The market in the second quarter performed similarly in most aspects to the first quarter. There was a continued decline in single family sales as compared to the second quarter of 2022. The limited availability of inventory remained a significant factor, effectively impeding sales growth. This quarter witnessed a consistent decrease in active listings across the board. Simultaneously, the presence of a competitive buyer environment arising from low inventory increased demand contributed to maintaining sale prices at higher levels than the same period last year.
Sellers continued to approach the market cautiously in the early months of 2023 leading to a challenging inventory situation. Buyers continue to move quickly to capitalize on properties offering desirable amenities, locations, and updates. Multiple offers continue though their frequency has slightly diminished. Notably, prices have remained strong despite concerns about inflation and interest rates. The market is gradually evolving, creating a better balance between buyers and sellers. Scarcity of inventory continues to favor sellers, yet buyers can find reassurance in the return to conventional purchasing patterns that include mortgage, appraisal, and inspection contingencies. While the market remains highly active, sellers must prioritize that their homes are in optimal condition. Staging, updates and overall condition and maintenance should not be underestimated when listing and valuing the price of a home.
Condo Sales in Ridgefield followed the same pattern as single-family home sales with the decrease in the number of sales offset by a rise in median and average sales prices. We continue to see condos at all price points sell well due to their in-town or close to town locations.
In recent years, the luxury market, defined as sales exceeding $1.5 million, has maintained its prominent position. In the first half of the year, there were 21 luxury sales, which is higher than the 16 recorded during the same period in 2022. A 31% increase year to date compared to 2022. Notably, a $24 million equestrian property closed in April, 2023.
During the first half of 2023, there was a notable upward acceleration in prices, accompanied by a decrease in the number of unit sales. County-wide, sales experienced a significant decline primarily due to insufficient inventory. Median sales prices rose across the board. With far more buyers than listings, multiple buyers are competing for the same listings resulting in multiple offers at or above list. Geographically, Fairfield County benefits from its proximity to New York City and the quantity of buyers that continues to flow from the city into our markets.
In today’s unique real estate market, it’s more important than ever to work with a savvy professional who can get you to the closing table. Year after year, Karla Murtaugh Homes continues to be a top ranked team at all price points in Ridgefield, as well as Fairfield County. Whether buying or selling, contact us today to experience the Karla Murtaugh Homes Team difference.