In a Wall Street Journal Special Section called Beyond NYC, we were fortunate enough to be asked to provide a commentary on the state of the market. In addition, two of our fabulous clients were featured in a two different articles about their experiences buying in the ‘suburbs’ like Ridgefield, and selling during Covid. To check out the full article, see the posts below.
Fall is finally here, and whether you’ve just purchased your first home or are a veteran owner, you might be surprised at the quantity of odd jobs you should complete this time of year.
1. Our recent experience with Hurricane Ida left some homeowners dealing with waterproofing issues. There are some basic steps to help prevent water penetration into your home such as cleaning out gutters so leaves don’t accumulate and the water is allowed to run freely. Checking that window wells are free of debris and the land slopes away from the house around the basement area also helps prevent penetration from melting snow. If persistent seepage of water occurs in the basement of the home, it is wise is to contact a specialist and see if the installation of a sump pump or water proofing would solve the issue.
2. Landscaping is a huge job in the fall between leaf cleanup and prepping your plants for winter. Leaving leaves on the lawn can cause damage to the grass, so make sure to clear and/or mulch leaves. Moving them into a forested area also helps the native fauna overwinter. Some plants also benefit from being wrapped in burlap to protect from them frost. Hurricane Ida also made it clear how important it is to take down trees and large branches so they don’t fall during a storm. Contact an arborist to evaluate trees that require trimming, cableing or removal to keep your home safe.
3. Now is a great time to paint the interior or exterior of your home thanks to mild temperatures and less humidity. This will reduce wear and tear on the clapboard or shingles. Take some time to caulk and seal around all exterior doors and window frames, including in your basement and garage. If you look for gaps where pipes or wiring enters your home and caulk those as well, you can cut down on the heat escaping from those openings. It may also prevent water, insects and maybe even mice from entering.
4. It is wise to have your heating system, firebox and chimney professionally serviced sooner rather than later to ensure safe and reliable heat during the cooler months. With regular maintenance, you will also be extending the lives of these key appliances.
We hope you enjoy the gorgeous fall foliage in our area this season and feel free to contact us if you need a place to start for vendors for these services!
Year To Date Sales Remain Strong
Year over year January through August single-family home sales remain strong with 351 homes sold to date in 2021 vs 298 in 2020 – an increase of 18%. We see the same trend in overall sales volume, which saw a 43% increase year over year ending the year-to-date at $329,473,587 with rising prices and continued demand for properties responsible for the continuing uptick.
Low Inventory Means Less Sales, Less Overall Volume In August 2021
For the second month in a row the number of closed transactions is lower in a given month than what was seen in that same month in 2020. There were 58 sales in August this year, a decrease of 19% from the 69 sales in August 2020. There was also a 7.5% decrease in the overall sales volume with August 2021 coming in at $55,711,650 vs $60,211, 700. Given the buying cycle, homes closing in August were most likely to have been purchased in June – the key time observed for the large exodus of buyers from NYC in 2020. It’s also a sign that limited inventory is making it hard for buyers to find homes – the main limiting factor in real estate right now.
Prices Remain High With No Sign Of Dropping
Another result of the limited inventory is that the price of homes continues to remain at all time highs. Mortgage rates are holding steady, and values are showing no signs of slipping. While the market is not as frenzied as previous, homes remain in high demand with buyers chomping at the bit to make to a move. In August alone the median price was up 13% year over year from August 2020 landing at $835,000 vs $740,000 a year ago. Year-to-date, the median home price is 28% up year over year sitting at $825,000 vs $645,000. The average price in August 2021 is up 10% at $960,546, while year over year it is up 22% at $938,671.
Ridgefield Public Schools began their school year this week, and we wanted to take a moment to salute our incredible teachers, students, staff and administrators! Our schools are consistently ranked among the best in the nation year after year.
We know our administrators are closely following the developments of the COVID-19 pandemic and complying with all local, state and federal guidelines. The district is not offering a remote or hybrid option this year, and masks are required for all individuals regardless of vaccination status. There is currently an indoor mask mandate in place for the entire town of Ridgefield.
Superintendent Susie Da Silva told The Ridgefield Press that the district had a great start to the new school year. With more knowledge of the virus at their disposal, she explained, administrators were able to better prepare for the year ahead.
School officials will keep a close eye on local COVID-19 cases to inform how to proceed with quarantines, continued instruction and enhancing that learning. The district is also preparing to screen students in grades K-6 on a weekly basis as soon as Sept. 13. The voluntary program is designed specifically for children who are ineligible to receive the vaccine and is intended to alleviate transmission in the event of a positive case.
Additionally, in partnership with the Connecticut State Department of Education, Ridgefield Public Schools will continue to offer a free meal in all of our schools for the entire 2021-22 school year.
Learn more about our many excellent district offerings here: https://www.ridgefield.org/Our_District
We also have several private schools in the Ridgefield area, including Ridgefield Academy and St. Mary School. You can learn more here: https://www.privateschoolreview.com/connecticut/ridgefield
Join us in wishing everyone in Ridgefield schools a safe and productive year!
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Ridgefield CT 06877
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