Ridgefield Market Report November 2018

November 2018 showed prices and volume of sales holding steady as compared to 2017. The month ended with the number of closed sales at 23 properties which is the same number of properties that sold in November of last year. However, more properties opened Escrow in November 2018 than 2017, reflecting anecdotally what we saw as a busy fall market. The median sales price is slightly up over last year for the month and is on par year-to-date. Inventory is about 21% lower than at the same time last year.

To see an overview of how November looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was exactly the same as last year with 23 properties selling in November 2018 and 2017. In YTD, sales are down 12.7% vs 2017 with 303 properties selling as compared to 347 by the same time last year. The Median Sales Price increased to $652,000 compared with $645,000 in November 2017, while the YTD median sales price remained around the same with a 0.2% increase to $641,260 this year.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow was above the same time last year with 30 properties going under deposit in November as compared to 22 last year, representing a 36.5% increase. With regard to the year-to-date deposits, there are now 327 properties that have taken a deposit as compared to 339 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory remains low with only 9.3 months of inventory available compared to 13.6 last year. The number of new properties entering the market is still cause for concern with only 34 new properties listing this past month. Year to date the number of new properties available for sale is also down with only 606 listed for sale this year as compared to 633 last year. The average days on market increased slightly over November 2017 with homes spending an average 180 days instead of 171 on the market before selling. Year to date, the average days on market time is sitting at 133 days, as compared to 169 days last year.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

November Market Snapshot

Breakdown By Price

Karla Murtaugh of Neumann Real Estate is Ridgefield’s only Christie’s International Real Estate Luxury Specialist for five years running

Karla Murtaugh of Neumann Real Estate joined more than 250 agents at the invitation-only, Fall 2018 Christie’s International Real Estate Luxury Specialist Conference held at Christie’s flagship auction house at Rockefeller Plaza in New York. The annual conference is designed to further affiliated agents’ knowledge in the important luxury asset classes of art, jewelry and, of course, real estate, in order to better serve their valued clients.

Speakers included top producers in real estate sharing the secrets of their success, Christie’s specialists with insights into how to elevate client service through the auction house, and an economist providing a look at what 2019 might hold. At the conclusion of the conference, attendees were designated as a “Christie’s International Real Estate Luxury Specialist” by Christie’s Education. Christie’s International Real Estate is the real estate arm of Christie’s, the world’s leading art business and a global brand synonymous with luxury for over 250 years.

“This conference is invaluable as it gives both a high-level overview of the luxury industry, while providing concrete information and resources that benefit buyers and sellers at all price points,” said Karla Murtaugh. “Unparalleled market knowledge, exceptional marketing and top-notch customer service are my hallmarks; buyers and sellers expect you to have an understanding of not only the local real estate market, but of national and global influences as well, and Christie’s provides that.”

Dan Conn, CEO of Christie’s International Real Estate, said: “One of the hallmarks of the Christie’s brand is exemplary client care. This conference provides network agents the opportunity to better understand and leverage Christie’s full spectrum of expertise in art, luxury goods, and real estate. The agents who attend are proven experts in their local markets, motivated to pursue continuing education in the luxury market and well-deserving of being designated a Luxury Specialist.

About Christie’s International Real Estate

Christie’s International Real Estate has successfully marketed high-value real estate around the world for more than 30 years. Through its New York City brokerage and invitation-only Affiliate network spanning 49 countries, Christie’s International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market. The company has offices in London, New York City, Hong Kong, Moscow, Los Angeles, and Palm Beach, and its affiliated brokerages have recorded approximately US$500 billion of real estate transactions over the last five years. (Data as of June 30, 2018). For additional information, please visit www.christiesrealestate.com.

Tips to Keep Your Home Safe During The Holidays

The holidays are a wonderful time of year and we all love spending time with friends and family. But being away from home has it’s risks. Here are a few tips to keep your home safe during the holidays.

