Q1 2021 – The Ridgefield Real Estate Market Is On Fire!

You may have recently heard about the “surge” in Real Estate transactions and prices. Before the pandemic set in in March of last year, we were seeing a push in real estate that we hadn’t seen for many years. However, in the first quarter of 2021, this surge is truly unprecedented. Low inventory is skewing the supply and demand curve and we are seeing an increase in prices across the board.

This trend is not localized to Ridgefield either. Because we work with buyers and sellers in a number of Fairfield County towns, we are observing this surge there as well. Click here to view the latest market stats for all Fairfield County towns.

Well qualified buyers are finding the market extremely competitive at the moment. As the spring weather warms and vaccinations make the promise of a return to somewhat normal a reality, we are also seeing increased confidence by sellers to list their homes.

It is also interesting to note, that the total dollar volume sold is outpacing the increase in the actual number of transactions, meaning that more properties are transacting at higher price points. In Ridgefield, compared to last year, 33% of all sales were in the over $1-million category, as opposed to only 14% in Q1 2020. As such, both the median and sales prices have increased this year.

Prices and Sales Continue To Rise
Compared to Q1 2020, all indicators point to a robust sellers market. The overall sales volume for single family homes was up 106% over last year closing out the quarter with $102,363,182 as compared to $49,703,144 at this time in 2020. The number of sales increased from 70 to 108, and the median and average sale prices also climbed. The median value of a Ridgefield single family home sits 44% higher than 2020 at $859,500, while the average price rose 33% to $947,807. Homes are also selling at 99.6% of their list price compared to 96.2% at the end of Q1 2020.

Days On Market and Inventory Remain Low
One of the key indicators of the strength of the market is the Months of Inventory – the lower the number generally the stronger the market. Currently, at the end of the first quarter this year, we have only 2 months of inventory available compared to 7 months in 2020. Due to the number of buyers still wanting to purchase, this is placing pressure on the market and making it increasingly competitive. The median days on market has also declined from 110 days last year to 62 this year, with many homes taking deposits the first few days after they enter the market.

Ridgefield 2020 Year In Review Real Estate Market Report

Ridgefield Market Snapshot

2020 started out strong, but the year came to a grinding halt in March as we all sheltered in place due to Covid-19. When real estate was allowed to resume towards the end of April, a torrent of buyers from NYC and other urban areas created unprecedented demand for homes in Westchester and Fairfield counties. The number of single-family home sales in Ridgefield increased by 70% year over year with 556 units selling this year as compared to 327 in 2019. In addition, the total sales volume increased 93.5% in 2020 with $451,684,839 in total sales compared to $233,379,725 last year.

Price gains were seen throughout the Ridgefield single family home market with the Median Sales Price increasing from $628,250 to $707,500, representing an overall increase of 12.6%. The Average Sales Price also increased by 14% from $713,699 to $812,383. The Days On Market decreased with homes spending 70 days on the market before selling, as compared to 167 in 2019. The List to Sales Price Ratio rose from 96.5% to 97.8% with many homes receiving offers above asking price or even multiple offers.

Demand for single-family homes increased at all price points, however, the greatest boost came in properties selling between $1-million and $1.5-million. Sluggish sales over the past few years were reversed with a 217% gain from 24 sales last year to 76 this year. The luxury market – defined as homes selling for more than $1.5-million – also saw appreciable gains with a 128% rise from 18 to 41 sales, and the under $1-million sales increased 54% from 285 to 439. In general, homes that had been updated were often selling at or above their listed price.

Trends In The Market

  • As people reevaluate their lifestyles in the wake of the pandemic, many are finding their home a sanctuary. People are moving out of cramped urban spaces to more residential neighborhoods in the suburbs.
  • While the market has transitioned to benefit the seller, buyers are still wary of creating a ‘bubble’ and will continue to be reasonable in their offer strategy.
  • A shortage of inventory will continue to place pressure on first-time and even ‘move-up’ buyers as continued demand outweighs supply.
  • It is increasingly important to understand how the market changes we are seeing breaks down by price and segment, as not all gains are the same across the board.

For more information, download the FULL REPORT.

