Karla Murtaugh Named One Of America’s Best Realtors

REAL Trends and Tom Ferry International released its list of the 2019 America’s Best Real Estate Professionals and Karla Murtaugh, a licensed realtor with Neumann Real Estate/Christie’s International Real Estate in Ridgefield, made the list for both the number of transactions she closed in 2018, and for her total sales volume during the same period.

The list ranks the most productive agents by state and metropolitan area based on closed transaction sides and closed volume. To qualify for inclusion, an individual agent must have closed at least 50 transaction sides or $20 million in sales volume in 2018.

In Connecticut, a total of 93 agents qualified for the list based on their sales volume, and 68 by the number of closed transactions.  Ms. Murtaugh ranked #7 for volume closing 54 transactions.

“We are so proud of Karla and what she brings to this office. Her commitment to the profession, along with her high ethical standards and incredible work ethic provide the perfect combination for her success,” said Russ Neumann, broker and partner at Neumann Real Estate.  “There is no one more deserving of this recognition.”

“Those individual agents and teams who make up the 2019 America’s Best Real Estate Professionals represent less than 1.5 percent of all Realtors® in the country yet account for over 12 percent of the closed transactions and more than 22 percent of all the sales volume closed last year,” says Steve Murray, president of REAL Trends.

The rankings are compiled based on surveys from virtually every national branded network, many state and local associations of Realtors®, multiple listing services, all applicants from past years’ rankings, and the 900 largest brokerage firms in the United States. Verification from an independent source is required for all submissions.

Why Now Is A Good Time To Buy A Home

According to Keeping Current Matters, whether you are a first-time buyer or looking to move up to the home of your dreams, now is a great time to purchase a home. Here are three major reasons to buy today.

1. Affordability
Many people focus solely on price when talking about home affordability. Affordability is determined by three components:

  • Price
  • Wages
  • Mortgage Interest Rate

Nationally, prices and wages are up, and interest rates have recently dropped dramatically. As a result, the National Association of Realtors’ (NAR) latest Affordability Index report revealed that homes are more affordable throughout the country today than they were a year ago.

2. Mortgage Rates

Mortgage rates have dropped almost a full point after heading toward 5% last fall and early winter. Currently, they are below 4%.3 Powerful Reasons to Buy a Home Now | Keeping Current MattersAdditionally, Fannie Mae recently predicted the average rate for a 30-year fixed mortgage will be 3.7% in the second half of 2019. That compares to a 4.4% average rate in the first quarter and 4% in the second quarter.

3. Increased Family Wealth
Homeownership has always been recognized as a way to build long-term family wealth. A new report by ATTOM Data Solutions reveals:

“U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018. The average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of original purchase price.”

The longer you delay purchasing a home, the longer you are waiting to put the power of home equity to work for you. While we haven’t seen short-term gains in some price points in the Ridgefield market, in the long run, real estate is generally a safe bet to build equity and wealth.

For more information about the Ridgefield Real Estate Market, check out our mid-year report available here.

 

 

*Originally posted on Keeping Current Matters

Ridgefield’s 2019 Mid-Year Market Report

Ridgefield Market Snapshot
Ridgefield single family home sales are on par when compared to the same time last year. 150 homes sold during the first six months of the year, as compared to 147 in 2018. The median sales price stayed exactly the same at $625,000, while the total sales volume made modest gains ending the mid-year 4.5% higher than 2018 at $104,368,182. Even going back to 2017, we have seen the number of sales and the median sales price remain essentially flat, while the overall sales volume has fluctuated from a high in 2017 of $125,473,815 to a low in 2018 of $99,906,250.

While the median sales price remained the same year over year, we saw gains in the average sales price, which bodes well for the market as it indicates a general increase in what buyers are willing to pay. Year-to-date the average sales price was $695,788 – a 3.8% increase over the 2018 price of $670,512. This may sound modest, but considering 2017 had a high of $704,797, it indicates we are trending in the right direction. The months of inventory was slightly lower fluctuating between 8 and 15 months, while the list to closed price ratio was up over previous years at 96.7%.

