Ridgefield’s February Market Sees An Uptick In Sales, But A Downturn In Inventory

Home sales continue to exceed all market expectations as 2021 moves towards a reopening of the economy in the late spring and beyond. While this seems to be excellent news, we are seeing a downturn in inventory with many well-qualified buyers still in need of homes.  With mortgage rates remaining at historic lows, the real estate market will definitely remain strong if we approach the spring selling season with people willing to list their homes.

Prices & Volume
To date, in 2021 Ridgefield single-family homes sales have totaled $58,947,250 with 64 closed transactions as compared to $31,252,400 in sales and 41 transactions by this time in 2020.  Most of these sales reflect homes that went under deposit towards the end of last year, but nevertheless have resulted in a record-breaking first two months. In February alone, we saw 29 homes close with a volume of $28,355,750. The median sales price rose from $561,700 in February, 2020 to $850,000 this year, and the average sales price also climbed from $644,133 to $945,192.  Homes are selling at 98.4% of their listed price in about 90 days.

Inventory
There are currently 44 homes with accepted offers set to close in Q2 2021 and a further 59 homes already in contract to close in the next two months. As mentioned previously, inventory remains dangerously low with only 3 months of available inventory on the market.  In 2020, there was 12 months of inventory available at this time of year. For a breakdown by price point of recent sales, see the chart below or DOWNLOAD it.

Karla Murtaugh Homes Leads The Way

We regularly review the entire Ridgefield market to assess how we are serving our clients, and were pleased to discover that our sales represent 26% of the total inventory sold year to date in more than double the number of transactions of any other Ridgefield agent. We also have 17 properties in contract and set to close in the next couple of months. Our forward-thinking approach to this ever-changing market, along with adaptive marketing and unparalleled client service at all price points is why we are Ridgefield’s number one agent. Our commitment to understanding the market cannot be overlooked, and we encourage you to check out our 2020 “Interpreting The Market” Ridgefield Market Report included with this month’s Ridgefield Magazine for further insights.

Looking Ahead
We are optimistic as we look towards a spring and summer with eased Covid restrictions and a return to a more normal life. Buyers are still excited to purchase their dream home. For seller’s, as working-from-home scenarios and in-person school arrangements become solidified, we may also find that their needs are once again up for examination and change. We expect that the must-haves and wants of privacy, multiple offices, home gyms, pools and separate spaces will remain. As some situations change, we also expect an increase in inventory as consumer confidence returns and people once again look to make moves to better their current lifestyle.

To find out what your home is worth or for a complimentary consultation, please reach out to us at karla@karlamurtaugh.com or call 203-856-5534. We’d love to discuss our outstanding marketing campaigns and platinum level of service with you, and advise on how to best sell your home in this unprecedented market.

Connecticut Ranks 1st In The Nation for AP Exam Performance

According to the AP Cohort Data Report released by the College Board, for the first time ever Connecticut ranks best in the nation on student performance of advanced placement (AP) exams with 34.5 percent of 2020 high school graduates in Connecticut earning a score of 3 or more on an AP exam.

The report offers a measure of participation and performance that shows success on the Advanced Placement® (AP®) Exam in the overall context of equity and access. It represents only U.S. public school students because no central source of enrollment and demographic data is available for nonpublic schools for all states. Compared to the national average, Connecticut saw noticeable increases in the class of 2020 with respect to exam participation and performance among students from low-income families, and Black and Hispanic students. The total number of the state’s graduating class who took an AP exam in high school increased by over five percent in the last five years.

Graduating seniors use AP to get a head start in college. They use AP to:
1. Stand out in college admission
2. Earn college credits
3. Build college skills, and
4. Advance into higher-level courses

Because most colleges in the United States award credit and placement for qualifying AP Exam scores, the 2021 AP Exams will cover the full course content so that students are accurately placed into higher-level courses where they will succeed when they arrive on campus.

College Board is a mission-driven not-for-profit organization that connects students to college success and opportunity. Founded in 1900, College Board was created to expand access to higher education. Today, the membership association is made up of over 6,000 of the world’s leading educational institutions and is dedicated to promoting excellence and equity in education. Each year, College Board helps more than seven million students prepare for a successful transition to college through programs and services in college readiness and college success—including the
SAT® and the Advanced Placement® Program. The organization also serves the education community through research and advocacy on behalf of students, educators, and schools.

120 Prospect Ridge Featured In Hearst Papers “On The Market”

Our beautiful listing at 120 Prospect Ridge, Ridgefield CT was featured in Hearst Newspapers “On The Market” section this past week. Profiling exceptional properties throughout Fairfield County, Meg Barone interviewed Karla Murtaugh to get the scoop. Here are some excerpts from the article:

The classic architecture of the 1920s-era house at 120 Prospect Ridge in Ridgefield works in concert with its updates, amenities and location to create a living and entertaining space worthy of the 21st century lifestyle.

The circa 1928 masterpiece is a “lesson in timeless architecture and sophisticated living,” according to Karla Murtaugh, the listing agent.

The 15-room house, its sizable guest cottage, and heated in-ground saltwater swimming pool sit on a gated one-acre level property in the Village Center within walking distance of many attractions.

At 5,986 square feet this house is a comfortable size. “It’s just the right size. It’s not a McMansion. That’s the allure of this property. People are looking for comfortable and not over-the-top. This house is very gracious,” Murtaugh said.

