Compass CEO Robert Reffkin on CNBC Closing Bell

“For the first time in 10 months, all the statistics I look at are trending positively.” – Compass CEO Robert Reffkin, CNBC.

Last week, Robert Reffkin was on CNBC’s Closing Bell to share his outlook on the real estate market and the initial positive signs we are seeing in 2023 (click here to watch the full segment). For the first time in 10 months, all of the statistics he looked at were trending positively.

  • There was a 25% increase in weekly mortgage applications two weeks ago, and an additional 7% increase this past week.
  • Mortgage rates continue to move down to 4-month lows.
  • There’s an increase in buyer interest, open house traffic, and offers.
  • In the last quarter of 2022, 42% of sellers were giving concessions to buyers at the closing table, a 10-year high.
  • Home builder sentiment improved for the first time in 1 year.
  • Pending closings were down 30+% at points in the fall, but over the last few weeks we have seen pending listings in most of our markets nearly flat year over year.

Surviving the “Arctic Blast”!

The Northeast is preparing for an Arctic Blast this weekend.  Here are a few tips to help you make it through unscathed:

#1: Leave cabinet doors in bathrooms and kitchen open to allow pipes underneath the sinks to receive warm air. This is particularly important when the sink/plumbing is on the inside of an outside wall.

#2: Drip water from faucets – letting a faucet drip during extreme cold weather can prevent pipes from bursting. A small steady drip of water helps to prevent freezing.

#3: Know where your main water switch is. If water stops working due to a freeze or burst, turn off the water at the main shut-off valve and contact a licensed plumbing professional.

#4 Check your windows. This might seem obvious, but checking ALL the windows in your home to make sure they are closed and locked will reduce heat loss.

#5 If you have an attached garage, keep its doors shut. Sometimes plumbing is routed through this unheated space, which leaves it vulnerable to extreme cold.

#6: Be prepared for a power outage. Power outages are fairly common during cold periods. This can be due to an increased demand on the power grid, ice on power lines, animals trying to find warmth by snuggling up to power transformers. Stock up on candles, matches, flashlights, extra batteries and blankets.

Stay safe and stay warm!

The Murtaugh Minute in Ridgefield’s Hamlet Hub

Karla Murtaugh answered some pressing Real Estate questions for Ridgefield’s Hamlet Hub.  Here’s where she thinks the market is going.

 

Q: What is going on with the real estate market these days? Are we still in the surge, as crazy as it was?

A: The market is not as crazy as it has been – it’s more fluid and balanced. I feel we’re on our way to a more normal market. We’re hearing a lot of comparisons to 2019 right now, particularly the second half of 2019 since we were starting to see a definite uptick in the market at that point. The lack of inventory is still driving this market and allowing prices to remain steady. Supply and demand is in full force.

 

Q: Is it still a good time to list my house?

A: Absolutely. There are plenty of buyers still in the market. Buyers fall into two camps – they are either new to the market now that it’s a little calmer, or took a break because they were exhausted by the frenzy of the past two plus years, but have decided to reenter again. You can feel confident entering the market right now, no matter whether you’re a buyer or a seller.

 

Q: Is it a good time to buy?

A: Definitely. At Karla Murtaugh Homes we are working with a number of buyers across all price points and there’s just not enough inventory to service them all. We are still seeing multiple offers, but generally they are coming in on properties that are as turnkey as possible and priced properly.

 

Q: What is one of the misconceptions you’re hearing a lot?

A: We always have to remind ourselves that real estate is hyper local. The national sound bites and headlines do not apply in Ridgefield right now. A lot of the numbers that are floating out there in headlines are comparing us to 2020 and 2021. The big, big difference is that there was so much more inventory to sell then, and a lot of the headlines aren’t giving any explanation or context.

 

Q: What about interest rates?

A: Though they have hedged up, they’re still not unreasonable especially when you look back and compare to where they’ve been throughout history. Most lenders are now suggesting a shorter-term variable rate. I don’t believe they’ll go back to below 4%, which is fine because that’s unsustainable, but hopefully the economic indicators will continue to show they will drop again soon.

 

Check out our 2022 Year End Real Estate Market Report here.

You Just Moved To Ridgefield With Kids. Now What?

Ridgefield is an absolutely fabulous place to raise a family! Excellent schools, plenty of activities, the first Cultural District in the state of Connecticut, close proximity to NYC and it’s consistently one of the safest towns in America.

So you just moved here and have kids in elementary and/or middle schools. Welcome! Now what? Our first recommendation is to get connected to the Ridgefield Newcomers, Ridgefield Moms Club, or another group where you can meet other families who are new to town.

