Inventory Is Increasing, But It’s Still A Seller’s Market

Spring is here, and it’s a fabulous time to list your home! If you’ve been on the fence about selling, we understand. It’s been a tumultuous two years. But the real estate market shows that inventory is starting to rise, and if you’d like to capitalize on this exciting spring market to earn a fabulous price for your home, Karla Murtaugh Homes at Compass would love to help. And if you’re looking to buy, inventory is climbing and you may have more options in the coming weeks, so definitely don’t give up!

“Thankfully, the market isn’t as frenzied now as it has been in past months, and more people are feeling comfortable about selling. Inventory is still relatively low at this point, so it’s a great time to take advantage of a seller’s market,” said Karla Murtaugh.

According to Connecticut Magazine, at the start of 2022, statewide inventory sat at less than a two-month supply, more than four months less than the typical market, so inventory will be the most important thing to watch in 2022. The Multiple Listing Service’s year-end report for 2021 showed the months supply of inventory down nearly 38 percent from 2020, to 1½ months statewide. Months supply describes the amount of time it would take to sell all the homes on the market, given current market conditions. Historically, moderate price appreciation comes with about six months’ supply, according to the National Association of Realtors.

“One thing to keep in mind if you’re thinking of selling is that research shows a staged home generally sells faster and for more money. The real estate market is highly competitive and staging will give you a leg up on the competition”, said Karla.

“When a potential buyer enters your home, you want to provide a backdrop for them to experience the home—a place where they can see how rooms function and how the home ‘feels’. You want them to say WOW!”, she continued.

One of Karla’s favorite things about having joined Compass is the Compass Concierge program, which is designed to prepare your home for the market. From deep cleaning to cosmetic improvements, Compass Concierge assesses opportunities to elevate your home’s value. The program will provide a tailored plan for updating and staging your home, and the means to execute it. Compass fronts the costs associated with home-selling improvements and only collects payment for the services rendered at the time of the property’s closing.

In addition, Karla’s own staging programs are designed to work within your budget and comfort level, and can either use your existing furniture and accessories, or bring in additional items. Most importantly, staging lets you get an objective opinion as seen through a “buyer’s eyes” – it’s not a reflection on your personal style or taste, but about getting you the most bang for your buck and top dollar on your sale.

For everything you need to know about selling your home, check out the Karla Murtaugh Homes Seller’s Guide. Be sure to connect to the team at karla.murtaugh@compass.com for your complimentary consultation.

Put A Little Spring In Your Step And Spruce It Up

With increasing inventory coming on the market, buyers are continuing to offer top dollar but are looking for properties in good condition with a “fresh” look. Even in this brisk market, it’s worth it to take the time to prepare your home. We have so many examples that demonstrate when you go the extra mile, you can list at a higher market price and ultimately achieve a higher sale price and in many cases multiple offers. Here are some simple ways to brighten your home for spring whether you’re considering selling or not.

1. Declutter! This is a terrific opportunity to get rid of items you’re no longer using or enjoying. If you’re not ready to part with many of your things, consider a temporary storage unit.

2. Deep clean! Set aside a significant amount of time or hire a pro, then keep it clean until you close so it’s in great shape for showings. Don’t forget often neglected areas, like heating vents, lightswitch plates, outlet covers, trim, doorframes, grout and caulking.

3. Shine! One thing you absolutely must spring clean if you’re planning on selling your home is the windows, including screens and sills that can look really dingy after a long winter. When your windows sparkle, they’ll let in that gorgeous natural spring sunlight which makes every part of your home look more beautiful.

4. Repair! Patch holes in the walls, replace broken appliances, change burnt out light bulbs.

5. Paint! Many homeowners are surprised by how a new coat of neutral paint can refresh their home. We’re happy to recommend paint colors that will enhance the beauty of your home.

6. Freshen up! Take advantage of the warmer spring temperatures and open your windows as much as possible to help air out your home. This can help remove any odors from paint, cleaning products and/or pets.

7. Boost curb appeal! The first impression is most important and, so consider improving outdoor light fixtures, replacing the mailbox, arranging patio furniture and/or sprucing up the landscaping. Even a few pots of colorful flowers can make a huge difference in welcoming potential buyers. Plants and shrubs could be looking a little overgrown by this time of year, so spend a little time sprucing things up. Especially if you’re planning to list your home for sale, don’t underestimate the power of curb appeal. Invest in professional landscapers, or head to Ridgefield Hardware which has plenty of tools and products to choose from.

If you’re thinking about selling, connect with us today at karla.murtaugh@compass.com or 203-856-5534. Happy Spring!

Wilton Q1 2022 Market Report

The Wilton real estate market continues to take advantage of the current surge. While inventory and the number of sales are typically lower in Wilton than in Ridgefield, the town has enjoyed an earlier resurgence of inventory particularly in the over $1 million range. This has led to higher median and average sales prices than in Q1 2021. For example, 52% of all property sales in Wilton in Q1 2022 have been for homes priced in the $1 million and over range compared to only 26% in Q1 2021. In addition, there have been twice the number of luxury properties (homes selling for more than $1.5 million) in 2022 compared to 2021, with 20% of all sales being in this price point. This noticeable surge in luxury sales has definitely influenced the median and average sales prices in the town. The number of sales in Wilton has also decreased as in Ridgefield, but is still slightly higher than the pre-pandemic numbers. As we move into the typically fast-paced spring market, it will be interesting to see if supply can keep up with demand.

Ridgefield Q1 2022 Market Report

Overall, the Ridgefield real estate market for single family homes was healthy in the first quarter of 2022. While the main issue affecting the number of sales was low inventory, we have started to see an uptick in homes coming on the market, particularly in late March. There are still many buyers searching for homes, and sellers are getting creative with rent backs and other tools while they sell and make their next move. It is also important to note that while values seemed to show a decrease from last year, that is almost entirely due to the breakdown of homes that are selling. For example, in Q1 2021, homes in the over $1 million category made up 33% of all sales, while in 2022 they were only 29% of total market share. In addition, the luxury market (homes selling for greater than $1.5 million) accounted for 12% of all sales in Q1 2021, compared to only 6% this year. The drop in the share of homes selling in these price points has an overall negative effect on both median and average sales prices as reflected in these statistics. This is nothing to be concerned about as the number of sales equals or exceeds our more normal markets of 2018-2020, and the median sales values are up compared to those years as well.