Ridgefield Market Report For August 2015

Overall, it’s good news for home sales in Ridgefield this August! The number of properties that went under contract, median home sales price and number of new properties for sale were all up compared to August of 2014, while the number of days on market and the supply of inventory were down – a good sign that the market is performing well.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for August 2015 was $697,500, which exceeds the median sales price in August 2014 of $639,250 by 9.1%. It also exceeds the YTD sales prices of both 2014 and 2015. The number of closed sales was down reflecting a slower start to the summer market with only 31 homes selling in August 2015 compared to 38 during the same time last year.

PROPERTIES UNDER CONTRACT
I was pleasantly surprised to see that more properties entered escrow during the month of August by a margin of 21.6% over August of last year. There were 45 homes under contract compared to 37 last year. Overall, the number of properties under contract in the year to date for 2015 is on track with last year – 255 in 2014, as compared to 252 in 2015.

DAYS ON MARKET and INVENTORY
The average number of days on market also decreased by 15.7% from 121 days in August 2014 compared to 102 days this year indicating buyers are still purchasing if homes that are priced well and in good condition come on the market.

NEW PROPERTIES FOR SALE
In more good news, there was an increase in the number of homes listed for sale this month, jumping from 34 in August 2014 to 40 during the same time period this year. This represents an increase of 17.6%. Year to date, there was also an increase in the number of new properties for sale from 496 in 2014 to 535 in 2015.

For a full graphical analysis of Ridgefield’s August 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/09/KMMReport-August-2015.pdf

Ridgefield Market Report : Mid-Year Review 2015

Putting Things Into Perspective

Nationally, as a result of improved consumer confidence, unit home sales are up nearly 10% when compared to the first six months of 2014. Fairfield County overall is up 9% during the same period. Although Ridgefield sales results are lower than 2014, this can again be attributed to the long and treacherous winter. The eight week loss of valuable market time in the typically brisk Spring selling season certainly impacts our mid-year results. However, there still is time to meet – and possibly surpass – 2014 sales, as the second half of the year outperformed the first half in both 2013 and 2014. The looming threat of rising interest rates should also bring more buyers to the table this fall and banks have begun to loosen their financing practices, which also makes the outlook more positive. The Luxury Market, which can be realized as $1.5 million and higher, is on target with 2014 in terms of unit sales, but has experienced a slight drop in value due to higher inventory levels. In-town and walk-to- town locations continue to be particularly popular, and tend to sell more quickly and at a higher price per square foot.

The Value Factor

Based on the Months Supply Of Inventory, 2015 seems to indicate that the market is slowing. However, this is not necessarily accurate as there have been many examples this year, across a number of price points, where multiple offer situations existed. As the market continues to be driven by value, proper pricing is critical. Today’s buyers also measure value based on the condition of the home and are responding most positively to homes that are updated and in pristine condition. When examining the inventory, there seems to be a discrepancy between the amount and the quality of the inventory. Buyers are ready to purchase, but they are still in the driver’s seat and want homes that are turn-key, almost without exception.

Looking Ahead

With no housing bubble in sight, we can expect moderate, sustainable sales growth. If you are in the market for a change, there’s no better time to buy up. If you are thinking of selling now or in the not too distant future, take the time to get your home ready for market or to just enjoy.

DOWNLOAD THE FULL REPORT HERE

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/07/2015-Mid-Year-Review-Letter.pdf

Ridgefield Market Report For May 2015

This year’s May has seen an similar median sold price and an increase in properties that went under contract compared to last year’s, while the average days on market has increased and the number of closed sales has decreased. The month’s supply of inventory has decreased and number of new properties for sale has decreased.

MEDIAN SALES PRICE and CLOSED SALES
May 2014 had almost the exact same median sold price as May 2015, changing only 0.2%. The year-to-date price was similar to last years, only fluctuating 1.5%. The median sold price in May was very close to the the year-to-date median sold price this year: there was only a 0.8% difference. There were five fewer closed sales this May compared to last year’s, representing a decrease of 16.1%. The year-to-date closed sales also decreased, but only by 7.1% since last year.

PROPERTIES UNDER CONTRACT
More properties went under contract in May 2015 than in May 2014, increasing by 33.3%. The year-to-date number of properties that opened escrow was approximately the same, decreasing only by two. May 2015 makes up about 37% of all properties that went under contract so far this year.

DAYS ON MARKET and INVENTORY
The number of average days on market increased by 64 compared to May 2014, representing a 48.1% increase. May experienced a higher number of average days on market than the year-to-date number of average days on market. There is also a decrease in months supply of inventory this year’s May compared to last year’s, decreasing 31%.

