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.

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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

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

Ridgefield Q3 2016 Market Report

July through September 2016 showed strong sales figures on track with the sales we saw in 2015. 112 single-family homes sold in Ridgefield in Q3 this year, compared to 103 during the same time in 2015. The median sales price dropped 7% from $688,000 in Q3 2015 to $640,000 this year, but homes are still selling at 96.7% of asking. The average time a house spent on the market was 148 days during this quarter. In the luxury segment of homes priced over $1.5 million, there continues to be a slow but steady demand. Condo sales were strong with 22 selling during Q3 at a median price of $286,000. There are currently 39 condos on the market with an average market time of 154 days. Tracking sales compared to mid-year, the number of homes sold is up, but values remain flat or declining at certain price points. As we move into the final quarter for 2016, October has seen more market movement and we hope to see a strong fall market. Buyers continue to demand updated, pride-of-ownership homes and pricing seems to be the key in creating a successful sale.

Buyers Pay More For Houses In A Great School District

Building on last week’s blog discussing Ridgefield High School’s phenomenal school ranking, it pays to buy a house in a sought-after and highly ranked school district. According to a recent study just published on Realtor.com, in most markets, families are willing to pay more for a highly ranked school than an extra bedroom, a shorter commute, and even big home features such as a swimming pool, higher ceilings, sport courts, and even a private dock.

Realtor.com overlaid data from their residential listings database with granular school ratings from GreatSchools.org. Specifically, they aggregated key price, demand and supply metrics for all homes listed during the first half of 2016, and compared properties located in school districts rated nine or 10 on the GreatSchools.org 10-point scale against all other homes, as well as homes in lower rated districts.

The analysis shows homes within the boundaries of the higher rated public school districts are, on average, 49 percent more expensive – at $400,000 – than the national median list price of $269,000 and 77 percent more expensive than schools located within the boundaries of lower ranked districts with a median of $225,000. Houses located in these areas, on average, also move eight days faster than homes in below average school districts and sell four days faster – at 58 days – than the national median of 62 days.

For many years now, Ridgefield Public School District, as well as the individual schools, have ranked well in numerous reports issued annually. Last week we reported on Ridgefield High School superior ranking in Newsweek’s annual America’s Top High Schools list for 2016. Most recently, the 2016 Best School Districts by Niche.com ranked Ridgefield School District number eight in Connecticut and 58th Nationally. The Niche.com ranking provides a comprehensive assessment of the overall experience of a school district and takes into account key factors such as the strength of academics, quality of teachers, school resources, the quality of student life, as well as student and parent reviews, in an attempt to measure the overall excellence of the district. The final ranking results in 10,488 districts receiving a numerical ranking.

Newsweek Ranks Ridgefield High School No. 151 Nationally

The fourth best public high school in Connecticut and the 151st best public high school in the entire country.

Those were the honors Newsweek bestowed on Ridgefield High School Thursday morning when it released its annual America’s Top High Schools list for 2016.

The Tigers finished with a college readiness score of 80.6 and a graduation rate of 98.2%, with 90.1% of Ridgefield students heading to college after receiving their diplomas in June.

Some of the other information that Newsweek posted in its ranking for Ridgefield High School includes:

Student Retention: 99%
SAT/ACT Composite Score: 58.5
Avg. SAT Score: 1724
Avg. ACT Score: 26
AP/IB/Dual Enrollment Composite: 78.1
Avg. AP Score: 91.2
Dual Enrollment Participation: 4.5

RHS finished behind Weston High School (No. 39), Wilton High School (No. 56), and Avon High School (No. 116) in the state rankings.

Below the Tigers on the list of Connecticut schools were East Lyme High School (No. 224), Haddam-Killingworth High School (No. 277), and Farmington High School (No. 286).

The list included 500 national public high school scattered across America. A total of 16 Connecticut schools made the list.

Last year, Weston cracked Newsweek’s top 100 at No. 47 and Staples High School in Westport finished No. 63.

Fast forward to 2016, and Staples did not make it onto the top 500 list.

According to the Newsweek list, Thomas Jefferson High School for Science and Technology in Virginia is the top public high school in the country.

Rounding out the top five are: the Academy for Math, Science and Engineering in New Jersey, Stuyvesant High School in New York, Union County Magnet High School in New Jersey, and The Early College at Guilford in North Carolina.

See the total list of the Best High Schools In America or read about how the ranking was determined in the full Newsweek Report.

Source: The Ridgefield Press

Gray Is The New “It” Color

Gray walls are becoming the modern, neutral choice for interior spaces as painting experts sum up the trend by saying “gray is the new beige.”

But you need to find the right gray for your home.

“Although the color gray is commonly associated with cooler, cloudy days, there are both ‘cool grays’ and ‘warm grays,’” the paint company Sherwin Williams explains. “Cool grays have more blue undertones, while warm grays are grounded in yellow and brown – similar to ‘greige,’ a combination of gray and beige.”

To find the right gray, painting experts suggest looking at the flooring, cabinetry, lighting, and wood trim in the home. The undertone of such interior elements should match the undertone of the gray home owners opt for in their home. For example, brushed nickel often pairs better with cooler gray paint colors. Brick and gold, on the other hand, tend to pair better with warmer undertones, such as beige.

Gray can also be used to add dimension into a home’s space, Sherwin Williams suggests. For example, for more impact, paint the ceiling gray too, but make it a shade two or three lighter than the wall color. The painted ceiling can give a smaller room a more spacious feel. For high ceilings in a large room, select a darker gray paint to make the space feel more cozy.

