Ridgefield Market Report for February 2015

February continues to show increased momentum over the same time last year with an increase in the number of single family homes sold, number that entered escrow and the number of new properties listed.The median price continues to remain mostly flat however, with a 2.7% decline over February 2014.

MEDIAN SALES PRICE and CLOSED SALES
February 2015 saw the median sold price of a property in Ridgefield decrease from $610,750 last year to $594,000 this year. This represents a 2.7% drop. Overall in year-to-date figures, the median price has dropped from $686,000 to $619,500 representing a 9.7% reduction. The number of closed sales actually increased to 12 from 10 during February, and overall sales up are up for the year-to-date from 26 in 2014 to 30 in 2015.

PROPERTIES UNDER CONTRACT
Reflecting continued strong interest by buyers, the number of properties that went under contract in February 2015 soared by 125% over the same time period last year, with 36 properties entering escrow compared to just 16 last year. In year-to-date figures 2015 has seen 57 properties enter escrow compared to 37 in 2014, representing an increase of 54.1%

DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in February 2015 with properties spending 135 days on the market as compared to 199 days during the same time last year. The Months Supply of Inventory has also decreased to just 6.8 months, down from 16.3 months during the same time last year.

NEW PROPERTIES FOR SALE
The number of new properties listed in February totaled 47, which is up from last year’s 31 properties. So far in 2015 a total of 96 properties have been listed for sale, compared with 74 during the same time last year.

For a full graphical analysis of Ridgefield’s February 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/2015/03/KMMReport-Feb-2015.pdf

Housing Market Consumer Confidence Is Up!

According to an article published by the National Association of Realtors, the number of households saying their income is significantly higher than it was a year ago is on the rise, as is the number expecting their financial situation to continue to move significantly higher over the next year. Both of these indicators are reaching all-time survey highs in Fannie Mae’s January 2015 National Housing Survey, which polls 1,000 Americans about their attitudes toward owning and renting a home.

Twenty-nine percent of households say their income is “significantly higher” now than it was 12 months ago. Also, 48 percent say they expect their personal financial situation to improve over the next year.

The increases in income are translating into higher optimism about the housing market. The number of households who said it was a good time to buy a home rose 3 percentage points in January to 67 percent, according to the survey. Also, the share of households who say they’d rather buy than rent if they were to move rose 5 percentage points to 66 percent, marking the first increase since September 2014, the survey shows. What’s more, 44 percent of households now say it’s a good time to sell, tying an all-time survey high.

This is good news for Ridgefield residents who are looking to buy or sell in 2015. We are already finding that the buyer market is very active with 42.9% more properties under contract in the month of January this year as compared to January 2014.

Additional findings from Fannie Mae’s January survey include:

1) The majority of households believe home prices will rise over the next year, an average of 2.5 percent over the next 12 months.
2) 45 percent of respondents say they believe mortgage rates will also rise over the next year, falling by 3 percentage points compared to one month earlier.
3) 52 percent of respondents believe home rental prices will rise over the next year — a slight decrease month over month. The average 12-month rental price expectation fell to 3.6 percent.

Source: “Consumers’ Positive Financial Attitudes a Good Sign for Housing,” Fannie Mae (Feb. 9, 2015)

Ridgefield Market Report for January 2015

The single family home real estate market in Ridgefield for January 2015 has started out strong with an increase in the number of properties sold, number that went under contract, and number of new listings available compared to January 2014. The median home sales price, however, dropped 14.4% when compared to the same time last year.

MEDIAN SALES PRICE and CLOSED SALES
January 2105 saw the median sold price of a property in Ridgefield decrease from $707,500 during the same time last year to $619,500 this year. This represents a 14.4% drop. The number of closed sales actually increased to 18 in January 2015, compared to 16 during the same time period last year.

PROPERTIES UNDER CONTRACT
Reflecting continued strong interest by buyers, the number of properties under contract increased by 42.9% over the same time period last year, with 30 properties entering escrow compared to 21 last year.

DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in January 2015 with properties spending an average of 123 days as compared to 204 days during the same time last year. The months supply of inventory has also decreased to just 8 months, down from 12.3 months during the same time last year.

NEW PROPERTIES FOR SALE
The number of new properties listed in January totaled 49, which is up from last year’s 43 properties.

For a full graphical analysis of Ridgefield’s January 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/2015/02/KMMReport-Jan-2015.pdf

Ridgefield Market Report : Year in Review 2014

Holding Our Own

Diverse weather conditions delayed the 2014 Spring Market nearly 8 weeks, which was extremely difficult to recapture. Even though our unit sales volume fell short 14.7% when compared to the record 2013 sales levels, I feel we were able to protect much of the gains made. This forward movement also seems to be continuing as we enter the 2015 Spring Market. We must remind ourselves that 2014 posted the second best sales figures seen in Ridgefield over the past seven years.