NEW PROPERTIES FOR SALE
There are fewer new properties for sale in May 2015 compared to May 2014, decreasing by 8.4% (8 properties). The year-to-date number of new properties for sale is largely the same, only showing an increase of 0.6% since last year.

For a full graphical analysis of Ridgefield’s May 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/07/KMMReport-May-2015.pdf

Ridgefield Market Report For April 2015

April 2015 has seen an increase over last April in median sold price and properties that went under contract, but also an increase in average days on market and a decrease in closed sales. There are more properties for sale as well, along with fewer months supply of inventory.

MEDIAN SALES PRICE and CLOSED SALES
Last year, April’s median sold price was about $70,000 below the year-to-date price, but this year it is $110,000 above the year-to-date price, showing an increased sale of more expensive properties. The number of closed sales, however, decreased more than 20% this April compared to last April. The year-to-date sales are approximately the same, decreasing only by 2.9%.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract in April 2015 is comparable to April 2014, only increasing by three this year. The year-to-date statistics are similar, decreasing this year by 4, a very modest change. April represented about 43% of total properties that opened escrow so far this year; last year April accounted for only approximately 38%.

DAYS ON MARKET and INVENTORY
April 2015 saw a significant increase in the average days on market compared to last year, increasing 47.7% (84 days). The year-to-date days on market remained approximately the same, seeing a small decrease of 2.7%. The months supply of inventory is lower this April, at 8.6 months this year compared to 9.9 months last year.

NEW PROPERTIES FOR SALE
There are slightly more new properties for sale this April, and a moderate amount more overall this year. There are 105 new listings this April compared to 103 last year, and 273 total this year compared to 263 total last year.

For a full graphical analysis of Ridgefield’s March 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

KMMReport April 2015

Ridgefield Market Report For March 2015

Compared to last year’s, this March has seen an increase in median sold price and in the number that entered escrow; however, there has been an increase in the average days on market, decreased number of closed sales, and a decreased number of new properties for sale.

MEDIAN SALES PRICE and CLOSED SALES
March 2015 saw an increase of 3.4% ($21,000) from March 2014 in median sold price; in contrast, the year-to-date figures have shown a decrease of 7.7% ($52,000) in average sold price. March has, overall, seen a higher median sale price than other homes so far this year. In terms of closed sales, this year’s March has had two fewer, which represents a 10.5% decrease. The year-to-date sales have increased by three, a 6.7% increase.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow this month increased by 18 compared to last year’s March, showing a strong increase of 69.2% and increased interest in the Ridgefield market. This year’s March accounted for more than 50% of the year-to-date properties that went under contract. March has consistently seen above average year-to-date sales compared to other months over the last two years. More properties have gone under contract so far this year than last year–84 compared 63–representing an increase of 33.3%.

DAYS ON MARKET and INVENTORY
The average number of days on market increased by 10, representing a 5.6% increase compared to last March. The months supply of inventory decreased by almost half to 6.6 months.

NEW PROPERTIES FOR SALE
There are more new listings so far this year than last year, with a modest increase of 5%. Fewer people listed their home in March this year, with a decrease of 16.3%.

For a full graphical analysis of Ridgefield’s March 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

KMMReport March 2015

Housing Market Is The Strongest In Years

According to the National Association of Realtors, a newly unveiled forward-looking housing index by Nationwide says the U.S. housing market is at its healthiest level since 2001. The Health of Housing Markets Report will analyze the housing health outlook on a quarterly basis throughout 373 metro areas.

The index’s current leading indicator score for the fourth quarter of 2014, was 109.8, the highest level in the 15 years of data already examined by the study’s authors. A reading of more than 100 suggests the national housing market is healthy and shows few signs of a housing downturn over the next year.

The healthiest housing markets in the country are Pittsburgh, Cleveland, and Philadelphia, according to the index. The report considers employment, demographics, the mortgage market, and house prices to determine the health of each market.

“The HoHM Report provides a look into the future instead of the rear view mirror,” says David Berson, Nationwide’s chief economist and senior vice president. “The quarterly report should serve as a resource to gauge how healthy housing markets are today but, perhaps more important, what to expect in the future and why.”

This week, the National Association of REALTORS® reported that its forward-looking index, which is based on signed housing contracts, showed pending home sales at the highest level since June 2013.

