commute locations creating the greatest demand. As baby boomers become empty nesters, all indicators point to a demand for more functional homes that can be easily maintained. At the same time, we have seen upward movement in the market from Ridgefield residents moving their families into more spacious homes, as well as from buyers moving into Ridgefield to take advantage of our highly-ranked schools and great community.

DOWNLOAD THE REPORT HERE

Happy Holidays To All

During the Holiday Season, our thoughts turn gratefully to those who have made our progress possible. It is in that spirit that we say thank you. Best wishes for a happy and healthy new year from all of us at Karla Murtaugh Homes.

Ridgefield Market Report November 2016

November 2016 proved to be a strong month for home sales. The median price of a home increased substantially over last year , however we still trail 2015’s year-to-date median sale price by almost 2%. Overall, 2016 has seen more homes sell than 2015, and we hope to close out the year with a strong December.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down 19.2% at 21 compared to 26 last year, but we are up 8.5% overall in the year-to-date with 320 properties sold compared to 295 by the same time in 2015. There was an increase in median sold price for this month from $640,000 to $732,500 representing an 14.5% increase compared to November 2015. We are still slightly down from last year’s year-to-date with the median price standing at $647,500 compared with $660,000 by this time last year.

PROPERTIES UNDER CONTRACT
We continue to see a strong fall selling season with 45 properties going under contract in November, compared to only 23 during the same time last year – an increase of 95.7%. Overall, the fall market is up 18.5% compared to the same time in 2015 with 358 properties in escrow compared to 302 last year.

DAYS ON MARKET and INVENTORY
The number of days on market increased from 155 in November, 2015 to 194 this year. However, months supply of inventory is only 7.3 months compared to 17.2 months at this time last year.

See a full graphical analysis of Ridgefield’s November 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

For a breakdown of the Ridgefield Real Estate Market by price, view the November 2016 price snapshot.

* All data taken from Greater Fairfield County CMLS as of 12/01/2016

Are You A Bad Mom?

On Wednesday, November 2nd, 30 wonderful moms joined us at the Prospector Theatre for a client appreciation night. Featuring a fabulous Bad Moms Signature Cocktail, the Prospector Star Bar welcomed us with open arms and a wonderful night of camaraderie was had by all.

Having been a supporter of the Prospector since it’s inception – and the inspiring work of Sphere before that – I am always amazed by the drive and ingenuity of fearless leader Val Jensen. The opportunities the Propsector offers to adults with disabilities serves as a role model for what can be done regionally, nationally and internationally to improve the lives of so many people.

A seriously funny movie, we found ourselves relating to the “Bad Mom” in all of us as we laughed out loud and shared in the challenges of our busy lives.

Thanks, Bad Moms, for joining us and celebrating all we do!

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Ridgefield Market Report October 2016

Fall 2016 has started off with strong sales in the month of October. Year-to-date the total number of closed sales has surpassed last year, but median sales price is slightly down.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 18.5% at 32 compared to 27 last year, and we are up 10.8% overall in the year-to-date with 298 properties sold compared to 269 by the same time in 2015. There was a decrease in median sold price for this month from $672,500 to $617,000 representing an 8.3% decrease compared to October 2015. We are also slightly down from last year’s year-to-date with the median price standing at $643,150 compared with $665,000 by this time last year.

PROPERTIES UNDER CONTRACT
We are seeing a strong fall selling season with 54 properties going under contract in October, compared to only 28 during the same time last year – an increase of 92.9%. Overall, the fall market is up 21.1% compared to the same time in 2015 with 338 properties in escrow compared to 279 last year.

DAYS ON MARKET and INVENTORY
The number of days on market increased from 158 in October, 2015 to 202 this year. However, months supply of inventory is only 7.2 months compared to 15.3 months at this time last year.

See a full graphical analysis of Ridgefield’s October 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

For a breakdown of the Ridgefield Real Estate Market by price, view the October 2016 price snapshot.

* All data taken from Greater Fairfield County CMLS as of 06/01/2016