Be neighborly.
Nothing is better than having a friend or neighbor check in on the house for you. Be sure to ask them to bring in the mail, shovel the walkway and bring in any packages. If you have pets, consider paying a pet-sitter to stay at the house during your absence. Make sure whoever is helping you out has a copy of your itinerary and emergency contact information in case something comes up. And if you know of a neighbor who is leaving town, offer to check on things for them while they are away.

Be cautious on social media.

The holidays provide countless opportunities to share updates, photos and stories with your social media followers. Unfortunately, your friends and family aren’t the only ones with Facebook and Instagram profiles. Burglars are using social media to find potential targets, so save the sharing for after you return home from your trip.

Keep the lights on.

Electronic timers are a cheap, but effective deterrent to thieves. Leaving a few lights on while you’re away to make it look like someone is home is usually a good idea, and having them turn on and off according to a programmed schedule is even better. It’s also a good idea to unplug any other appliances that won’t be in use while you’re gone to reduce the risk of any accidental fires due to faulty wiring or overheating bulbs.

Beware of freezing pipes.

We live in a cold climate, so enlist the help of that neighbor we discussed above to turn on the faucets periodically while you are away. If the water comes out in a trickle or not at all, have them call you immediately to have a plumber take a look. If you are going to leave your home vacant for months at a time, invest in “winterizing” the home. This will alleviate the headache of having a pipe freeze while you’re away – or even worse, burst – causing an unseemly amount of damage.

The holidays are a time to celebrate and relax with loved ones, so don’t spend the season worrying about your home. With some simple precautions in place, your property will be set up for safety, and you can spend your holiday season focusing on what really matters.

Adapted from How To Keep Your Property Safe on RIS Media

See You At The Turkey Trot!

It’s that time of year again – the Holiday’s are almost in full swing as we start running around decking halls, cooking meals and buying presents for our family and friends. It’s also a time for giving back to our community.

For me, philanthropy has always been an important part of my business as evidenced by my long-time support of the Boys & Girl’s Club of Ridgefield and other causes. And this year is no exception!

Hot off the heels of the Game Show Gala, Karla Murtaugh Homes is sponsoring the 37th Annual Thanksgiving Day 5K Turkey Trot and Fun Run, which draws nearly 3,500 runners and spectators to Ridgefield and is all set to go Thanksgiving morning at 8:00am. Registration is still open if you’d like to join us, and just think how much more food you can enjoy later in the day if you work out first thing in the morning?!

The Boys & Girl’s Club of Ridgefield is truly a gem located right in our own back yard. Among 4,300 Boys & Girls Clubs across the country, our Club was selected to receive the National Merit Award for Program Excellence in the core area of Health and Life Skills at the 112th National Conference held earlier in the year. The club also received accolades for its Tiger’s Paw Torch Club, which won two of the five national awards given to the middle school level programs this year; best national project for its “Linking Hearts and Hands” program, and also the “Service to Club and Community” award for its “We Are the Change,” penny-wars type fund-raiser that the entire club participated in.

I’m so proud to serve on the Club’s Board of Directors and support an organization that does so much for the youth of our community. Come join me and say hi on Thanksgiving morning as we celebrate the Giving Season.

Ridgefield Market Report October 2018

October 2018 showed prices holding steady as compared to 2017, but there was a decrease in the number of properties sold. The month ended with the number of closed sales at 18 properties compared to 28 last year, which is disappointing. However, many more properties opened Escrow in October 2018 than 2017, reflecting anecdotally what we saw as a busy start to the fall market. The median sales price was up 6.6% over last year at this time, and was on par year-to-date. Inventory is at a record low and overall the number of properties entering the market is lower compared to 2017.