Our local housing market seems to be continuing this trend with healthy sales through February and March as compared to the same time last year. Buyers are out in force at most price points, and inventory is still relatively low. With mortgage rates also continuing to remain low, I expect the spring season to continue with strong sales. If you are thinking of putting your home on the market, now is a great time to sell. Buyers are ready – and we’re seeing more instances of multiple offer situations when homes that are in good condition and are priced well hit the market.

For more information about what your home’s worth, contact me today at 203-856-5534 or karla@karlamurtaugh.com

Ridgefield Market Report for February 2015

February continues to show increased momentum over the same time last year with an increase in the number of single family homes sold, number that entered escrow and the number of new properties listed.The median price continues to remain mostly flat however, with a 2.7% decline over February 2014.

MEDIAN SALES PRICE and CLOSED SALES
February 2015 saw the median sold price of a property in Ridgefield decrease from $610,750 last year to $594,000 this year. This represents a 2.7% drop. Overall in year-to-date figures, the median price has dropped from $686,000 to $619,500 representing a 9.7% reduction. The number of closed sales actually increased to 12 from 10 during February, and overall sales up are up for the year-to-date from 26 in 2014 to 30 in 2015.

PROPERTIES UNDER CONTRACT
Reflecting continued strong interest by buyers, the number of properties that went under contract in February 2015 soared by 125% over the same time period last year, with 36 properties entering escrow compared to just 16 last year. In year-to-date figures 2015 has seen 57 properties enter escrow compared to 37 in 2014, representing an increase of 54.1%

DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in February 2015 with properties spending 135 days on the market as compared to 199 days during the same time last year. The Months Supply of Inventory has also decreased to just 6.8 months, down from 16.3 months during the same time last year.

NEW PROPERTIES FOR SALE
The number of new properties listed in February totaled 47, which is up from last year’s 31 properties. So far in 2015 a total of 96 properties have been listed for sale, compared with 74 during the same time last year.

For a full graphical analysis of Ridgefield’s February 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/03/KMMReport-Feb-2015.pdf

Ridgefield Market Report for January 2015

The single family home real estate market in Ridgefield for January 2015 has started out strong with an increase in the number of properties sold, number that went under contract, and number of new listings available compared to January 2014. The median home sales price, however, dropped 14.4% when compared to the same time last year.

MEDIAN SALES PRICE and CLOSED SALES
January 2105 saw the median sold price of a property in Ridgefield decrease from $707,500 during the same time last year to $619,500 this year. This represents a 14.4% drop. The number of closed sales actually increased to 18 in January 2015, compared to 16 during the same time period last year.

PROPERTIES UNDER CONTRACT
Reflecting continued strong interest by buyers, the number of properties under contract increased by 42.9% over the same time period last year, with 30 properties entering escrow compared to 21 last year.

DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in January 2015 with properties spending an average of 123 days as compared to 204 days during the same time last year. The months supply of inventory has also decreased to just 8 months, down from 12.3 months during the same time last year.

NEW PROPERTIES FOR SALE
The number of new properties listed in January totaled 49, which is up from last year’s 43 properties.

For a full graphical analysis of Ridgefield’s January 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/02/KMMReport-Jan-2015.pdf

Ridgefield Market Report : Year in Review 2014

Holding Our Own

Diverse weather conditions delayed the 2014 Spring Market nearly 8 weeks, which was extremely difficult to recapture. Even though our unit sales volume fell short 14.7% when compared to the record 2013 sales levels, I feel we were able to protect much of the gains made. This forward movement also seems to be continuing as we enter the 2015 Spring Market. We must remind ourselves that 2014 posted the second best sales figures seen in Ridgefield over the past seven years.

Despite the decline in units, we experienced an increase of 1.8% in Median Sales Price, which supports our prediction for slow, steady growth going forward. This slight up-tick also suggests that there are more buyers in the market at higher price points.

Great Expectations

2014 proved that the market continues to be driven by value, therefore proper pricing is critical. Today’s buyer also measures value based on the condition of the home. Buyers respond most positively to homes that have been updated and are in pristine condition. The foundation of Real Estate is built upon the principle of “supply and demand.” There have been many examples this year, across a number of price points, demonstrating that when a home is in absolute turn-key condition, recently updated, and in a desirable location, multiple offers can be expected. Close-to-town properties continue to be particularly popular and tend to sell more quickly and at a higher price per square foot.

Positive Outlook

With increasing consumer confidence and strong financial indicators, I am optimistic that 2015 will continue the trend towards market stability and increased values. The recent dip in mortgage rates should bring more buyers into the market, especially as banks start to loosen credit and offer more programs for well qualified people.