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.

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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.

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Inventory Is Increasing, But It’s Still A Seller’s Market

Spring is here, and it’s a fabulous time to list your home! If you’ve been on the fence about selling, we understand. It’s been a tumultuous two years. But the real estate market shows that inventory is starting to rise, and if you’d like to capitalize on this exciting spring market to earn a fabulous price for your home, Karla Murtaugh Homes at Compass would love to help. And if you’re looking to buy, inventory is climbing and you may have more options in the coming weeks, so definitely don’t give up!

“Thankfully, the market isn’t as frenzied now as it has been in past months, and more people are feeling comfortable about selling. Inventory is still relatively low at this point, so it’s a great time to take advantage of a seller’s market,” said Karla Murtaugh.

According to Connecticut Magazine, at the start of 2022, statewide inventory sat at less than a two-month supply, more than four months less than the typical market, so inventory will be the most important thing to watch in 2022. The Multiple Listing Service’s year-end report for 2021 showed the months supply of inventory down nearly 38 percent from 2020, to 1½ months statewide. Months supply describes the amount of time it would take to sell all the homes on the market, given current market conditions. Historically, moderate price appreciation comes with about six months’ supply, according to the National Association of Realtors.

“One thing to keep in mind if you’re thinking of selling is that research shows a staged home generally sells faster and for more money. The real estate market is highly competitive and staging will give you a leg up on the competition”, said Karla.

“When a potential buyer enters your home, you want to provide a backdrop for them to experience the home—a place where they can see how rooms function and how the home ‘feels’. You want them to say WOW!”, she continued.

One of Karla’s favorite things about having joined Compass is the Compass Concierge program, which is designed to prepare your home for the market. From deep cleaning to cosmetic improvements, Compass Concierge assesses opportunities to elevate your home’s value. The program will provide a tailored plan for updating and staging your home, and the means to execute it. Compass fronts the costs associated with home-selling improvements and only collects payment for the services rendered at the time of the property’s closing.

In addition, Karla’s own staging programs are designed to work within your budget and comfort level, and can either use your existing furniture and accessories, or bring in additional items. Most importantly, staging lets you get an objective opinion as seen through a “buyer’s eyes” – it’s not a reflection on your personal style or taste, but about getting you the most bang for your buck and top dollar on your sale.

For everything you need to know about selling your home, check out the Karla Murtaugh Homes Seller’s Guide. Be sure to connect to the team at karla.murtaugh@compass.com for your complimentary consultation.

Put A Little Spring In Your Step And Spruce It Up

With increasing inventory coming on the market, buyers are continuing to offer top dollar but are looking for properties in good condition with a “fresh” look. Even in this brisk market, it’s worth it to take the time to prepare your home. We have so many examples that demonstrate when you go the extra mile, you can list at a higher market price and ultimately achieve a higher sale price and in many cases multiple offers. Here are some simple ways to brighten your home for spring whether you’re considering selling or not.

1. Declutter! This is a terrific opportunity to get rid of items you’re no longer using or enjoying. If you’re not ready to part with many of your things, consider a temporary storage unit.

2. Deep clean! Set aside a significant amount of time or hire a pro, then keep it clean until you close so it’s in great shape for showings. Don’t forget often neglected areas, like heating vents, lightswitch plates, outlet covers, trim, doorframes, grout and caulking.

3. Shine! One thing you absolutely must spring clean if you’re planning on selling your home is the windows, including screens and sills that can look really dingy after a long winter. When your windows sparkle, they’ll let in that gorgeous natural spring sunlight which makes every part of your home look more beautiful.

4. Repair! Patch holes in the walls, replace broken appliances, change burnt out light bulbs.

5. Paint! Many homeowners are surprised by how a new coat of neutral paint can refresh their home. We’re happy to recommend paint colors that will enhance the beauty of your home.

6. Freshen up! Take advantage of the warmer spring temperatures and open your windows as much as possible to help air out your home. This can help remove any odors from paint, cleaning products and/or pets.

7. Boost curb appeal! The first impression is most important and, so consider improving outdoor light fixtures, replacing the mailbox, arranging patio furniture and/or sprucing up the landscaping. Even a few pots of colorful flowers can make a huge difference in welcoming potential buyers. Plants and shrubs could be looking a little overgrown by this time of year, so spend a little time sprucing things up. Especially if you’re planning to list your home for sale, don’t underestimate the power of curb appeal. Invest in professional landscapers, or head to Ridgefield Hardware which has plenty of tools and products to choose from.

If you’re thinking about selling, connect with us today at karla.murtaugh@compass.com or 203-856-5534. Happy Spring!

Wilton Q1 2022 Market Report

The Wilton real estate market continues to take advantage of the current surge. While inventory and the number of sales are typically lower in Wilton than in Ridgefield, the town has enjoyed an earlier resurgence of inventory particularly in the over $1 million range. This has led to higher median and average sales prices than in Q1 2021. For example, 52% of all property sales in Wilton in Q1 2022 have been for homes priced in the $1 million and over range compared to only 26% in Q1 2021. In addition, there have been twice the number of luxury properties (homes selling for more than $1.5 million) in 2022 compared to 2021, with 20% of all sales being in this price point. This noticeable surge in luxury sales has definitely influenced the median and average sales prices in the town. The number of sales in Wilton has also decreased as in Ridgefield, but is still slightly higher than the pre-pandemic numbers. As we move into the typically fast-paced spring market, it will be interesting to see if supply can keep up with demand.

Ridgefield Q1 2022 Market Report

Overall, the Ridgefield real estate market for single family homes was healthy in the first quarter of 2022. While the main issue affecting the number of sales was low inventory, we have started to see an uptick in homes coming on the market, particularly in late March. There are still many buyers searching for homes, and sellers are getting creative with rent backs and other tools while they sell and make their next move. It is also important to note that while values seemed to show a decrease from last year, that is almost entirely due to the breakdown of homes that are selling. For example, in Q1 2021, homes in the over $1 million category made up 33% of all sales, while in 2022 they were only 29% of total market share. In addition, the luxury market (homes selling for greater than $1.5 million) accounted for 12% of all sales in Q1 2021, compared to only 6% this year. The drop in the share of homes selling in these price points has an overall negative effect on both median and average sales prices as reflected in these statistics. This is nothing to be concerned about as the number of sales equals or exceeds our more normal markets of 2018-2020, and the median sales values are up compared to those years as well.