The Luxury Market
Luxury market sales in Ridgefield – defined as homes selling for $1.5 million and above – have seen a huge uptick since this time last year, and in fact, are the strongest we’ve seen since 2016. There have been seven sales to date, compared to only one in 2018, two in 2017, and nine in 2016, while other Fairfield County towns, generally known for their luxury market, have flattened and reported less than stellar results so far this year. Traditionally, demand for these properties is strongest towards the end of the year so we hope to see this segment of the market continue to do well. There are currently an additional three homes under deposit set to close in the next few months and we’ve noticed that in the higher price points it is the motivated seller who is seeing the best results in the least amount of time.

Fairfield County Snapshot
The results are truly mixed for Fairfield County as a whole in the first half of 2019. Overall, median sales price was down throughout the county, as was total sales volume, but the number of unit sales increased in many towns. Traditionally strong commuter towns such as Darien and Greenwich had opposite results with Darien showing an increase in unit sales but the greatest decrease in median sales price in the county, and Greenwich showing an in increase in price but a decrease in the number of sales. Westchester County has also seen a decrease overall in the number of unit sales with median and average sales values down across the board. Looking ahead, we hope to see a more balanced market with supply and demand bringing prices back into alignment.

Looking Ahead
The spring market never seemed to materialize but we are seeing an increase in activity in the early summer months. Buyers continue to be in the driver’s seat in 2019 and sellers would be wise to make sure that their home is show ready before listing it for sale. Now, more than ever, it is important that these properties check off as many of the buyers’ boxes as possible. We continue to see in-town properties and those sporting the latest design trends garner top dollar. Inventory for small to medium-sized homes that are in turn key condition continues to be a challenge as baby boomers looking to downsize, and millennials looking to buy their first home, often overlap in what they desire. We are cautiously optimistic that Ridgefield Real Estate will remain steady. We are seeing 63% of sales coming from the purchase of homes under $700,000 indicating middle-class earners continue to find Ridgefield a desirable place to live with its access to great schools, major urban centers and exposure to a vibrant arts and leisure community.

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How’s The Spring Market?

How’s The Spring Market?

That seems to be the most asked question in Ridgefield Real Estate this year. And my answer is – it’s pretty much the same as last year.  Although anecdotally Realtors feel like it’s been a slow spring due to all the rain, in reality the stats reflect the same number of house sales as at this time last year, with Median Values down about 4% , and Average Sales Price up over 5% year to date.

To see an overview of how May 2019 looked, you can click for a snapshot of the market.

Number of Sales & Sales Price

The number of Closed Sales year to date is 106 in 2019 vs 103 in 2018.  In May, we saw 30 properties close as compared to 27 in 2018. The Average Sale Price in 2019 is $707,255, while it was $670,512 in 2018. This represents an increase overall of 5.5%.  May showed an Average Sales Price of $674,884, with $678,931 last year.

In terms of Median Sales Price, 2019 showed a median of $600,500, which is down 4.3% over 2018 during the same period.  In May, the price also reflected a downward trend of 3.6% with the median value sitting at $627,500 as compared to $651,000 in 2018.

Looking ahead over the next couple of months, Ridgefield single-family homes have experienced an increase in the number of homes going under contract; far exceeding this time last year. Currently, in May we have almost doubled the number of homes in contract compared to last year at 71,  compared to 36 at this time last year.  Year to date, there are 173 homes that have entered contract, as compared to 127 last year.

Days on Market & Inventory

The number of New Properties For Sale since the beginning of the year sits at 384 in 2019 as compared to 334 in 2018. In May we saw a 47% increase in the number of new homes listed for sale with 119 entering the MLS compared with 81 last year.

Even with the large number of new listings, the Months Supply of Inventory is 48% lower than in May 2018 with only 5.6 months available.

Moving Forward

With the large number of properties currently under contract and the run of better weather, we hope to see a continued upward trend in the number of sales. Values seem to be flat but we are still experiencing multiple offer situations on properties that are priced properly and meet buyers expectations – some changeable, some not.  Properties in town are commanding a higher price and selling quicker than those further out (not changeable) and homes that are renovated and updated in today’s trends are also more competitive (changeable).

If you would like to find out what your home is worth or how we can help you get it ready for sale, don’t hesitate to contact us.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

May Market Snapshot
May 2019

Breakdown By Price

A Rare Find – Homes For Multi-Generational Living

With more families experiencing multi-generational living, either because college-age children move home or parents come back into the picture, it’s often hard to find housing that can accommodate these changing needs. For some, it’s not even necessarily family but rather nannies and au paire’s requiring a separate space. Here are some wonderful Ridgefield homes currently on the market that can help everyone live in harmony in their own space.

