Americans Positive About Selling

The National Association of Realtors reported that more consumers thought it was a good time to sell a home, encouraged by a stable job market and income growth. According to an article they published in Realtor Mag, Fannie Mae’s latest Home Purchase Sentiment Index, which capped off its strongest year so far showed that the share of consumers who reported their income was significantly higher than it was 12 months ago rose 9 percentage points on net in December.

“Consumers ended the year on an improved note with regard to their income, job security, and overall economic outlook,” says Doug Duncan, Fannie Mae’s chief economist. “Brightening economic prospects, if sustained, should stimulate demand for home ownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time home buyers could face affordability constraints.”

Fannie Mae’s survey found that 40 percent of 1,000 respondents surveyed said they are confident home prices will rise this year.

Also, their financial picture is improving too. Eighty-five percent of respondents said they are not concerned about losing their job, which ties an all-time survey high. What’s more, the number of respondents who say their household income is significantly higher than it was 12 months ago increased 9 percentage points to 15 percent in the survey.

Other highlights from the survey include:

*The net share of respondents who say that it is a good time to buy a house remained flat at 35%.

*The net percentage of respondents who say it is a good time to sell a house rose after falling for two months in a row – rising 4 percentage points to 8% in December.

*The net share of respondents who say that home prices will go up rose 2 percentage points to 40%.

*The net share of those who say mortgage interest rates will go down continued to decrease, dropping 4 percentage points to negative 52%.

*The net share of respondents who say they are not concerned with losing their job rose 3 percentage points to 72%. 85% of respondents say they are not concerned about losing their job, tying an all-time survey high.

*The net share of respondents who say their household income is significantly higher than it was 12 months ago rose 9 percentage points to 15%.

For more information about the complete survey visit http://www.fanniemae.com/portal/about-us/media/corporate-news/2016/6333.html.

Ridgefield Single Family Homes Sales Boosted in Q4

Single family home sales in October, November and December 2015 brought a much needed boost to the end of a roller-coaster year in real estate sales. The fourth quarter heralded a substantial increase in both the number of homes sold, as well as the overall dollar volume of transactions compared to the same time period last year. The Median Sales Price also increased, and homes generally sold for about 96 percent of their asking price – a slight decrease from the 97 percent we saw during the same time period last year.

The higher end market – typically defined as homes selling for greater than $1 million, also increased in the fourth quarter with 16 homes sold compared to only seven in 2014. In the luxury $1.5 million and above category, three homes sold this year compared to only one during the same period in 2014. Of note, the luxury homes sold all exceeded a $2.8 million price tag, indicating that the ultra high-end market may finally be recovering in Ridgefield.

PRICES REMAIN STEADY, BUT NUMBER OF SALES INCREASE
The fourth quarter saw an uptick of 54 percent in dollar volume for single family homes sold, increasing from approximately $39 million in 2014 to just over $60 million in Q4 2015. The number of closed sales also increased from 61 in 2014 to 79 this year – a difference of 30 percent. The median sales price bounced back from last quarter’s drop to stand at $610,000, a 4.2 percent increase over the $585,000 median price in Q4 2014. The average sales price went from $640,752 in Q4 2014 to $763,098, with the three ultra high-end sales probably contributing to the increase. The average number of days a house was listed for sale remained constant at 162 days.

Condominium sales in Q4 2015 were down significantly from the same time last year resulting in only seven sales compared to 14 last year. The median sales price of a condo in Ridgefield did increase, however, from $211, 500 to $280,000.

SALES FIGURES SLIGHTLY DOWN FROM LAST YEAR
In a year-to-year comparison, 2015 resulted in over $240 million in closed sales, with 321 homes sold at a median price of $655,000. 2014 results included $250 million in closed sales, with 331 homes sold at a median price of $661,500. To obtain a comprehensive year-end analysis of the Ridgefield Real Estate market, or if you would like to explore my forecast for 2016, contact me directly at Karla@KarlaMurtaugh.com or visit my website.

Q4 price snapshot jpeg

14-15-Oct-Dec-MS Median Sales

New York Times Features Our Tudor Estate

A few weeks ago we were contacted by a wonderful reporter from the New York Times who wanted to feature our fabulous listing at 23 Pin Pack Road. A 1920’s Tudor style Colonial, the home was originally a carriage house for a larger estate. Taken with the unique design and features of the home, Lisa Prevost invited her photographer to capture the style and elegance of the estate for the “On The Market” section of the highly popular Sunday Real Estate section of the paper.

Having incarnated itself many times over the years, the current property is listed for sale for $1,895,000 and features three bedrooms, four full and two half baths, a wisteria-covereda Tuscan inspired courtyard, gorgeous Chef’s kitchen, sensational butlers pantry, impressive family room and a unique indoor saltwater pool with a vaulted glass and beadboard ceiling, spectacular Thassos marble deck, and rows of French Doors opening to the stone terrace and private yard.

