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.

COMPASS is the #1 Brokerage in USA for Closed Sales Volume!

I am so excited to be part of such a dynamic brokerage and am pleased to share that as of the end of 2021, COMPASS is now the largest brokerage in the United States in terms of closed sales volume (RealTrends 3/16/22). This is pretty remarkable considering we were a start-up 10 years ago and now we’re number 1!

What This Means For You?

I am proud to be a part of the largest brokerage in the U.S. where I can best support you! Powered by the COMPASS network and its technology, I have access to the top agents nationwide and can help you with all of your real estate needs.

In this challenging real estate market, my agent referral network can help you make your next move with confidence. I know a lot of you are thinking of selling, but not sure where to go. This “chicken and egg” phenomenon requires a skilled, seasoned agent to help you navigate it successfully. There are a number of COMPASS initiatives available, which will help sellers be in the best position possible to navigate their property sale and what they’ll do next.

I can confidently say our referral network is officially the best in the United States. Almost anywhere you are considering moving, COMPASS has a highly talented, high integrity, well-respected and hardworking agent I can refer you to.

If you’re interested in learning more about how I can help you capitalize on this hot real estate market, let’s set up a time to connect. And don’t hesitate to reach out if you have any other questions. 203-856-5534 or karla.murtaugh@compass.com. Together, we will MOVE YOU!

Embrace The Green!

St. Patrick’s Day is next week! And while you’re getting your green on and planning for this fun holiday, don’t forget to exercise your green thumb. 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. Sasha at Greenway Landscaping is a great resource if you’d like to invest in an expert opinion on how to cut back your plants. Or head to Ridgefield Hardware which has plenty of chemical-free products to choose from.

If you prefer a more natural approach to your lawn, you may enjoy this terrific piece in 068 Magazine about the “Pollinator Pathway”: https://068magazine.com/068-feature-benefits-of-a-natural-back-yard-march-april/

In this article, Sarah Breznen, Director of Education at the Woodcock Nature Center, stresses the importance of researching specific native plants. “The pollinator pathway is a great resource, and I would always urge everyone to go on there because they have a list of plants, what habitat they’re good for, when they bloom, what host species use them,” says Breznen. “So, they can kind of pick what would be most beneficial for their backyard.”

David McCarthy, Executive Director of the Wilton Land Conservation Trust, is another supporter of chemical-free yards. “An organic lawn is something that’s more sustainable over the long term,” explains McCarthy. “When you introduce things like pesticides, herbicides, and you’re spreading those around you are basically creating a dead zone.”

Also, don’t forget to clean your gutters out after the winter! Clogged gutters can be a major cause of spring flooding in homes, and it’s imperative to keep your basement dry.

Enjoy celebrating the return of the sun with some green beer and green lawns! Wishing everyone a very happy St. Patrick’s Day!

Ridgefield Market Continues To Out Perform

Overall, Ridgefield single family homes sales in February were reduced compared to 2020 and 2021 due to a lack of inventory. Only 12 homes sold this past month, with a Median Sales Price of $646,000 and an Average Sales Price of $796,875. However, it is important to evaluate these numbers as part of a bigger picture, and not in a bubble. In reality, there are plenty of qualified buyers still looking to purchase, but there is a relatively small selection of homes for them to choose from!

When comparing year-to-date sales, a picture emerges reflecting a strong market with all the markings of an exceptional year if sellers choose to list their homes for sale.  The Median Days On Market for January and February 2022 was 62 days compared to 65 in 2021, 105 in 2020 and 79 in 2019. In general, homes are spending almost no time on market, often selling with multiple offers within the first few days. The Sales to List Price Ratio reflects this trend with the current ratio sitting at 100.7%, while 2021 was 99.4%, 2020 at 95.5%, and 2019 at 94.3%.  Again, inventory is the biggest challenge. Currently there are only 3 months of inventory on the market, compared to 3 months in 2021, 10 months in 2020 and 14 months in 2019!

Pricing is also interesting due to this lack of inventory. There were many more sales in lower price points than in the luxury market, resulting in January and February 2022 showing large price decreases from both 2021 and 2020. The Median Sales Price YTD is $723,750, a 15% decrease from 2021, but a 32% increase from pre-pandemic 2019 values.  The Average Sales Price tells a similar story decreasing 10% from 2021 to $829,143 but remaining 12% higher than prices in 2019. Perhaps the biggest decrease is seen in the 34% drop in the number of homes sold when compared to the same time in 2021, but a 55% increase over 2019.

The overarching message here is that the Ridgefield real estate market is extremely healthy and is simply waiting for an influx of properties to be listed. Spring is traditionally the strongest time to list a home for sale and we are seeing an uptick in interest from potential sellers here and in surrounding lower Fairfield County towns. In my expert opinion there is no time better than the present to sell your home.