To see an overview of how October looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with 18 properties selling in October 2018 as compared to 28 in 2017. In YTD sales are down 13.6% vs 2017 with 280 properties selling as compared to 324. The Median Sales Price increased to $670,000 compared with $628,750 in October 2017, while the YTD median sales price was equal to the same time last year.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow was way above the same time last year with 49 properties going under deposit in October as compared to 28 last year. That is a 75% increase. With regard to the year-to-date deposits, there are 314 as compared to 317 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory is almost half of last year with old 6.2 months of inventory available compared to 11.8 last year. The number of new properties entering the market is still cause for concern with only 48 new properties listing this past month. The average days on market decreased slightly over October 2017 with homes spending an average 106 days instead of 149 on the market before selling. Year to date, the average days on market time is sitting at 129 days, as compared to 169 days last year.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

October Market Snapshot

KMM Oct 2018

Ridgefield Market Report September 2018

September 2018 was pretty much on par with 2017. The number of closed sales was up slightly with 24 sales as compared to 20 in September 2017. The median sales price was down 1.3% for the month but equal to 2017 year to date. An equal number of properties also went under deposit this year compared to last, but was still down on the year. Inventory is also still low, as is the number of new properties entering the market.

To see an overview of how September looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was u[ slightly compared to the same time last year with 24 properties selling in September 2018 as compared to 20 in 2017. In YTD sales we are down 1.5% vs 2017 with 262 properties selling as compared to 296. The Median Sales Price decreased to $592,500 compared with $600,000 in May 2017, while the YTD median sales price was equal to the same time last year.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow was on par with the same time last year with 26 properties going under deposit in September as compared to 27 last year. In regard to the year-to-date deposits, there are 267 as compared to 289 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory i the same as last year at 12.2 months this year as compared to 12.3 last year. The number of new properties entering the market is still cause for concern with a 15% decrease compared to September 2017. The average days on market increased by 39% over September 2017 with homes spending an average 161 days instead of 116 on the market before selling. Year to date, the average days on market time is sitting at 130 days, as compared to 171 days last year.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

September Market Snapshot

KMM Sept 2018

Ridgefield Market Report August 2018

August 2018 was a great month in Ridgefield real estate. The number of closed sales was slightly down with 45 sales as compared to 50 in August 2017. However, the median sales price was up 6.2%. Many more properties went under contract this year compared to the same time last year, and the days on market is lessened by almost 20%. Compared to last year, inventory is still low, as is the number of new properties entering the market.

To see an overview of how August looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 45 properties selling in August 2018 as compared to 50 in 2017. In YTD sales we are down 13.8% vs 2017 with 238 properties selling as compared to 276. The Median Sales Price rose to $648,000 compared with $642,500 in August 2017, while the YTD median sales price also rose by 0.9% over last year.

PROPERTIES UNDER CONTRACT
Continuing the positive news, the number of properties that opened escrow drastically increased over the same time last year with 37 properties going under deposit in August as compared to 29 last year. In the year-to-date deposits however, 2018 still lags behind with 251 properties under deposit as opposed to 262 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory remain low at 9.4 months compared with 12.2 months last year. Also slightly alarming is the decrease in new properties coming on the market — year to date August 2018 posted 7.5% fewer properties than last year and the lack of inventory can be a concern for buyers as they look for their next residence. The average days on market has decreased by 20% over August 2017 with homes spending an average 129 days instead of 161 on the market before selling. Year to date, the average days on market time is sitting at 128 days, as compared to 175 days last year at this time.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

Ridgefield’s 2018 Mid Year Market Report

The Ridgefield Real Estate market continues to favor the buyer, but we have had a number of multiple bid situations on properties that are updated and priced correctly. Condition, along with location and proximity to Main Street, continue to be key drivers for sales across all price points. Buyers are becoming increasingly savvy about market conditions and trends due to the availability of data on public websites such as Zillow and Realtor.com. The threat of a mortgage rate increase does not seem to be affecting buyer decisions either as they bide their time and wait for the ‘right’ home.

The good news is that buyers are still willing to pay for properties they find desirable with properly priced homes selling at 96.5% of their listed price. As was the case last year, properties under $800,000 seem to hit the sweet spot in Ridgefield. The town continues to be a destination for families moving from areas within the metropolitan region, as well as relocating from other states due to our family-friendly environment, quality of life and access to major commerce centers. We also continue to see families move within Ridgefield, which is a testament to the ‘staying power’ of our town.