To see the slideshow where our special listing is featured click here or you can pick up a copy of the paper dated Decemeber 20th. For more information about the listing, go to the virtual tour, call/text me at 203-856-5534 or email karla@karlamurtaugh.com. I’d love to take you on a tour!

Zillow Admits Their “Zestimates” Aren’t Correct

As realtors, we come up against the Zillow “Zestimate” every day. It’s nice to see that in a recent interview the CEO of Zillow, Spencer Rascoff, concedes that the Zestimate uses an algorithm that doesn’t work across the board. He admits that the Zestimate should only be used as a starting point for buyers and sellers to consider when evaluating a price for their home. In fact, he answered that the nationwide Zestimates have a “median error rate” of about 8%.

Eight percent is a huge number in some markets, including Ridgefield and the rest of Fairfield County. In fact, for a median priced home of $650,000 in Ridgefield – that translates to a difference of $52,000! You can see why buyers and sellers bring the Zestimate to our attention when it’s incorrect.

Given that real estate markets are local in nature, the Zestimate is not a replacement for consulting a licensed real estate professional. Realtors take into account many things when placing a value on a home. Location, condition, size, finishes, acreage, current market fluctuations, and many other factors go into the “formula” for correctly pricing a home to sell. Just some food for thought.

Read the whole article published in the LA Times here.

Ridgefield Market Report For November 2015

November brought good results for Ridgefield’s real estate market. The number of new properties for sale, number of properties that went under contract, number of properties sold and the median sales price all increased over the same time last year. This puts us on track to exceed 2014’s total real estate sales and indicates a market that is stable or even growing slightly.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for November 2015 was $640,000, which exceeds the median sales price of $538,500 seen in November 2014 by 18.8%. Year to date was slightly lower at $660,000 compared to $666,000 during the same time period in 2014 – a decrease of 0.9%. There were also 26 closed sales in November 2015 compared to 14 during the same time last year. In the year to date there is only a 0.3% decrease in the number homes sold from 296 in 2014 to 295 so far this year.

PROPERTIES UNDER CONTRACT
In continued good news, 42 properties went under contract in November 2015, as compared to only 27 during November 2014 representing an increase of 55.6%. Overall, 323 properties have gone under contract in 2015 as compared to 317 during the same time period last year.

DAYS ON MARKET and INVENTORY
The average number of days on market increased by 2.0% from 152 days in November 2014 compared to 155 days this year. Months of inventory decreased by 29.7% from 11.8 months last year as compared to 8.3 months in 2015.

NEW PROPERTIES FOR SALE
There was an increase in the number of homes listed for sale this month, jumping from 16 in October 2014 to 41 during the same time period this year. This represents an increase of 156.3%. Year to date, there was also an increase in the number of new properties for sale from 610 in 2014 to 689 in 2015.

For a full graphical analysis of Ridgefield’s October 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

November price snapshot

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/12/KMMReport-Nov-2015.pdf

Ridgefield Has One Of The Best Main Streets In America

According to Top Value Reviews, Ridgefield Connecticut has one of the Best Small Town Main Streets in the USA. Anyone who lives or has visited us here knows this is absolutely true – from the Holiday Stroll coming up this Friday, December 4th to our Halloween trick-or-treating and our Memorial Day celebrations, Main Street is a place where we all gather to celebrate our fabulous town.

Top Value Reviews ranked Ridgefield #21 out of the top 50 small town Main Streets in America. Noting that there is something characteristically American about the idea of Main Street, the website says that whether a place for the locals to hang out, or the go-to destination of visitors to town, Main Street is oftentimes the heart and soul of a city or town.

Each town on the list has fewer than 60,000 residents (according to the 2010 census) and at least one notable attraction. The towns were chosen and ranked based upon the following.

~ Inclusion on a major register, such as the National Register of Historic Places, National Parks, National Historic Landmarks, etc. (1 point per list)
~ Category of downtown attractions (restaurants, wineries, antique stores, art galleries, etc.). (1 point per notable category)
~ Notable and historic places (1 point each)
~ A national ranking of some kind (1 point each)

We already know our Main Street is the place to be. It’s nice to see that others will now see our world-class town for what it is – a vibrant community of philanthropic individuals who value historical significance, yet embrace change and development. You only have to look at the Keeler Tavern, The Prospector Movie Theatre, the new library, The Aldrich Museum of Contemporary Art, the small business owners and the 5-star restaurants, to see how unique our little piece of home is.

Congratulations, Ridgefield – let’s celebrate! I’ll see you at The Holiday Stroll!

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/12/downtown-rfd-2015-FINAL1.pdf

Congrats to the 2015 Turkey Trot Participants!

On a beautiful Thanksgiving Day morning, 1243 runners participated in the 34th Annual Boys & Girls Club Turkey Trot. Ranging in ages from 7 to 88 years, the spirit and enthusiasm of all was palpable as they made their way around the course to finish in front of our wonderful Ridgefield Boys & Girls Club. I once again felt privileged to be a part of such a fabulous organization, both as a lead sponsor of the event and as a Board Member.