If you would like to have a more in-depth conversation about your home’s value, connect with us today. Karla Murtaugh 203-856-5534 or karla.murtaugh@compass.com.

 

Compass, Inc. Reports 2021 Results & Growth

New York, NY – February 16, 2022 – Compass, Inc. (NYSE: COMP), the leading tech-enabled real estate brokerage in the United States, announced today that revenue for the full year 2021 was $6.4 billion, up 73% year-over-year. Revenue for the fourth quarter 2021 was $1.6 billion, an increase of 31% year-over-year.

The Compass technology and services platform contributed to year-over-year transaction growth of 56% for the full year 2021 and 20% for the fourth quarter.

Net loss was $494 million for the full year 2021 and $175 million for the fourth quarter. For the full year 2021, Compass achieved positive Adjusted EBITDA of $2 million compared to an Adjusted EBITDA loss of $156 million in 2020. In the fourth quarter of 2021, Adjusted EBITDA loss was $51 million. The majority of the net losses in 2021 were driven by the non-cash stockbased compensation expense of $386 million for the full year 2021, $149 million of which was one-time related to the IPO, and $93 million for the fourth quarter.

The Company’s cash position remains strong, with $618 million in cash and an unused $350 million revolver available to invest in the growth of the business.

“I am happy to announce that our strategy of achieving strong revenue growth while improving profitability and investing in our business is working exceptionally well,” said Robert Reffkin, Founder, Chairman, and CEO of Compass. “We delivered exceptionally strong revenue growth of 73% in 2021 increasing revenue to $6.4 billion as our agents closed a record 225,000 transactions, up 56% in 2021 while the industry grew transactions by 8%. We ended the year with positive Adjusted EBITDA, two years ahead of the timing we communicated at the IPO. Today, we are guiding to continued strong growth in Adjusted EBITDA in 2022 and beyond.”

Reffkin continued, “In nine years, we have built a powerful brand across the United States with more than 26,000 agents in 69 markets covering nearly half of the US population. In 2021, we added nearly 7,000 agents as we launched 25 new markets and grew our national market share to 5.6% which is up from 4.0% in 2020 and 1.1% in 2018. Agents tell us that the reason they decide to bring their business to Compass is our agent-focused culture and our proprietary vertically-integrated technology platform that provides a critical edge in a real estate market increasing in competition for talent, listings and clients. We continue to have industry leading principal agent retention of over 90% and we had a net promoter score in 2021 of 71 with our agents.”

Higher usage of the Compass platform is contributing to enhanced agent economics, productivity and retention. A cohort study of platform usage among our agents1 found that in 2021, the top 25% of Compass teams who used the platform most:

● Represented 55% of all Compass transactions;

● Grew their Gross Commission Income 2.6x, compared to the bottom 25% of agent teams;

● Retained principal agents at an annual rate of 98% versus 86% for the bottom 25% of agent teams; and

● Used the platform consistently – Top multi-agent teams spent an average of 4 hours per day (assuming a five day work week) using the tools and single-agent teams used the platform more than 2 hours per day.

FY2021 Financial Highlights:

● Revenue increased by 73% from FY2020 to $6.42 billion as transactions increased 56%.

● GAAP Net Loss was $494 million, compared to $270 million in FY2020.

○ GAAP Net Loss margin was 7.7%, compared to 7.3% in FY2020.

● Adjusted EBITDA was a positive $2 million, compared to a $(156) million loss in FY2020.

○ Adjusted EBITDA margin was 0.0%, compared to (4.2)% in FY2020.

FY2021 Operational Highlights:

● Agents: Average Number of Principal Agents was 11,058, an increase of 2,372 from FY2020.

● Transactions: Compass agents closed 225,272 Total Transactions in FY2021, up 56% from FY2020, compared to a 8% increase in transactions for the residential real estate market . Our Principal Agents averaged 20.4 transactions on our platform in FY2021, up 22% year-over-year.

● Gross Transaction Value (“GTV”)6 : GTV of $254.2 billion increased by 68% from FY2020. This was a record year for Compass, reflecting strong transaction volume and higher average transaction values. GTV per average principal agent was $23.0 million, up 32% year-over-year.

● Markets: In FY2021, Compass entered 25 new markets, bringing the total markets served to 69 at the end of the year.

We Love Fairfield County Giving Day!