34 Salem View Drive

Listed for $1,375,000. Featuring a beautiful approach in Ridgefield’s equestrian neighborhood the property includes a stunning five bedroom, Heritage Homes-built Colonial home, plus a 1,534 square foot, one bedroom residence on the same parcel. The stately main residence features a handsome library; living room with a fireplace; formal dining room with a huge rear wall of picture windows; a newly updated, white eat-in kitchen & a spectacular, vaulted family room with exposed beams, a brick fireplace, custom built-in cabinetry & a floor-to-ceiling Palladian window with views to the nearby cottage. The upper level has a huge master suite & sitting room, walls of closets & a spacious master bath. Three additional large bedrooms have access to private or Jack & Jill baths. The expansive finished lower level includes a rec/playroom, exercise room, fifth bedroom & full bath. The charming one bedroom cottage includes a large living room, kitchen, dining area, powder room and bedroom with full bath & private deck, as well as laundry, mudroom, 1-car garage & full attic for tons of storage. The grounds are second-to-none with a saltwater pool, large pool deck, terraced dining area, outdoor fireplace & outdoor kitchen. Landscaping includes stone walls, mature perennials & all manner of trees. The sweeping lawns provide a perfect place for picnics in the summer & sledding in the winter & the views go on forever. This oasis is just minutes from major commuting routes down county & to NYC, as well as all manner of shopping & conveniences.

74 Norrans Ridge Road

Listed for $1,150,000. Elegant living close to town with an in-law suite, level yard & additional barn/garage, this property also features a new roof, propane furnace, generator, Nest thermostats and more, making it the picture of efficiency. Tucked away in the sought-after community of Norrans Ridge, the residence features a spacious open floor plan & includes a formal living room with large divided-light windows, dining room, eat-in kitchen with professional appliances, a large island, breakfast bar & adjoining breakfast room with a spacious pantry. A vaulted family room has a gorgeous gas fireplace & exposed beams plus a wet bar to a private office with deck access. Upstairs the master suite has a walk-in California closet & spa-like bath with a soaking tub & oversized shower plus three additional bedrooms & a full bath. The finished lower level has both gaming & media rooms and an incredible wine room with an electric fireplace. The attached 3-car garage leads to a laundry room & a separate entrance to an in-law/au paire suite with a bedroom, living & dining area, updated bath & a kitchenette. An additional, detached, heated two-car barn/garage has room for two-lifts for the avid car collector & also functions as a sports room, golf simulator, hockey room, indoor basketball court, artist’s studio, or whatever is desired! The spectacular, level yard is awash in colorful plantings with hydrangeas & peonies galore. An abundance of large trees also serves to create a sense of privacy. Tons of space in a fabulous location!

71 Old Branchville Road

Listed for $1,095,000. Sophisticated & stylish country retreat just over 1 hour from NYC. This home is classic Connecticut with a twist, this home has been completely renovated by area restoration specialists & finished with the latest design trends, while preserving amazing original details such as vintage beams and built-ins. Spanning over 7200 square feet on four finished floors the home includes casually elegant formal spaces, a fabulous chef’s “white” kitchen with professional appliances and a large breakfast room, butlers pantry with 2nd dishwasher and custom cabinetry, wonderful music room, family room, five ensuite Bedrooms + an amazing master suite with a spa-like bath, His/Hers dressing rooms, sitting room & private study. In addition, a home gym, spacious laundry room and lower level lounge with fireplace & bar, plus an expansive finished attic complete the main house. Off the main level, a one bedroom in-law/Au Paire apartment includes a kitchen and living room, full bath and dining area, as well as a separate entrance and independent security system. The tranquil, natural setting includes sweeping lawns on 4+ private acres with a pond and lovely landscaping. Newer windows, plumbing, electric, boiler, AC, insulation and well. Great south Ridgefield commute location and every amenity for modern living. A fabulous residence for entertaining year round can be yours full-time or the ultimate weekend retreat. Originally listed for $2,795,000 this home is truly special! Can subdivide a two-acre parcel if desired.

If any of these homes catches your eye, reach out for a private showing by calling us at 203-856-5534 or via email.