Despite the decline in units, we experienced an increase of 1.8% in Median Sales Price, which supports our prediction for slow, steady growth going forward. This slight up-tick also suggests that there are more buyers in the market at higher price points.

Great Expectations

2014 proved that the market continues to be driven by value, therefore proper pricing is critical. Today’s buyer also measures value based on the condition of the home. Buyers respond most positively to homes that have been updated and are in pristine condition. The foundation of Real Estate is built upon the principle of “supply and demand.” There have been many examples this year, across a number of price points, demonstrating that when a home is in absolute turn-key condition, recently updated, and in a desirable location, multiple offers can be expected. Close-to-town properties continue to be particularly popular and tend to sell more quickly and at a higher price per square foot.

Positive Outlook

With increasing consumer confidence and strong financial indicators, I am optimistic that 2015 will continue the trend towards market stability and increased values. The recent dip in mortgage rates should bring more buyers into the market, especially as banks start to loosen credit and offer more programs for well qualified people.

DOWNLOAD THE FULL REPORT HERE

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/01/150101-2014-Year-in-Review-v9OL-LETTER.pdf

Neumann Real Estate Leads The Way In Ridgefield Sales

Once again, Neumann Real Estate – Christie’s dominated the Ridgefield real estate market closing $162,947,834 in sales and exceeding the closest competitor by more than $86 million. Neumann Real Estate- Christie’s also leads the competition with 180 closed transactions, outpacing the nearest competitor by 78 sales. Also of note, in terms of closed sales volume, three out of the four top producing agents – including myself – are with Neumann Real Estate.

For more information about what the Neumann Real Estate – Christie’s partnership can do for you, contact me for a comprehensive free market analysis of what your home’s worth. Don’t miss out on an opportunity to list or buy with the best!

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/01/150101-NRE-stats-OL.pdf

Ridgefield Market Report for December 2014

December showed mixed results in the Ridgefield single family home market. Although the Median Sales Price was slightly decreased at months end, 2014 finished strong with a higher Median Sales Price overall than the previous year. The Days On Market for both December year over year and 2014 overall was lower than previous, and the number of Closed Sales actually increased in December 2014 compared to December 2013. For full recap and analysis of the 2014 home market, please read our “Interpreting The Market Report” found in the February issue of Ridgefield Magazine, or come back and visit KarlaMurtaugh.com to download it.

MEDIAN SALES PRICE and CLOSED SALES
December 2014 saw the median sold price of a property in Ridgefield decrease from $650,000 in 2013 to $640,00 in 2014, representing a 1.5% drop. The number of closed sales actually increased to 35 in December 2014, compared to 34 during the same time period last year. Overall, on the year-to-date, the median price has increased 1.8% over 2013, rising from $650,000 to $661,500. Closed sales are lower than the same time period last year with a total of 331 properties closing since the beginning of the year compared to 389 this time least year; a decrease of 14.9%.

PROPERTIES UNDER CONTRACT
Reflecting strong interest by buyers in December of this year, the number of properties under contract increased by 30.0% over the same time last year, with 26 entering escrow compared to 20 last year. In the year-to-date figures, 346 properties have opened escrow since the beginning of 2014, as compared to 369 last year.

DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in December 2014 with properties spending an average of 187 days as compared to 218 days during the same time last year. Overall, in year-to-date figures, the days on market has decreased by 21.0%. The months supply of inventory has also decreased to just 10.1 months, down from 14.3 months during the same time last year.

NEW PROPERTIES FOR SALE
The number of new properties listed in December totaled 12, which is down from last year’s 21 properties. In the year-to-date figures, 2013 outpaced 2014 for properties listed 654 to 622, a decrease of 34.9%.

For a full graphical analysis of Ridgefield’s December 2014 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/2015/01/KMMReport-Dec-2014.pdf

Ridgefield Market Report for November 2014

Overall, sales figures are down for single family home sales in November 2014 as compared to the same time last year. This is also true in the overall year to date.

MEDIAN SALES PRICE and CLOSED SALES
November 2014 saw the median sold price of a property in Ridgefield decrease significantly from $757,000 in 2013 to $538,500 in 2014, representing a 28.9% drop. The number of closed sales also decreased to 14 in November 2014, compared to 18 during the same time period last year. Overall, on the year-to-date, the median price has increased 2.5% over 2013, rising from $650,000 to $666,000. Closed sales are lower than the same time period last year with a total of 296 properties closing since the beginning of the year compared to 355 by this time least year, a decrease of 16.6%.

