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.