The master suite features a huge dressing room, a private balcony looking over the yard and a marble bath. Three other bedrooms are also en suite. Above the detached two-car garage is the guest cottage. It includes a vaulted great room, bedroom, full bath and lower level kitchenette. Either the guest house or the third level in the main house could serve as an in-law or au pair suite.

Murtaugh said the house is “beautifully sited and surrounded by Green Giant evergreens and blossoming rhododendrons.” The professionally landscaped grounds include multiple patios and pergolas, organic garden beds and perennial gardens.

This house is on the market for $2,450,000.

 

Visit our feature page to take a virtual tour. Text or call 203-856-5534 or email karla@karlamurtaugh.com for more information or to schedule an in-person tour.

Continued Good News In The Ridgefield Real Estate Market!

Coming off a stellar year in 2020, Ridgefield real estate sales continue to impress. With numbers far exceeding 2020’s incredible start to the year, 2021 promises to again post increasing prices and decreased sales times, as long as we can procure the inventory to keep the market moving. With a wealth of qualified buyers waiting in the wings for the perfect house, now is the time to jump into the market if you’ve been contemplating a move.

Prices & Volume
The number of sales in January 2021 exceeded 2020 by 48% with 34 homes sold as compared to 23 in January 2020. There was a rise in overall sales volume as well, with 2021 seeing $30,591,500 sold in the first month of the year compared to $19,658,000 in 2020. The median price this month was where the steepest overall gains were seen with a sales price of $856,000 vs $620,000 in 2020. The average sales price rose from $854,696 to $899,750 this year.

Inventory & Days On Market
In an unprecedented first, the available inventory has dropped to 3 months! In comparison, at this time last year there was 8 months of available inventory on the market. In addition, the days a house remained on the market before entering contract currently sits at 59 days as compared to 132 days in January 2020. For a breakdown by price point of recent sales, see the chart below or DOWNLOAD the chart.

Now Is The Time To Sell
With a continuing number of buyers looking for privacy, space and the suburbs, it’s certainly a good time for sellers. Buyer demand is at an all time high and there is very limited inventory. To find out what your home is worth or for a complimentary consultation, please reach out to us at karla@karlamurtaugh.com or call 203-856-5534. We’d love to discuss our outstanding marketing campaigns and platinum level of service.

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

Karla Murtaugh Homes Sponsors “Homes For The Holidays” at the Lounsbury House

The Holidays are looking different this year, but I am consistently amazed at the creativity of the businesses and community leaders in our fabulous town of Ridgefield. I am proud to support the Lounsbury House gingerbread-styled home tour of some of Ridgefield’s most iconic properties. If you get a chance, go online to LounsburyHouse.org and vote for your favorite! Voting closes December 20.

 

October & November Sales Continue Real Estate Momentum

Continuing the strong sales seen in Q3 2020, October and November single family home sales are set to help 2020 close as our strongest year in many. Far outweighing 2019 sales at all price points, the initially sluggish market responded well with our current concern being a lack of inventory. With many buyers still migrating from the city and more urban areas to the privacy of the suburbs, we hope to see sales continue throughout 2020 and into 2021. And while buyer demand remains strong, there simply aren’t enough homes on the market for them to purchase. Unlike previous years, where the consensus was to avoid putting a house on the market as we move into winter, in 2020 that simply isn’t the case. If you’re looking to make a move, now is the perfect time to list your house for sale.

All Indicators Are Positive
Year-to-date, a total of 495 homes have sold in 2020, outpacing 2019 by 40% and the total sales volume stands 46% higher than 2019 at $395,754,813 vs $213,039,725. In October and November specifically, we have seen 130 sales with a list-to-sale price ratio of 98.6%. Our days on market and months of inventory are also at all-time lows with homes spending a median time of 31 days on the market before selling. There is also only 2 months of inventory available, which is concerning given the number of buyers still looking to move to our area. There are currently 78 homes on the market

Prices Are Up
The average sales price was up 11 percent year over year YTD sitting at $801,123 in 2020 compared to $712,507 in 2019. The median sales price was up 10 percent $699,000 in 2020 YTD vs $628,250 in 2019. We have seen a good number of homes selling at or above their listed sale price and homes that are updated and priced properly are often in receipt of multiple bids.

Luxury Sales Are Strong
Sales are up in all price points. There was a three-fold increase in the number of homes that sold for over $1 million (101 in 2020 compared to 37 in 2019). In terms of the luxury market – defined as homes priced over $1.5 million – 37 single-family properties have sold in 2020 YTD compared to only 16 in 2019. There are also a further ten luxury homes with accepted offers set to close by year end.

Karla Murtaugh Homes Sales
Year to date, in Ridgefield alone, Karla Murtaugh Homes has represented either the buyer, seller or both on 78 closed transactions at all price points from a $345,000 condo to a $5.2 million luxury estate property. In the luxury market, we were responsible for representing 23 buyers and/or sellers of the 37 properties that sold. We currently have an additional 28 properties set to close by the end of 2020 or Q1 2021.

Thinking Of Selling?
Now is a great time to meet with us and prepare your home for sale. Take advantage of the unprecedented buyer demand and low market inventory. We offer a complimentary market analysis and would be happy to provide you with a concrete analysis of what your home is worth. For buyers, our expertise in negotiating in a strong seller’s market means you will get unparalleled representation in a competitive marketplace. Now is the time to make sure you work with an experienced realtor – this market comes with many challenges and you really need someone who can get you to the closing table. Contact us today at 203-856-5534 or karla@karlamurtaugh.com