The Wall Street Journal Spotlights Private Library of Jay Walker, Quotes Ridgefield Realtor Karla Murtaugh

Ridgefield’s Hamlet Hub spotlighted Karla Murtaugh Homes this week after we were featured in this week’s Mansion Section of the Wall Street Journal!

As per the Hamlet Hub – The Walker Library of the History of the Human Imagination, an awe-inspiring library located inside the Ridgefield home of Jay and Eileen Walker was featured in Thursday’s Wall Street Journal in a piece titled, “Private Libraries That Inspire”. What’s more, the writer, Katy McLaughlin, shares the real estate expertise of Karla Murtaugh agent with Neumann Real Estate and Christie’s International in Ridgefield who said that libraries can provide a hook for a buyer with an intellectual or scholarly aptitude.

According to the Walker Digital website, the library, constructed in 2002, boasts 3,600 sq. ft. multi-level tiers, “floating” platforms, connecting stairways, glass-paneled bridges, dynamic lighting and music, and specially commissioned artworks that celebrate major achievements in the history of human invention.

“The Walker Library of the History of Human Imagination celebrates humanity’s intellectual and emotional adventure of discovery, learning, and creativity by showcasing thousands of rare books, artworks, maps and manuscripts as well as museum-quality artifacts both modern and ancient,” Walker Digital says.

“It is designed to be intentionally disorienting,” Walker told WSJ writer, Katy McLaughlin.

McLaughlin digs into the passion that fuels some of the world’s most fascinating literary collectors, and examines the arduous task of designing, building and maintaining a library capable of housing some 25,000 collectible books.

Walker’s personal collection is not just for him to enjoy, the WSJ reveals Walker’s philanthropic use of the library for school tours and to help raise funds for local nonprofits.

McLaughlin writes, “The Walker Library of the History of the Human Imagination is a dramatic example of the rarest of residential amenities: A vast, personal, custom-built repository of intellectual stimuli. In the age of the e-reader, it is a status symbol on par with wearing a Patek Philippe watch when the cellphone already tells the time.”

Read the article in its entirety and view images of The Walker Library of the History of the Human Imagination, on The Wall Street Journal online here.

*Image courtesy Walker Digital

U.S. News & World Report Ranks Ridgefield High School 4th Best in Connecticut

U.S. News & World Report has just released their 2019 Best High Schools Rankings, Ridgefield Named 4th Best in the State and #317 in the Country.

U.S. News & World Report says about Ridgefield High School, “Students have the opportunity to take Advanced Placement® coursework and exams. The AP® participation rate at Ridgefield High School is 71%. The total minority enrollment is 14%, and 2% of students are economically disadvantaged.”

Ridgefield High School is ranked #317 in the National Rankings. U.S. News & World Report says, “Schools are ranked on their performance on state-required tests, graduation and how well they prepare students for college.”

The top five high schools in Connecticut

#1 – Darien High School

#2 – Weston High School

#3 – Achievement First Hartford Academy

#4 – Ridgefield High School

#5 – Connecticut IB Academy

U.S. News ranked 17,245 public high schools, out of a review of more than 23,000 in all 50 states and the District of Columbia. According to U.S. News, the number of ranked schools is up from more than 2,700 last year. The new rankings, developed in conjunction with nonprofit research firm RTI International, are based on a revamped methodology that weighs six indicators of school quality for the 2016-2017 school year.

The highest-ranked schools are those whose students excelled on state tests and performed beyond expectations; participated in and passed a variety of college-level exams; and graduated in high proportions, according to U.S. News.

U.S. News also assigned a separate STEM ranking for 250 high schools whose students excelled on AP science and math tests. To be eligible, schools had to appear in the top 1,000 of the overall national ranking, according to the article. Ridgefield High School ranked number 174 in STEM rankings nationally.

Read more about the Best High Schools here.

*Article originally published in Ridgefield’s Hamlet Hub on 04/30/2019

Spring Is Here – Get Ready To Open Those Pools!

Spring market is up and running and everyone is starting to look forward to the long, lazy days of summer. As such, we thought it would be a good idea to profile some of the properties we have for sale, which reside in a community association with a pool — just in case you’re thinking about diving into something new!