Ridgefield Posts Record Sales In Q3 2020

Q3 2020 Rises Beyond Expectations

After Covid-19 took the wind out of our sails in March and April, the Ridgefield real estate market has rebounded with enthusiasm posting record sales that far outweigh 2019. Year-to-date, a total of 358 homes have sold so far this year, outpacing 2019 by 39% and the total sales volume stands 55% higher than 2019 at $280,255,426 vs $180,307,075.

In Q3 specifically, we have seen 201 sales vs 108 in Q3 2019. Additionally, our total sales volume in Q3 2020 posted a 108% gain over the same timeframe in 2019 registering $160,858,383 in sales. Sales in Q3 reflect deposits taken from May to August in most cases.

Our days on market and months of inventory are also lower than in 2019, which is concerning given the number of buyers still looking to move to our area. There are currently only 117 homes on the market, which corresponds to 3 months of available inventory.

Luxury Sales Are Strong

Sales are up in all price points with strong gains in the over $1 million category.  In 2019, there were 37 homes that sold for over $1-million by this time, while there have been 79 year-to-date in 2020. The trend continues when looking at Luxury Homes sales in particular (over $1.5-million) where there have been 25 recorded sales as opposed to only 12 in 2019. There are also 13 additional luxury properties currently under agreement and set to close in Q4 2020.

Prices Are Up

The average sales price was up 12 percent year over year and in Q3 2020.  Year-to-date it sits at $782,836, and in Q3 it was $800,290.  The median sales price was up 11 percent in Q3 sitting at $720,000 compared to $650,000 and 6 percent in the year-to-date with 2019 registering a median value of $635,000 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 often in receipt of multiple bids.

Fairfield County Snapshot  

We are experiencing increases in sales and property values throughout Fairfield County with the number of sales increasing 17 percent, median sales price up 12 percent, and total dollar volume up a record 40 percent since 2019. Darien, Greenwich and Westport saw the largest gains in the number of sales and values.

Looking Ahead

We wish we had a crystal ball to have a clearer vision for the market going forward, but with the election, Covid-19 and job security all looming as issues in Q4 and beyond, we are somewhat uncertain what the future holds. Interest rates are holding at historic lows, and we are also seeing more cash transactions in the upper segment of $1-million purchases. One thing we can say is that inventory is low and there are many buyers looking to purchase. If we can continue to list homes, the market will continue to grow. 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 May Real Estate Market Report

As we began Phase 1 of our reopening here in CT, we were able to lift a number of restrictions, which had made it quite challenging to service Real Estate. We are now able to engage photographers and videographers, stagers and marketing specialists to reopen the market and increase inventory. We have changed the way we do things, and making sure everyone is safe is our top priority.

With that being said, the real estate market in Ridgefield is definitely beginning to open up. We are experiencing more foot traffic in terms of buyer tours. There have been some multiple offers qisutaions, but we have not yet seen an appreciable rise in prices We have seen a number of homes take deposits and there is strong interest from both local and out of state buyers. We can feel the momentum increasing as the “spring” market gets into full swing.

Personally, we want to thank all our buyers and sellers who weathered this storm with us, and rest assured we are doing all we can to ensure a safe and smooth transaction for you.

Some Good News! Ridgefield’s Q1 2020 Market News

I hope everyone in your world is safe and healthy. Now, more than ever, we are reminded of the most important things in life. Health has become the new wealth.

John Krasinski of The Office fame recently launched a YouTube Channel called SGN, which stands for Some Good News – and Ridgefield’s Q1 Market Report should definitely be featured! With 46% gains in both dollar volume and number of sales, 97% list to sales price ratio, and both the average and median price increasing over Q1 2019, this year’s real estate market was strong. All indications pointed to a healthy spring market as well, until our industry – and many others – were derailed in the short-term by COVID-19. Health and safety are definitely top-of-mind in our lives right now, but I feel it is important to keep you abreast of the Ridgefield real estate market during this downtime. We encourage you to read the full report.

A question I have been asked many times recently is how is COVID-19 affecting the local real estate market? Up until a week or so ago, we were seeing increased traffic in Ridgefield and upper Westchester from NYC individuals looking for short-term, furnished rentals.  With those almost dried up, we are still seeing some activity as people search for homes outside of the city. Personally, our team closed 12 property sales in the first quarter. We have 6 additional properties currently under deposit to close between now and June, and have accepted offers on several properties seen before the shelter-in-place order was enacted. I continue to check in with top Realtors throughout Fairfield and Westchester counties in an effort to keep a pulse on the surrounding markets as well. The takeaway is that there are still people in the market in need of housing.