Our area is home to plenty of parks, museums and playgrounds that you can check out with your little ones. Here are a few of our favorites:

  • Ballard Park in downtown Ridgefield has a fabulous new playground, beautiful gazebo and lovely gardens plus fabulous free CHIRP concerts in the summer.
  • Ambler Farm in Wilton celebrates our community’s agrarian roots through active learning programs, sustainable agriculture, responsible land stewardship, and historic preservation. They hold plenty of programs year-round and are home to many animals you can visit every day.
  • Woodcock Nature Center in Wilton offers terrific hiking trails and camps.
  • Stepping Stones Children’s Museum and The Maritime Aquarium are both located in Norwalk with plenty of programs for kids of all ages.
  • Silverman’s Farm in Easton is home to a petting zoo and plenty of pick-your-own fruit orchards.

The Boys & Girls Club of Ridgefield is an outstanding organization that I’ve been proud to support for many years. They offer an incredible variety of programs and services, including their Torch Club which is a National leadership and service club for Middle School Age Club members. The program focuses on character development, community service, and social skills in a fun and creative environment.

Head to the Ridgefield Library and learn more about their many programs for children, including Reading to ROAR (Ridgefield Operation for Animal Rescue), Scrabble Club STEAM Corner, and Chess Club. They also have plenty of programs, seminars and book clubs for parents, and their daily newsletter contains a lot of valuable community resources.

Don’t miss The Prospector Theater, a 501(c)(3) non-profit dedicated to providing competitive and integrated employment to people with disabilities through the operation of a premium, first-run movie theater located right here in Ridgefield. In addition to their incredible mission, they show family-friendly movies and serve gourmet treats. Plus, it’s a fabulous date night destination!

Ridgefield Parks and Rec offers a plethora of classes and activities, from aquatics and dance to glee club and drop-in courses.

We highly recommend you subscribe to newsletters like Hamlet Hub for more information on what’s happening here in town!

We are proud to welcome you to our community and hope you love it as much as we do!

Ridgefield 2022 Year End Real Estate Market Report

2022 proved to be another strong year in residential real estate. While pricing remains elevated above pre-pandemic levels, we are seeing a slowdown in the number of homes sold. There was a 24% drop in the number of sales from 482 to 366 in 2022. The total dollar volume sold decreased by 20% to $360,490,826. Buyer demand is still strong with homes spending an average of 46 days on the market compared to 60 in 2021. Prices increased with the Median sales price rising 7% over last year to $870,000 and the Average sales price rising 5% to $984,948. Homes also continued to sell above asking price particularly in the first half of 2022.

Download the FULL REPORT including charts, graphs and additional stats

Looking Ahead
Since mid-2020 we have seen home prices elevate at an exceptional rate due to the pandemic. The demand caused by the influx of buyers to our local towns, coupled with exceptionally low mortgage rates created a perfect storm. The main concern going into 2023 is the lack of available housing inventory. There are many qualified buyers in the market for homes at all price points, but supply and demand continues to remain out of balance. This lack of inventory will allow prices to hold somewhat steady. Towns such as Ridgefield, which offer a sophisticated, suburban lifestyle & award-winning schools, are still in demand. New residents are taking advantage of the amenities with no desire to return to cities. The outlook of most economists is that we may see the market move towards a more balanced buyer/ seller dynamic in 2023 with seasonality returning to the buying/selling timeline.

The Luxury Market
Sales in the luxury home market (over $1.5 million) continued to have a strong showing in 2022. 40 homes sold in this price point compared with 44 in 2021 and 41 in 2020. We have seen luxury buyers come from all areas of the country, with a particularly large number migrating east from as far west as Texas and California. There have also been buyers moving locally as the opportunity to trade-up presented itself.

November – Inventory Continues To Be The Biggest Hurdle To Sales, Prices Holding Steady

As we approach the end of 2022, it has proven to be another strong year in residential real estate. Since mid-2020 we have seen home prices elevate at an exceptional rate due to the pandemic, but now the surge is over. We have seen a seasonality return to the real estate market, which bodes well for the typically busy Spring market and the main concern going into 2023 continues to be the lack of available housing inventory. The outlook of most economists is that we may see the market return to a more balanced buyer/seller dynamic in 2023.

In November 2022 there were 21 single family homes that sold in Ridgefield compared to 29 the year before. Year to date, total sales are down 23% from 453 in 2021 to 348 this year. Overall sales volume is also down 20% year over year, but median and average pricing is still elevated.

Year to date, the median sales price is up from $817,000 in 2021 to $875,032 in 2022. This represents a 7% jump over last year. The average sales price was $986,003 year to date in 2022 compared to $943,631 in 2021 – a 5% jump. With fewer houses on the market, many qualified buyers still looking despite increased mortgage rates, and prices holding steady, all factors point to a good time to sell.

It’s also important to assess how the market is doing in retrospect back to 2019 pre-pandemic times. Sales and values are up across the board from 2019 even as the market is slowing. For a snapshot of how they compare, scroll through the images on this page.