MIMOSA ESTATES
132 Mimosa Circle
– listed for $740,000, this beautifully updated, turn-key home features five bedrooms, all updated bathrooms, a beautiful kitchen, sunroom and a finished lower level, and sits at the top of the circle, quietly tucked away with incredible views from the porch and patio. High-end touches such as multiple French doors, a beamed ceiling, crown moldings and lovely trim work, join hardwood floors, an on-trend color palette and lots of large windows to create a comfortable and inviting space. Mimosa Estates features a wonderful pool along with tennis, basketball, a playground, fields and a pond, all in a welcoming community setting. To view more photos and information about the property click here.

WESTMORELAND
58 Holmes Road
– close to town in desirable Westmoreland Estates, this completely updated gem is listed for $885,000 and includes five bedrooms, three full and one half baths, front-to-back living and family rooms, crown moldings, French doors, a finished lower level, and a beautifully updated kitchen with open shelving, professional appliances, and a wall of casement windows overlooking the huge deck, which also offers access to a lower level patio with a hot tub. Always a hit with singles and families alike, the Westmoreland Estates community recreation center includes two pools, a tennis court, basketball court, a pavilion and picnic area, and a playground. Click here to learn more about this home.

WEST MOUNTAIN ESTATES
24 Old Wagon Road
– a storied history surrounds this completely renovated and updated, immaculate, one-of-a-kind stone manor in West Mountain Estates. Listed for $1,595,000, the home was designed by a famed Yale architect who specialized in weekend homes for the wealthy and built homes for clients as illustrious as the Rockefellers. And the gardens were even catalogued by the Smithsonian! The French-inspired kitchen includes custom Viking appliances, a stone fireplace and beautiful pantry cabinetry, and flows seamlessly into the rest of the house. A conservatory, study, sunken living room, family room, dining room and four spacious, en suite bedrooms join original details such as leaded glass windows, ornate trim work, stone window sills and gorgeous hardwood floors reminiscent of an elegant bygone era. Sweeping views of the grounds provide for beautiful sunsets, while the West Mountain Estates community offers a large pool, a kiddie pool, a spa, two pavilions, two tennis courts, a playground and a soccer field. To learn more about Stone Manor click here.

PLEASANT VIEW
30 Powdermaker Drive
– located a quick walk to the Pleasant View Recreation Area (PVRA), this traditional Colonial home is listed for $799,000 and is move-in-ready. A beautifully updated kitchen includes high-end, stainless steel appliances and a large pantry, and connects to a breakfast room, vaulted family room, and spacious living and dining rooms. Four large bedrooms join a walk-out, finished lower level opening to the park-like backyard and lovely patio. The 6-acre PVRA property includes a heated pool, kids pool, new pool house, tennis courts, swings & play-sets, ball fields, a basketball court, beach volleyball court and a pond. To view more about this home, click here.

If you have an interest in visiting one of these properties in person or just want to learn more, email Karla@KarlaMurtaugh.com, or call 203-856-5534 to schedule a showing.

Ridgefield Real Estate Market Report Q1 2019

The first quarter of 2019 shows promise for a strong spring market with 173 single-family homes currently on the market for sale at all price points. Already this year there are 39 single-family homes that have gone under agreement and a further 34 are in contract. With new properties launching on the market daily, we expect these numbers to rise over the coming months.

In mortgage news, 30-year fixed mortgage rates have again dropped to record lows, sitting at just over 4%, which bodes well for buyers entering the market. Our strongest sales so far this year have been in the under $500,000 range for single-family homes, and encouragingly our high-end luxury market (over $1.5 million) has also had 3 sales this year.

Overall, a total of $33,915,150 transacted during Q1 2019 in contrast to $32,298,800 by this time in 2018. The number of sales stayed the same at 48, while the average days on market has taken a slight jump this year to 208, up from 146 last year. A lack of new inventory could be to blame with some listings languishing on the market for various reasons.

The average sales price rose 5% this quarter compared to the same time last year and sits at $706,566. Interestingly, the median sales price dropped to $567,000 from $619,750, but the increased activity we have seen in the under $600,000 range in this early part of the year may account for the drop. We would expect to see this number rise as the year progresses. Homes are still selling at 96% of the listed value.

As we move into the busy spring and summer markets, we would love to learn more about your home and how we can help you list it for sale. And with more homes coming on the market every day, as well as lower mortgage rates, we would love to help you find your dream home! Contact us today.

To see a snapshot by price, click here.