One of our favorite things about Ridgefield is the philanthropic nature of this community. There are so many outstanding organizations working tirelessly every day to make this world a better place, and it’s our honor to support them. In honor of Fairfield County Giving Day, a 24-hour challenge and our region’s biggest philanthropic event coming up on February 24, it’s our pleasure to outline just a few of the wonderful charities based here in Ridgefield. Most of them are participating in Fairfield County Giving Day so be sure to check them out on social media for details:

  1. The Prospector Theater is 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. Almost 85% of Americans with disabilities are unemployed. Open every day of the year, the Prospector Theater was built as a solution to this problem. Meaningful employment is vital to a person’s mental, social, financial, and emotional health. For more information please visit http://www.prospectortheater.org/.
  2. The Ridgefield Boys & Girls Club has long been a cause very close to my heart. The Boys & Girls Club of Ridgefield is a youth activity center designed to offer programs for school-aged children after school and during vacations in five core areas: The Arts, Character & Leadership, Education, Health & Life Skills, and Sports, Fitness & Recreation.
    Club programs and services promote and enhance the development of boys & girls by instilling a sense of competence, usefulness, belonging and influence. Together with my friend Christine Carnicelli, I was lucky enough to be honored as the 2020 Champion For Youth, while Christine received the 2021 honor at their most recent gala. To learn more please visit http://www.bgcridgefield.org/.
  3. The Ridgefield Symphony Orchestra (RSO) is a regional professional orchestra founded in 1964 with the mission to enrich the cultural life of the citizens of Ridgefield and surrounding communities by presenting professional live orchestral concerts. The RSO also strives to increase the appreciation for music through community involvement and educational programs for people of all ages and abilities. We have enjoyed many of their wonderful performances at the Ridgefield Playhouse and the Ridgefield High School auditorium! For more information please visit http://www.ridgefieldsymphony.org/.
  4. RVNAhealth (formerly RVNA or Ridgefield Visiting Nurse Association) is a private, non-profit, mission-driven organization founded and focused on care. RVNAhealth provides healthcare where patients want it most – in their own homes, while striving to prevent further illness through many health and wellness programs. Their experienced team of caregivers provides home health care services in the comfort of your ‘home’ whether it is a private residence, assisted living or skilled nursing facility, or hospital, and also in their ‘home’ at the Center for Exceptional Care in Ridgefield, and across the 36 surrounding towns they serve. RVNAhealth is always planning an enjoyable fundraiser and we’ve enjoyed several of their events including the upcoming annual Spring Breakfast! To learn more please visit http://www.RVNAhealth.org/.
  5. The Iris Fund was founded several years ago by a Ridgefield resident and is dedicated to research that will determine what triggers full-term labor to end pre-term birth. The Iris Fund exclusively supports the research being conducted by a Mechanical Engineer and OBGYN (Drs. Myers and Vink) at Columbia’s Preterm Birth Prevention Center. They believe all women deserve to know how their bodies work during labor and are inspired that those same answers will save and improve outcomes for our most vulnerable babies. The Iris Fund also recently partnered with The Tiny Miracles Foundation and local florist Three Roots Education to deliver fifty beautiful floral bouquets to moms spending Valentine’s Day in local NICUs. For details please visit https://www.theirisfund.org/.
  6. Lyme Connection provides education, prevention, support and advocacy related to the increasing problem of tick-borne diseases in our community. Lyme Disease is a huge issue in our area, and Lyme Connection is a unique community-based organization, founded by families impacted by tickborne disease. They offer prevention programming as well as patient support services and educational events. Lyme patients and their families benefit from free monthly support groups, seminars, annual conference and health fairs. Medical and mental health providers take part in the professional programs Lyme Connection offers to improve patient care. To learn more please visit https://lymeconnection.org/.
  7. The Ridgefield Theater Barn was founded in 1965 when a handful of Ridgefield residents banded together to form a small theater group dedicated to providing community theater. Housed in a rustic converted dairy barn leased from the town of Ridgefield, the Workshop continues to produce an ongoing series of comedies, dramas, and musicals. The cast and crew of every show run the gamut from raw amateurs to seasoned professionals. All participants, whether on stage or off, are volunteers, including actors, dancers, musicians, seamstresses, carpenters, singers, electricians, and individuals who just offer willing pairs of hands to do anything from painting scenery to taking tickets at the door. With cabaret seating at candlelit tables, they offer superior entertainment, so BYO refreshments and join us!

Show Your House a Little Love

Valentine’s Day is coming and offers a fabulous opportunity to show your home a little love! Whether you’re thinking of selling or planning on staying put, have been in your home for years or just moved, there’s always a way to spruce things up. Here are a few of our favorite suggestions depending on your goals and budget:

  1. The Quick Reboot: Swap in some pillows, new curtains, new drawer pulls, and/or a new rug. Changing it up quickly and easily for a new feel can be so rewarding. Ridgefield has plenty of terrific places to shop local for fun new accessories, like Bella Home, Olley Court and Interiors by Ursula.
  2. The Edit: Go through your home with different garbage bags for donation centers and the dump. Tag furniture you no longer need or like, then schedule a pickup with ReStore Danbury. As we’ve posted before, we love that they provide an environmentally and socially responsible way to keep good, reusable articles out of the waste stream, while providing funding for Habitat for Humanity’s community improvement work. You’ll be amazed how much cleaner and more spacious your home feels when you simply remove some things!
  3. The Pick-Me-Up: For a more intense update, paint! New paint in a fresh palette will change the mood of any home. Paint walls or even cabinetry to create a clean updated look. Ridgefield Hardware right on Main Street has hundreds of swatches to bring home and will mix paint samples for you to try. Plus, wallpaper is back in full force with bold patterns and clean lines. And it’s not your grandmother’s wallpaper! Easily removable wallpaper is a huge trend for 2022, and it’s available at retailers from Amazon to Target. Check out these recommendations in Architectural Digest for inspiration
  4. The Complete Overhaul: Go furniture shopping, hire a decorator, or create new spaces. Out with the old, in with the new! Jill Rae, Molly Hirsch and The Tweaked Home are a few of our favorite local designers and can work with you to create a space you’ll truly love to live in.
  5. Add Some Sparkle: Create an accent wall or whitewash a fireplace for a new modern look. Ridgefield Supply has plenty of materials to choose from. Check out this fun roundup from BuzzFeed for more suggestions.
  6. The Simple Life: When in doubt, buy flowers! The classic Valentine’s gift for the person you love is also a lovely way to freshen up your home. Our area has plenty of florists to choose from including Rodier Flowers, right up Main Street from our new Compass office location.

Wishing all of our clients and friends a very happy Valentine’s Day!

Winter Break Staycation

Winter Break is right around the corner, and it’s more than a whole week off for some schools including Ridgefield Public Schools. If you’re opting for a staycation this year, there’s plenty to do in our area.

The Prospector Theater always has family-friendly movies playing, and we love their snacks and drinks! Such a great place to visit all year round, especially considering their mission is to provide competitive and integrated employment to people with disabilities through the operation of a premium, first-run movie theater.

Head to the Ridgefield Library to free family events like All-Age Family Storytime, Scrabble Club, Animal Explorers Storytime, Children’s Electricity Workshop, STEAM Corner Crafts and their February Take & Make: Basquiat Inspired Expressionism. The vacation week ends on a fun note on Friday, February 25 with in-person PJ Storytime & Stuffed Animal Sleepover 6:00-6:45pm and a Magic Show with Ed Pop on Saturday, February 26 at 1:00-1:45pm.

Deborah Anne’s Sweet Shoppe on Main Street will be open and is always an easy, fun way to get out of the house no matter how old your kiddos are! If you don’t feel like cooking, some of our favorite family-friendly restaurants are 850 Degrees Wood Fired Pizza, Wooster Hollow Café, Dmitri’s Diner, Prime Burger, and BareBurger.

Several ski areas are close enough for a day trip, including Butternut in Massachusetts, Mount Southington in Plantsville, CT and Thunder Ridge in New York. For winter activities right here in town, check out daily open ice times at Winter Garden Ice Arena.

The Ridgefield Parks and Rec is hosting a Winter Break Multi Sports Camp February 22-25 for ages 5-11. Campers will have the opportunity to experience a variety of sports throughout the program including soccer, basketball, flag football, cricket, handball, volleyball, and more.

And, of course, there are our favorite parks, museums and playgrounds that you can check out year-round.

  • Ambler Farm in Wilton is holding a free Maple Syrup Open House on Saturday, February 26 1-2pm! Kids will have the chance to tap a tree, take the maple syrup taste test and learn about Native American, Colonial and modern methods of making syrup. Plus enjoy Ambler Farm’s very own maple syrup over vanilla ice cream!
  • Woodcock Nature Center in Wilton offers terrific hiking trails and camps. Plus, they’re holding an Evening Owl Walk on Saturday, February 26 5:30-7pm with bird enthusiast Tommy McCarthy.
  • Ballard Park’s playground is fabulous no matter the weather and the gazebo looks beautiful even covered in snow.
  • Stepping Stones Children’s Museum and The Maritime Aquarium are both located in Norwalk with plenty of programs for kids of all ages.
    Sledding at Veterans Park field is always a fun option if there’s snow on the ground!

Check out the Ridgefield Hamlet Hub calendar for many more events happening on our area every week. Wishing everyone a fun and restful vacation no matter how you choose to spend it!

You just moved to Ridgefield with toddlers! 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 toddlers. Welcome! Now what? Our first recommendation is to get connected to the Ridgefield Newcomers, Ridgefield Moms Club, Mothers of Preschoolers, 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.

Head to the Ridgefield Library and learn more about their many free programs for children, including storytime and music classes that take place in Ballard Park in the summer. They also have plenty of programs 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!

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!