The demand caused by the influx of buyers to our local area, coupled with exceptionally low mortgage rates created a perfect storm in 2020 and 2021. The resulting ability to work from home either hybrid or full-time continues to benefit desirable towns such as Ridgefield, which offer a sophisticated, suburban lifestyle & award-winning schools.

To see a snapshot of how all Fairfield County towns fared in November, check out the comprehensive Compass market report here.

 

 

 

COMPASS #8 on 2022 Fast 50 List

COMPASS Real Estate was just named #8 on Crain’s New York Business Fast 50 for 2022 and Karla Murtaugh couldn’t be prouder. The FAST 50 measures revenue growth from 2018 to 2021, showing COMPASS grew 626% during that period. As principal of the Karla Murtaugh Homes Team, Karla is also the founding real estate agent of Compass CT’s Ridgefield office.

Founded in 2012, COMPASS pairs best-in-class agents with cutting-edge technology and unparalleled marketing. It has become the country’s largest independent brokerage in six years with $152-billion in sales volume in 2020.

“This most recent recognition is another reason we’re thrilled to be part of the COMPASS team offering outstanding services to our clients. With a proven track record of excellence, our clients are in the best hands whether they’re buying or selling. The outstanding COMPASS referral network offers us access to the top agents across the country, and the company’s continual investment in us as producers means we have the best tools and services to assist our clients in the sale or purchase of their home,” said Karla.

Consistently ranked one of the top Realtors in Fairfield County, the Karla Murtaugh Homes Team specializes in residential property, luxury homes, condominiums, equestrian properties, new construction, relocation, first-time buyers, waterfront properties, and land.

Karla knows Ridgefield intimately and consistently gives back to the community she loves by supporting a plethora of nonprofits including The Prospector Theater and the Boys & Girls Club of Ridgefield where she was named Champion for Youth.

**Published in Hamlet Hub

Ridgefield Q3 2022 Real Estate Market Report

The year-to-date Ridgefield real estate market is a mixed bag of results due to a lack of inventory. While we had a strong third quarter, the number of sales – and as a result – the overall sales volume, was down 24% and 19% respectively over the same time in 2021. However, the good news is that prices are holding steady. The median and average sales prices are still up 6% over the same period in 2021 and up 30% from 2020. While this is encouraging, the lack of inventory plus rising interest rates are starting to create a slight slowdown. For sellers, now is a great time to put your home on the market. For buyers, while interest rates may be elevated over the same time last year, they are still historically low, so it is still a great time to buy. Overall, we hope to see the seasonality remain in the market. The balance is already returning with buyers & sellers equally negotiating to create a favorable environment for their sale.

QUICK FACTS

-24%
Decrease YTD in SFH sales from 393 in 2021 to 300 in 2022

-19%
Overall sales volume decreased due to the drop in sales

102%
List to sales price ratio reflected over-asking offers

+6%
Median sales price YTD increased from $825,000 to $875,000

+6%
Average sales price YTD increased from $931,726 to $987,920

Ridgefield 2022 Mid-Year Market Report

RIDGEFIELD MARKET SNAPSHOT
The first of half of 2022 saw the market slow from a frantic scramble to a more manageable, but still in-demand pace. The number of sales and total sales volume were down significantly, while the median and average sales prices rose a few percent over the same time in 2021. Inventory continues to be a challenge and is sitting at 3 months, which is the same as in 2021. There are still plenty of buyers ready to purchase homes that are priced properly and in good condition, and the median days on market in the first half of the year was 30 days compared to 48 last year. Homes are selling at 103% of list price as well.

LOOKING AHEAD
Sellers seemed hesitant to jump into the market in the early days of 2022 and inventory was a real challenge throughout the first couple of months. However, with interest rates remaining historically low, we started to see seller confidence climb again and buyers were quick to jump on properties that offered amenities, location, and updates. Multiple offer situations were common but have slowed slightly as
we move into the traditionally slower summer months of Q3. Prices are holding firm even in the face of rising inflation concerns and increasing interest rates. The luxury market continues to do well with investors taking refuge in the real estate market, even as the stock market continues with volatility. Inventory levels are still at historic lows with only 3 months of inventory currently available, which is good news for those looking to sell. There’s also good news for buyers as the market seems to be becoming more balanced and less frenzied offering a return to a more traditional pattern of purchasing with mortgage, appraisal and inspection contingencies.

THE LUXURY MARKET
The luxury market – billed as sales over $1.5 million – continued to dominate over past years. There were 16 luxury sales in the first half of the year, compared with 22 in the first half of 2021. As a percentage of total sales this represents
a 1% increase over 2021, and a 5% increase over 2019 (our last ‘non-covid’ real estate market). We also just closed the highest priced sale to date of spectacular ‘Hilltop Estate’ for $4.4 million.

DOWNLOAD THE FULL REPORT