Ridgefield Market Report February 2018

February 2018 has been an interesting month.  A slow December 2017 and January 2018 resulted in a lower than normal number of closed sales this month. However, the number of properties that took deposits during February was up compared to the same time in 2017.  This is a great indicator for a strong spring season in Ridgefield Real Estate. Of note, the median price was also higher than in February 2017 and the months supply of inventory is dangerously low, indicating it is a good time to list your home for sale.

To see an overview of how February looked, you can click for a snapshot of the market, or a breakdown by price.

The number of closed sales was down compared to the same time last year with only 13 properties selling in February 2018 as compared to 23 in 2017.  Overall, 32 properties have sold this year compared to 43 by the same time last year, which represents an 28% decrease. The Median Sales Price increased this month from $582,750 in February 2017 to $605,000 this year. The year-to-date median value is also up, posting at $673,000 as compared to $606,000 at the same time last year.

The good news is that even with below average sales in February, the number of properties that went under contract or garnered deposits was almost double that of February 2017. There were 39 properties that took deposits as opposed to only 20 last year. Year to date, the number of properties under contract also increased over last year with 63 properties currently under contract compared to 37 in 2017, representing a 70% increase.

We are still dealing with a shortage of properties available for sale this month.  The months of inventory has decreased to only 6.1 months compared with 15.2 months last year. Fifty-two new properties entered the market this month, compared with 72 in February of last year. The average days on market has significantly decreased by 53% over February 2017 with homes spending an average of 101 days instead of 215 on the market before selling. Year to date, the average days on market time is sitting at 170 days, as compared to 204 days last year at this time.

Now is a good time prepare or list your home for sale. Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

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. Contact us today! 

Snapshot of February Market Report

Want To Sell Your Home? Consider Updating Using These Design Trends

The classic look of neutrals, blue-greys and white is still hot amongst most buyers, but if you really want to be in the know when it comes to design, here are a few trends we see for 2018.

A Splash Of Color. While a neutral palette is still a great place to start, splashes of accent color in pillows, accessories and blankets are popping up creating a fresh, vibrant look. Muted shades of orange, yellow and green come to mind.

Geometric Prints. Patterns such as circles and triangles are a bold way to make a statement. Start with accent pillows or use geometric wallpaper in your favorite color.

Wallpaper. There are so many wonderful styles of interesting wallpaper offering an alternative to paint. Create an interesting accent wall or start small with a powder room. Grass cloth wallpaper in colors, as well as neutrals, continue to be very popular.

Tone On Tone Colors. Trim work, furniture and walls in complementary tones can be interesting and add dimension. A good place to start is by painting a piece of furniture such as a dresser to match your wall.

Matte Brass Accents. You may have noticed that navy with matte brass seems to be appearing more and more in high-end designer style. Golden tones tend to be warm and subtle, as opposed to the cooler look of brushed nickel or sliver.

Natural Materials. Timeless and classic, using warm woods, stone and other materials inspired by nature is always in style and creates a welcoming atmosphere.

Tile. Subway tile is the go-to tile of the past decade, but look for tiles to get larger with less grout and easier upkeep. Glass tiles are also popular for backsplashes and bathroom accents.

Bold Patterns. Big, beautiful florals are back but in a new way. Gone are the bright depictions of flowers seen 10 years ago. Look for soft muted millennial pink with the trend moving towards lavender and lilac.

If you are thinking of listing your home for sale, you may want to consider a staging consult to see how you can best use your existing furniture and accessories to accentuate the positive features in your home. Find out more about staging here.