Ridgefield 2020 Year In Review Real Estate Market Report

Ridgefield Market Snapshot

2020 started out strong, but the year came to a grinding halt in March as we all sheltered in place due to Covid-19. When real estate was allowed to resume towards the end of April, a torrent of buyers from NYC and other urban areas created unprecedented demand for homes in Westchester and Fairfield counties. The number of single-family home sales in Ridgefield increased by 70% year over year with 556 units selling this year as compared to 327 in 2019. In addition, the total sales volume increased 93.5% in 2020 with $451,684,839 in total sales compared to $233,379,725 last year.

Price gains were seen throughout the Ridgefield single family home market with the Median Sales Price increasing from $628,250 to $707,500, representing an overall increase of 12.6%. The Average Sales Price also increased by 14% from $713,699 to $812,383. The Days On Market decreased with homes spending 70 days on the market before selling, as compared to 167 in 2019. The List to Sales Price Ratio rose from 96.5% to 97.8% with many homes receiving offers above asking price or even multiple offers.

Demand for single-family homes increased at all price points, however, the greatest boost came in properties selling between $1-million and $1.5-million. Sluggish sales over the past few years were reversed with a 217% gain from 24 sales last year to 76 this year. The luxury market – defined as homes selling for more than $1.5-million – also saw appreciable gains with a 128% rise from 18 to 41 sales, and the under $1-million sales increased 54% from 285 to 439. In general, homes that had been updated were often selling at or above their listed price.

Trends In The Market

  • As people reevaluate their lifestyles in the wake of the pandemic, many are finding their home a sanctuary. People are moving out of cramped urban spaces to more residential neighborhoods in the suburbs.
  • While the market has transitioned to benefit the seller, buyers are still wary of creating a ‘bubble’ and will continue to be reasonable in their offer strategy.
  • A shortage of inventory will continue to place pressure on first-time and even ‘move-up’ buyers as continued demand outweighs supply.
  • It is increasingly important to understand how the market changes we are seeing breaks down by price and segment, as not all gains are the same across the board.

For more information, download the FULL REPORT.

Karla Murtaugh Receives Luxury Specialist Designation From Christie’s International Real Estate

After attending Christie’s International Real Estate’s Luxury Specialist conference specializing in insights about the global economy, evolving business strategies and luxury trends in art, collectibles and home design, Karla Murtaugh was awarded the exclusive “Luxury Specialist” designation for expertise in high-end client service. This is the sixth year that Karla Murtaugh has been granted the Luxury Specialist designation.

Welcoming over 700 brokers from 24 countries, including 26 U.S. states, this year’s event was held virtually, attracting the largest number of participants in the history of the forum. At the conclusion of the conference, attendees were designated as a “Christie’s International Real Estate Luxury Specialist” by Christie’s Education.

Dan Conn, CEO of Christie’s International Real Estate, said: “Our agents are experts in their local markets, the reason their companies were invited to join our exclusive network. This conference, offering continuing education in the luxury sector, allows them to build on their local reputations with an appreciation for the full scope of the interests of high-end clients.”

In addition to representation from across the United States, attendees joined from Europe, Canada, the Caribbean, Latin and South America, Asia and Australia.

Speakers included Elliot Eisenberg, internationally acclaimed economist renowned for making the science of global money policies clear and logical; and Michael S. Smith, the interior designer appointed by President Barack Obama to the Committee for the Preservation of the White House and responsible for the 2010 makeover of the Oval Office.

Participants also heard from Christie’s International Real Estate executives and their industry-leading peers who provided insights into managing their businesses in a volatile environment, digital approaches for buying and selling homes, managing client relations and leveraging PR and social media to build personal brands.

Karla Murtaugh Homes Sponsors The Prospector Theatre, Ridgefield

As we all know, 2020 has been a challenging year for many non-profits. Living and working locally, Karla Murtaugh Homes is committed to partnering with and supporting local businesses, and is once again proud to sponsor the Prospector Theater. The Prospector was obviously impacted by the lock-downs and restrictions due to Covid-19, however, in our recent call with the Theatre we were encouraged to learn how they have pivoted to keep every employee – known as “Prospects” – working this entire time. Here are couple of ways their ingenious staff have furthered the Prospector mission to “Sparkle On”.

1. Technology played a starring role as Prospects worked on standard operating procedures, new moviegoing guidelines, video productions, grants, graphic design, daily flash challenges, continuing education classes, virtual service-learning experiences, and more.

2. Prospects have experimented with new alternate revenue streams including an expanded retail line, online gourmet popcorn orders, discounted theater rentals, virtual birthday packages, and curbside concessions. Each one of these new offerings creates dozens of jobs for Prospects while fueling their mission and business.

3. The Prospector reopened its doors on June 17th, 2020. Social distancing seating arrangements, plexiglass partitions, contactless payments, designated one-way traffic, hand sanitizer stations, and more made the Prospector the gold standard for safe moviegoing practices, with several competitors reaching out to the Prospector for guidance.

The Prospector’s work is needed now more than ever. Since March of 2020, an additional 1,000,000 Americans with disabilities have lost their jobs, bringing the unemployment rate to 85%. Karla Murtaugh Homes has been there with unending support for the Prospector’s mission since it opened. It’s not too late – you can join us in helping this important Ridgefield beacon of light by seeing a movie, purchasing a gift card, making a donation, or becoming a sponsor – like us! For more information, visit www.prospectortheater.org