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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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.

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.

 

Ridgefield 2021 Year End Market Report

The 2021 Real Estate Market maintained momentum but felt less panicked than in 2020. The number of sales decreased slightly from 556 to 482 mostly due to a lack of inventory, which remains challenging. Buyers are still out in force and homes are selling in 60 days on average, as opposed to 70 days in 2020. The overall sales volume only differed by $38,000 from 2020 on a total sales volume of $451,645,946. Homes also generally sold at or above asking.

Looking ahead, while it continues to be a seller’s market, the frenzied pace of 2020 has subsided to a dull roar. There are still plenty of buyer’s looking for homes, and with mortgage rates expected to rise slightly – although still remaining historically low – there is a sense of urgency to find the perfect property. Inventory remains the biggest challenge, but we are encouraged already this year with many sellers’ reaching out to begin the process of listing their home. Ridgefield has benefited from continued remote work options and the quality of life and vibrancy of our town is clearly getting noticed. We also continue to see Ridgefield residents trading up and down in this market, which speaks volumes for our community.

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Ridgefield Highlights

• There was a 13% decrease in the number of homes sold in 2021 compared to 2020
• There was a 15% increase in the median sales price year over year
• There was a 15% increase in the average sales price year over year
• Homes priced in the $1.0 to $1.25 million range saw an increase from 47 to 70 sales this year
• The higher end of the Ridgefield luxury market – over $2 million – saw huge gains with 19 sales in 2021 compared to 11 in 2020
• The highest value home sold in Ridgefield in 2021 was $6.6 million

Fairfield County

2021 continued to boast favorable market conditions for towns throughout Fairfield County. While many places saw double digit growth in median sales value, the number of sales decreased year over year in most areas. Greenwich, New Canaan, Norwalk and Stamford were exceptions to this rule and experienced large gains in both the number and value of their single-family home sales. Weston experienced an unprecedented growth in median sales price (35%) over 2020. As is being felt everywhere, if inventory stays fluid, we expect to continue to see price and the number of sales hold steady

Ridgefield October Market Report – A More Normal Market Returns

October 2021 Prices Remain High Even As Number of Sales Fall
In a turnaround from 2020s frenzied fall market, 2021 presents with sales figures more similar to the seasonal nature of 2019. With the majority of homes closing in October being purchased after the start of school, it is no surprise that the number of sales decreased as it does in a more normal market. As a comparison, October 2020 saw 131 homes sold, while only 32 closed in 2021 and 42 in 2019. Overall sales figures also showed a similar pattern for October 2021 with a 71% decrease from October 2020, but only a 2% decrease when compared to 2019. The overall sales volume in October 2021 was $32,004,400. On the flip side, both the median and average sales prices remain high when comparing past years. The October 2021 median sales price sits at $794,500 which is 9% higher than $730,000 in 2020, and 30% higher than $611,250 in 2019. The average sale price was $1,000,153 in October 2021; 17% higher than $850,161 in 2020, and 28% higher than $779,349 in 2019.


Year To Date Sales Compare Favorably To 2020
While the monthly sales show a return to seasonality, overall the year to date sales and values show an increase over 2020. From January to October 2021 a total of 424 homes sold, which is comparable to the 435 homes changing hands by this time last year. The overall sales volume was actually up 15% during the same time as last year coming in at $397,473,336 in 2021. Median and average values also showed steady increases. The median value to date sits at $822,500 compared to $690,500 in 2020; an increase of 19%. The average value is up 18% from 2020 at $937,437 compared to $795,420.

What Lies Ahead?
While it’s impossible to predict the real estate market, we are seeing sales steady out at more normal levels across all price points. Inventory is still unnervingly low going into the holiday season, but we’re hoping that the increased values and more certainty about Covid-19 leads to increasing consumer confidence. Real estate has become a solid investment throughout the pandemic, and it will be interesting to see if the trend of urban to suburban moves continues or reverses itself in the coming year.

Q3 2021 Year To Date Ridgefield Market Report

Sales Overall Remain Strong, But Q3 2021 Shows a Slowdown

The Ridgefield Real Estate market showed an impressive recovery last year in Q3 2020 after the shutdown in March and April due to Covid-19. While the overall year-to-date sales for 2021 exceed 2020, Q3 2021 in isolation does reflect the slowdown we have all been experiencing. Year-to-date, a total of 391 homes have sold outpacing 2020 by 7%, while the total sales volume stands 28% higher than 2020 at $364,737,937 vs $284,792,926.