No Gain In Value
Overall, the Ridgefield real estate market continues to remain relatively flat across the board. A six-week weather delay created a sluggish spring market, resulting in lower unit sales and decreased overall volume sold. 147 homes were sold during the first six months of 2018, as opposed to 178 last year. The total sales volume registered a 21% decrease, ending the mid-year at $98,851,250. However, the median sales price remained on par with last year at $625,000 compared with $627,000 from January to June in 2017.

Where Are Buyer’s Buying?
As in previous years, during the first half of 2018 in-town properties are in demand with 42 percent of all sales occurring within a two-mile radius of Town Hall (considered Village center). The median sales price of these homes was $692,500, and the average sales price was $724,526 – both of which are above the town as a whole. Three of the four luxury condominiums valued at over $700,000 were also located in-town. These sales reflect the growing trend for more walkable properties close to restaurants, shopping and culture

Condo Report
There were 33 condominium sales in the first half of 2018 ranging in price from $135,000 for a one bedroom, one bath townhouse in Fox Hill to $865,000 for a three bedroom, two full and two half bath townhouse on Sunset Lane. The median sales price was $267,000, while the average sales price was $354,567. Compared to the first six months of 2017, the median sales price has risen by 14%, while the average sale price decreased by 12%. This discrepancy is due to a greater number of higher priced condominiums selling in the first half of 2017 compared to 2018.

The Luxury Market
Luxury market sales – defined as homes selling for $1.5 million and above – are comparable to the 2017 mid-year mark. So far we have seen one sale for $1,540,000 close, as compared to two during the same period last year. As of July 1st five luxury properties are either under deposit or in contract to close in the third quarter ranging in value from $1.745 million to $2.395 million. Historically, more luxury properties close in the third and fourth quarters. Anecdotally, interest in the upper price range remains strong with many homes experiencing a number of showings. Many luxury properties have also adjusted their pricing to attract the upper tier buyer looking for value and compelling offerings.

Activity Down In Fairfield County
After several years of growth, unit sales throughout Fairfield County slipped during the first half of 2018 with decreases noted across the board. Towns closer to Manhattan such as Greenwich, Darien and Norwalk saw modest increases in the median sales price, but still registered a decreased number of unit sales. While Fairfield County is still considered attractive for families due to the quality of life and great schools, the sense of urgency by buyers to make the move seems to have slowed. Looking ahead, market activity seems slightly higher than normal as we move into the summer months, which will hopefully equate to increased sales in the second half of the year.

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Ridgefield Market Report May 2018

May 2018 was an interesting month. The number of closed sales was actually down with 27 sales as compared to 42 in May 2017. However, the median sales price was up almost 15%. Many more properties went under contract this year compared to the same time last year, and the days on market is lessened by almost 26%. Compared to last year, inventory is still low, as is the number of new properties entering the market.

To see an overview of how May looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 27 properties selling in April 2018 as compared to 42 in 2017. In YTD sales we are down 18% vs 2017 with 103 properties selling as compared to 126. This is not completely unexpected as homes closing in May would generally take deposits in March. March 2018 was cold, snowy and stormy without much market activity, so it stands to reason that the number of homes closing is less than last year. The Median Sales Price rose to $651,000 compared with $565,000 in May 2017, while the YTD median sales price also rose by 3.5% over last year.

PROPERTIES UNDER CONTRACT
Continuing the positive news, the number of properties that opened escrow drastically increased over the same time last year with 76 properties going under deposit in May as compared to 51 last year. Similarly, in the year-to-date deposits, there are 178 as compared to 147 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory has decreased to only 4.9 months compared with 8.6 months last year. Also slightly alarming is the decrease in new properties coming on the market — May 2018 posted 8.0% fewer properties than last year and the lack of inventory can be a concern for buyers as they look for their next residence. The average days on market has decreased by 26% over May 2017 with homes spending an average 118 days instead of 160 on the market before selling. Year to date, the average days on market time is sitting at 147 days, as compared to 193 days last year at this time.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

Now is a good time prepare or list your home for sale. Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

May Market Snapshot