“Whether you choose gray on the walls or on the ceilings, it offers a crisper, cleaner look than beige,” the paint company notes. “And because gray paint is offered with many different undertones, it can either be the most neutral hue possible or give dramatic dimension — another great reason to add it to your palette.”

Source: Realtor.com

Ridgefield Market Report : Mid Year Review 2016

Holding Steady

Coming off a mild winter, we were anticipating a better than average Spring Market and unit sales were actually up 9% over the same period last year. While the median sales price remained somewhat flat, the average price for a single family home experienced a 4.3% increase.

News of GE moving its headquarters out of nearby Fairfield, CT was disappointing, but has not had a negative effect on the property values here in Ridgefield. Fairfield County continues to be one of the most desirable regions in the tri-state area to live, and Ridgefield in particular continues to offer great value with the award-winning schools, vibrant downtown, numerous cultural destinations, strong community presence, beautiful landscapes, amazing quality of life and a reputation as of being one of the safest towns in the US.

Supply and demand will continue to drive the market. Most of our growth occurred in the under $1 million segment, but we did experience a small increase in units sold in the upper segments as well. We saw more demand in the $600,000- $800,000 segment outpacing the inventory available during the spring market. At the same time, inventory grew in the luxury segment, where demand was not as high. It remains a buyers market, which keeps raising the bar in terms of expectations. Buyers respond favorably to properties that reflect the latest design trends, are in “turn-key” condition and are priced properly, therefore portraying good value.

Looking Ahead

Another strong indicator of a healthy market is the number and value of pending sales. As of July 1st – based on the number of properties already in contract and under deposit – we have the potential to sell an additional 100 properties before Labor Day. This should keep us on track until the end of the year – and at a minimum – it will keep us on par with 2015. The fourth quarter is a bit tricky to predict considering the upcoming Presidential Election and the mitigating economic factors such as Brexit and other international influences. With interest rates still historically low, we should see serious buyers strongly seeking out the best value.

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What to Expect From a Home Inspection

A home inspection is a lot like a test-driving a new car, only better. Instead of just punching the accelerator and a few dash buttons to see what they do, during a home inspection you’ll have a knowledgeable professional along with you, pointing out details and potential problems you might not notice otherwise.A thorough home inspection when you’re buying a house can save you thousands of dollars in unexpected repairs — or from unwittingly buying a money pit.

What a home inspector does

A home inspector will take two to three hours or more completing a detailed walk-through of the home you’re looking to buy. It’s a top-to-bottom review of the physical structure, as well as its mechanical and electrical systems — including roof, ceilings, walls, floors, windows and doors. The inspector will check that major appliances are functional, scrutinize the heating and air-conditioning system, examine the plumbing and electrical systems and crawl up into the attic and down into the basement.

All the while, the inspector will be taking notes and pictures and, if you’re tagging along, commenting on what he sees. Most importantly, the inspector will provide an objective opinion on the home’s condition, detached from the emotional roller coaster you’ve been on during the entire homebuying process.

What a home inspector doesn’t do

A home inspection is a general checkup, not an X-ray exam. Although inspectors should have a keen eye for detail, they won’t be able to detect the unseen. That means hidden pests, asbestos, and mold or other potentially hazardous substances might go unnoticed. Those sort of issues can require specialized evaluations, perhaps even a geologist or structural engineer.

An inspector might have a thought or two on child safety issues found in the home, but again, that depends on the inspector’s experience and competencies. And a home inspector doesn’t necessarily determine whether your home is compliant with local building codes.

The goal of the inspection is to uncover issues with the home itself. Inspectors won’t tell you if you’re getting a good deal on the home or offer an opinion on the sale price.

An inspection is not a pass/fail exam. But you’ll learn much about your potential new home and gain confidence in the decision to move into your new address — or find out enough to pass on the purchase.

The home inspection report

A good home inspection report is extensive, containing checklists, summaries, photographs and notes. It will estimate the remaining useful life of major systems and equipment, as well as that of the roof, structure, paint and finishes. The critical information you will gain will include recommended repairs and replacements, too.

Ask any potential inspector for samples of prior reports and note whether they’re simply completed checklists or extensive reviews. That way you’ll know whether you’re paying for a stapled 10-page report or for a three-ring binder of detailed information. Home inspections aren’t cheap; they can cost $300 to $500 or more, so you want to be sure you’re getting what you pay for.

How to find a home inspector

Home inspectors aren’t federally regulated, and they’re not even licensed in all states. You’ll need to seek out recommendations. Friends and work colleagues may have some good names to share.

You can also search the databases of professional associations, such as the National Association of Home Inspectors, the American Society of Home Inspectors and the International Association of Certified Home Inspectors. Such organizations usually require members to pass an exam, honor a code of ethics and complete continuing education.

It’s a best practice to interview candidates before making a decision. That’s when you can find out about experience, training and areas of expertise. For example, if you’re considering a fixer-upper or looking at an older home, you’ll want an inspector who has expertise and knowledge regarding renovations of historic structures. In some areas, home inspectors are affiliated with the state real estate commission and must be licensed and comply with state regulations and procedures.
And get references from prior clients, especially homeowners who have been in their home for at least six months. That way you can determine whether any issues popped up that were unreported in their inspection.

Be a part of the process

It’s a good idea to join the inspector on his home tour. You don’t have to climb into the attic with him or crawl under the porch, but follow along where you can and take notes. He may make some great home improvement suggestions along the way — as well as point out peculiarities and unique features.

Although inspections can turn up serious defects, every house will have its imperfections. You might choose to think of many of these as simply endearing beauty marks.

**This article originally appeared on NerdWallet.

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