We are cautiously optimistic that the housing market will come back vigorously, but in the meantime stay home, stay healthy and stay positive.

Contact Us to explore how we can partner with you to meet and exceed your Real Estate goals.

DOWNLOAD THE FULL RIDGEFIELD Q1 2020 MARKET REPORT

Ridgefield’s 2019 Year In Review Market Report

Ridgefield Market Snapshot
2019 was an interesting year in Ridgefield Real Estate as we didn’t see the typical buying cycle emerge as in previous years. Summer – which is usually fairly busy – slowed slightly, while the fall and winter months have seen increased activity. Across the board sales of Single Family Homes in Ridgefield have been flat with the number of Closed Sales remaining steady at 327 versus 329 in 2018, and the Overall Sales Volume ending the year only $3-million less than 2018 at $233,379,725.

Median Sales Price also remained relatively constant at $628,250 – a difference of 2 percent compared to $641,260 last year. Average Sales Price is down half a percentage point over 2018 to $713,699. As in previous years, homes continue to sell at approximately 96.5% of ask, while the Days On Market rose slightly to 167 from 142. Moving into 2020, there are already double the number of homes under contract as compared to the same time in 2019.

The Luxury Market
18 luxury homes sold this past year, compared to 9 in 2018. Six of these sales were over $2-million. Proper pricing is critical to achieve maximum results in a reasonable time period. Sellers are advised to make sure their home is move-in ready and incorporate the additional features buyers are looking for such as mudrooms, Smart Home connectivity, generators, and updated kitchens and baths.

Condo Sales
Ridgefield continues to offer a wide selection of price points and availability to those looking for an alternative to a single-family home. This year, sales ranged from a one bedroom, one bath condo in Fox Hill for $150,000 to a $1.4 million, three bedroom, three bath luxury townhome in The Elms on Main Street. Overall, condo sales slowed with 55 units selling as compared to 70 last year. The Median Sales Price remained steady at $227,500 but the Average Sales Price decreased ending the year at $298,907

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Contact Us to explore how we can partner with you to meet and exceed your Real Estate goals.

Ridgefield Real Estate Market Report Q3 2019

The third quarter of 2019 – reflecting activity during the summer months – was a little slower than anticipated. However, anecdotally it has been busy fall and we hope to finish the year strong posting sales that are similar, or even above those of last year.

In year-to-date figures, the number of properties that sold is reported at 257 compared to 262 last year. Overall, a total of $180,307,075 transacted by the end of Q3 2019 in contrast to $187,318,490 by this time in 2018. Total Sales Volume was down 2%, and Median Sales Price also showed a slight decrease from $640,630 in 2018, compared to $635,000 currently. However, in anticipation of Q4, there are already 28 homes with accepted offers and 17 under contract set to close. There are 247 properties actively for sale at this time, and with new homes launching on the market daily, we expect sales to continue to rise over the coming months.

In Q3 figures itself, the number of sales stayed similar at 108 in Q3 2019 compared to 113 in Q3 2018. The average days on market has taken a slight jump this year to 125, up from 99 last year. The average sales price decreased 7.5% this quarter compared to the same time last year and sits at $715,638. The median sales price dropped to $650,000 from $670,000. Homes are still selling at 96% of the listed value.

In mortgage news, 30-year fixed mortgage rates have remained at record lows, sitting at just under 4%, which bodes well for buyers entering the market. Our strongest sales so far this year have been in the under $800,000 range for single-family homes. Unfortunately, the luxury market is not as strong as in 2018 with only 5 properties sold over $1.5 million YTD as compared to 12 by this time last year.

As we move into the busy buying season prior to the Holidays setting in, I am optimistic by the amount of activity we have seen in the market in just the first few weeks of Q4. If you are interested in listing your home for sale before the end of the year – or picking up an end of year purchase – we would love to learn more about your needs. Contact us today.

To see a snapshot by price, click here.

To see how 2019 shapes up against 2018, click here.