The mission of the Boys & Girls Club of America is a simple one: to enable all young people, especially those who need us most, to reach their full potential as productive, caring, responsible citizens. Boys & Girls Clubs across the country provide:
~ A safe place to learn and grow
~ Ongoing relationships with caring, adult professionals
~ Life-enhancing programs and character development experiences
~ Hope and opportunity

With multiple after school programs for children of all ages, including leadership development and vacation camps, the Boys & Girls Club of Ridgefield provides a much-needed service in our community. To find out more about what our award-winning Club offers, visit the website. Or make a donation to help keep the club vibrant! If you need more information, please contact executive director, Mike Flynn or myself.

Thank you to all who participated in the Turkey Trot or simply came out to cheer on their friends and loved ones.

Happy Thanksgiving everyone, and have a great Holiday Season!

Ridgefield Market Report for October 2015

It was a mixed bag in October 2015 with the number of home sales and median price up for the month, but down over the year to date. Fall sales appear to have gained momentum and with the good weather holding, we hope to make up for a slow summer.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for October 2015 was $672,500, which exceeds the median sales price in October 2014 of $560,000 by 20.1%. Year to date was slightly lower at $665,000 compared to $672,500 during the same time period in 2014 – a decrease of 1.1%. There were also 27 closed sales in October 2015 compared to 12 during the same time last year. In the year to date there is a 4.6% decrease in the number homes sold from 282 in 2014 to 269 so far this year.

PROPERTIES UNDER CONTRACT
48 properties went under contract in October 2015, as compared to only 15 during October 2014 representing an increase of 220%. Overall, 305 properties have gone under contract in 2015 as compared to 290 during the same time period last year.

DAYS ON MARKET and INVENTORY
The average number of days on market increased by 3.9% from 152 days in October 2014 compared to 158 days this year. Months of inventory decreased by 66.1% from 23.3 months last year as compared to 7.9 months in 2015.

NEW PROPERTIES FOR SALE
There was an increase in the number of homes listed for sale this month, jumping from 39 in October 2014 to 47 during the same time period this year. This represents an increase of 20.5%. Year to date, there was also an increase in the number of new properties for sale from 594 in 2014 to 647 in 2015.

For a full graphical analysis of Ridgefield’s October 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/11/KMMReport-Oct-2015.pdf

Ridgefield Single Family Home Sales Slower In Q3 2015

Summer 2015 Yields A Decrease In The Number Of Sales, Particularly In The Luxury Market.

After the noted Ridgefield Real Estate recovery in 2013 and 2014, the market seems to be slowing to more traditionally sustainable levels. Overall, single family home sales remain healthy, but July, August and September 2015 heralded fewer Unit Sales and a lower Sales Dollar Volume than during the same time last year. The Median Sales Price increased slightly over Q3 2014 and homes generally sold for about 97 percent of asking price, which is consistent with years past.

The higher end market sales declined significantly from last year’s levels with only 22 properties over $1 million selling compared to 43 in Q3 of last year, representing a 27 percent decrease. In the luxury $1.5 million and over category, we had only one sale compared to eight during the same time period in 2014.

UNIT SALES AND PRICE
The third quarter saw a drop of 20 percent in sold dollar volume for single family homes in Ridgefield from a total of approximately $95 million sold in 2014 to $76 million this year. The number of closed sales also decreased from 119 in 2014 compared to 103 this year. The median sales price actually increased 2.4 percent to $683,150 compared to last year’s $667,250. This is a good indicator that home values are remaining stable or even increasing slightly. The average sale price of a single family home in Ridgefield currently stands at $742,746. Condominium sales improved with a total of 26 properties sold in Q3 2015 versus only 18 during the same time last year. The median price of a condo also increased to $268,917 from $246,333.

GOOD NEWS FOR SELLERS
For the first time in a number of years we have seen multiple offer situations, homes selling for over their list price, and homes selling within days of becoming available for purchase. In general, homes that are priced properly, in a good location (often close to town), updated, and well cared for are enjoying quick market times and a good return on investment. Updated kitchens and bathrooms, as well as the presence of a generator and a mudroom continue to be in high demand.

INVENTORY AFFECTING BUYING DECISIONS
Buyers seem to be generally well informed and market savvy. Interest rates are still at all-time lows and buyers are looking to find homes they perceive as having good value. Currently, we have 271 single family homes listed for sale in Ridgefield. In Q3 the inventory time (the number of months it would take to sell all the listed homes) was 9 months, compared to 7 months in 2014. Interestingly, homes are spending a few less days on the market with the average market time 110 days in 2015 compared to 119 days in 2014.

FINAL-14-15 Jul-Sep-Breakdown by price-chart-OL

14-15-Jul-Sep-MS Median Sales-labels

FINAL-14-15-Jul-Sep-MS Unit Sales-labels