In Q3 specifically, we have only seen 154 sales vs 207 in Q3 2020, representing a 26% decrease. Additionally, our total sales volume in Q3 2021 was down by 14% registering $142,539,000 vs $165,395,882. Sales in Q3 reflect deposits taken from May to August in most cases.

Our days on market and months of inventory continue at record low volume and continues to be a matter of concern given the number of buyers still looking to make the move to the suburbs. With in- office work returning, high crime in many urban areas, and stubbornly low interest rates, it behooves sellers looking to move to jump into the market.

Luxury Sales Are Strong

The biggest gains in Real Estate in 2021 have materialized in the Luxury Market (homes selling for greater than $1.5 million) however, sales are up in all price points over $1 million. In 2020, there were 66 homes that sold for over $1-million by this time constituting 18% of the total sales YTD. In 2021, that number climbed to 120, which represents 31% of the total sales. There were twice as many homes in the $1 million to $1.25 million category selling this year as compared to last, and in the $2 million and over category 14 homes have traded hands this year compared to only six in 2020.

Prices Are Up

The average sales price was up 16% in Q3 2021 and 19 % year-to-date. In year-to-date figures it sits at $932,834 vs. $7782,398 in 2020, and in Q3 it was $925,578 vs $799,014. The median sales price was up 15% in Q3 sitting at $828,500 compared to $720,000 and 22% in the year-to-date with 2021 registering a median value of $825,000 and 2020 $673,750. We have seen a good number of homes selling at or above their listed sale price in a short amount of time. Homes that are updated and priced properly are still often in receipt of multiple bids.

Looking Ahead
The market is still very busy although we are seeing the “panic” situation of late 2020 receding a little. Homes that are in good condition and priced correctly are still seeing lots of interest, but it is not as frenzied as in previous months. The lack of inventory is a concern as we move into the traditionally slower holiday season, but prices are still up and we hope for a more balanced market as we head into 2022. So, if you have been reevaluating your lifestyle and think that making a move would be good for you, now is the time! We offer a complimentary market analysis and would be happy to provide you with a concrete analysis of what your home is worth. For buyers, our expertise in negotiating in a strong seller’s market means you will get unparalleled representation in a competitive marketplace. Contact us today at 203-856-5534 or karla@karlamurtaugh.com

Ridgefield July Market Report – Prices Remain High

Sales Slowing, But Prices Remain High

2020 was an unusually busy year for real estate across the entire nation with low inventory and high numbers of buyers. As we enter the second half of 2021, we are seeing a slight slowdown in the number of sales happening and a return to seasonality in the market. This is understandable given people are once again taking vacations. July saw the number of unit sales decrease from 72 in 2020 to 55 in 2021. Year-to-date sales stayed elevated however with 292 homes closing in 2021 compared to 229 last year (an increase of 28%).

Overall Dollar Volume, Median & Average Prices Up

Due to an overall increase in price sales volume has not suffered in July despite the slowdown, staying the same at over $50-million dollars. Year-to-date sales dollar volume also increased over 2020 by a margin of 61%, with a total of $272,974,437 sold vs. $169,811,694 by this time last year. The median price of a single-family home in Ridgefield was up 30% year over year standing at $825,000 currently, and was up 37% ($875,000) when comparing July sales only, The average sales price increased 26% to $934,844 year year-to-date.


Looking Ahead

Our biggest challenge moving into Q3 and Q4 2021 is the lack of inventory. Particularly at more competitive price points ($600,000-$900,000), the lack of new homes entering the market is cause for concern. There are still buyers looking for homes, although that seems to be slowing slightly as buyer fatigue sets in. For now, homes that in good condition and are priced accordingly are still selling at or above list price, and we are seeing some multiple offer situations. It will be interesting to see how the fall market rebounds as mortgage rates continue to remain at record lows, prices stabilize and the Delta variant of Covid-19 comes into play. It does seem to be moving towards a more balanced market for buyers and sellers.

Click here to see a breakdown by price or click here to see quick summary.