Ridgefield’s 2019 Mid-Year Market Report

Ridgefield Market Snapshot
Ridgefield single family home sales are on par when compared to the same time last year. 150 homes sold during the first six months of the year, as compared to 147 in 2018. The median sales price stayed exactly the same at $625,000, while the total sales volume made modest gains ending the mid-year 4.5% higher than 2018 at $104,368,182. Even going back to 2017, we have seen the number of sales and the median sales price remain essentially flat, while the overall sales volume has fluctuated from a high in 2017 of $125,473,815 to a low in 2018 of $99,906,250.

While the median sales price remained the same year over year, we saw gains in the average sales price, which bodes well for the market as it indicates a general increase in what buyers are willing to pay. Year-to-date the average sales price was $695,788 – a 3.8% increase over the 2018 price of $670,512. This may sound modest, but considering 2017 had a high of $704,797, it indicates we are trending in the right direction. The months of inventory was slightly lower fluctuating between 8 and 15 months, while the list to closed price ratio was up over previous years at 96.7%.

The Luxury Market
Luxury market sales in Ridgefield – defined as homes selling for $1.5 million and above – have seen a huge uptick since this time last year, and in fact, are the strongest we’ve seen since 2016. There have been seven sales to date, compared to only one in 2018, two in 2017, and nine in 2016, while other Fairfield County towns, generally known for their luxury market, have flattened and reported less than stellar results so far this year. Traditionally, demand for these properties is strongest towards the end of the year so we hope to see this segment of the market continue to do well. There are currently an additional three homes under deposit set to close in the next few months and we’ve noticed that in the higher price points it is the motivated seller who is seeing the best results in the least amount of time.

Fairfield County Snapshot
The results are truly mixed for Fairfield County as a whole in the first half of 2019. Overall, median sales price was down throughout the county, as was total sales volume, but the number of unit sales increased in many towns. Traditionally strong commuter towns such as Darien and Greenwich had opposite results with Darien showing an increase in unit sales but the greatest decrease in median sales price in the county, and Greenwich showing an in increase in price but a decrease in the number of sales. Westchester County has also seen a decrease overall in the number of unit sales with median and average sales values down across the board. Looking ahead, we hope to see a more balanced market with supply and demand bringing prices back into alignment.

Looking Ahead
The spring market never seemed to materialize but we are seeing an increase in activity in the early summer months. Buyers continue to be in the driver’s seat in 2019 and sellers would be wise to make sure that their home is show ready before listing it for sale. Now, more than ever, it is important that these properties check off as many of the buyers’ boxes as possible. We continue to see in-town properties and those sporting the latest design trends garner top dollar. Inventory for small to medium-sized homes that are in turn key condition continues to be a challenge as baby boomers looking to downsize, and millennials looking to buy their first home, often overlap in what they desire. We are cautiously optimistic that Ridgefield Real Estate will remain steady. We are seeing 63% of sales coming from the purchase of homes under $700,000 indicating middle-class earners continue to find Ridgefield a desirable place to live with its access to great schools, major urban centers and exposure to a vibrant arts and leisure community.

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Ridgefield Real Estate Market Report Q1 2019

The first quarter of 2019 shows promise for a strong spring market with 173 single-family homes currently on the market for sale at all price points. Already this year there are 39 single-family homes that have gone under agreement and a further 34 are in contract. With new properties launching on the market daily, we expect these numbers to rise over the coming months.

In mortgage news, 30-year fixed mortgage rates have again dropped to record lows, sitting at just over 4%, which bodes well for buyers entering the market. Our strongest sales so far this year have been in the under $500,000 range for single-family homes, and encouragingly our high-end luxury market (over $1.5 million) has also had 3 sales this year.

Overall, a total of $33,915,150 transacted during Q1 2019 in contrast to $32,298,800 by this time in 2018. The number of sales stayed the same at 48, while the average days on market has taken a slight jump this year to 208, up from 146 last year. A lack of new inventory could be to blame with some listings languishing on the market for various reasons.

The average sales price rose 5% this quarter compared to the same time last year and sits at $706,566. Interestingly, the median sales price dropped to $567,000 from $619,750, but the increased activity we have seen in the under $600,000 range in this early part of the year may account for the drop. We would expect to see this number rise as the year progresses. Homes are still selling at 96% of the listed value.

As we move into the busy spring and summer markets, we would love to learn more about your home and how we can help you list it for sale. And with more homes coming on the market every day, as well as lower mortgage rates, we would love to help you find your dream home! Contact us today.

To see a snapshot by price, click here.