PROPERTIES UNDER CONTRACT
Reflecting strong interest by buyers in November of this year, the number of properties under contract increased by 52.0% over the same time last year, with 38 entering escrow compared to 25 last year. In the year-to-date figures, 330 properties have opened escrow since the beginning of 2014, as compared to 349 over the same time period last year.

DAYS ON MARKET and INVENTORY
The days a listed home spends on the market increased in November 2014 with properties spending an average of 152 as compared to 129 days during the same time last year. Overall, in year-to-date figures, the days on market has decreased by 22.4%. The months supply of inventory has also decreased to just 8 months, from 12.3 months during the same time last year.

NEW PROPERTIES FOR SALE
The number of new properties listed in November totaled 16, which is down from last year’s 23 properties. In the year-to-date figures, 2013 outpaced 2014 for properties listed 633 to 610, a decrease of 3.6%.

For a full graphical analysis of Ridgefield’s November 2014 real estate market, Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2014/12/KMMReport-2014-NOV.pdf

Happy Thanksgiving From The 33rd Annual Turkey Trot!

In the spirit of promoting good health and Thanksgiving cheer, every year I proudly sponsor the Boys and Girls Club of Ridgefield’s Turkey Trot 5K, and this year was no exception. Despite the weather, I joined the record crowd of runners and onlookers. It never ceases to amaze me how much community spirit our little town manages to muster and how fortunate we are to have organizations such as the Boys and Girls Club in our community. Every year this wonderful organization provides after school care, and community focused leadership and philanthropic groups to keep our youth engaged in supporting themselves and the community.

The words of the Boys and Girl’s Club Mission Statement sum it up:

To enable all young people, especially those who need us most, to reach their full potential as productive, caring, responsible citizens.

I’m also reminded of a quote I came across recently:

“The majority of us lead quiet, unheralded lives as we pass through this world. There will most likely be no ticker-tape parades for us, no monuments created in our honor. But that does not lessen our possible impact, for there are scores of people waiting for someone just like us to come along; people who will appreciate our compassion and our unique talents. Someone will live a happier life merely because we took the time to share what we had to give. Too often we underestimate the power of a touch, a smile, a kind word, a listening ear, an honest compliment, or the smallest act of caring, all of which have potential to turn a life around. It is overwhelming to consider the continuous opportunities there are to make our love felt.”
– Leo Buscaglia

So to everyone who came out to support loved ones, the Boys and Girl’s Club and our community, I say thank you and I hope you are having a very Happy Thanksgiving.

Ridgefield Safest Town In Connecticut

As reported in the Danbury News-Times, the personal finance website ValuePenguin.com researched 2012 crime numbers in 90 municipalities across the state and published its analysis last week. If you judge mainly by the prevalence of violent crime — or the lack of it — Ridgefield is the safest place to live in Connecticut.

Ridgefield led seven other Fairfield County communities that ranked among the state’s 10 safest — including Darien, Wilton, Redding, New Canaan and Greenwich.

“We’ve always fared well when it comes to safety, and I think it has a lot to do with the sense of community that we have and the caring that neighbors do for each other,” said First Selectman Rudy Marconi to the News-Times. “But it also has to do with luck. If you had a social scientist analyze what we are doing here, you wouldn’t find it any different than what they are doing in Wilton and New Canaan and Redding.”

The rankings correspond to an index number based on the assumption that violent crimes such as murder and rape are much more of a safety concern to people than property crime. The state average was 336.

Ridgefield’s violent crime index was Connecticut’s lowest at 39 — even compared to towns with similar geography and demographics. The state’s cities had higher index numbers and were deemed more dangerous.

In Ridgefield, Marconi said the police department deserved credit for the top safety score but added the town’s generous spirit of volunteerism and its culture of compassion was equally responsible for the strong sense of security.

With a host of cultural and volunteer opportunities available to residents, it’s easy to see why a strong sense of community is fostered in Ridgefield. The upcoming Ridgefield Holiday Stroll, Thanksgiving Turkey Trot 5K benefitting the Boys and Girls Club, recent opening of the Prospector Theater which employs adults with disabilities, as well as a myriad of community groups and organizations all working together for the common good of Ridgefield and surrounding area residents, lends itself to a strong sense of “watching out for your neighbor.”

If you’re looking move into Connecticut’s #1 small town, contact us at karla@neumannrealestate.com or call/text 203-856-5534.