Ridgefield Market Report November 2018

November 2018 showed prices and volume of sales holding steady as compared to 2017.  The month ended with the number of closed sales at 23 properties which is the same number of properties that sold in November of last year. However, more properties opened Escrow in November 2018 than 2017, reflecting anecdotally what we saw as a busy fall market. The median sales price is slightly up over last year for the month and is on par year-to-date.  Inventory is about 21% lower than at the same  time last year.

To see an overview of how November looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was exactly the same as last year with 23 properties selling in November 2018 and 2017. In YTD, sales are down 12.7% vs 2017 with 303 properties selling as compared to 347 by the same time last year. The Median Sales Price increased to $652,000 compared with $645,000 in November 2017, while the YTD median sales price remained around the same with a 0.2% increase to $641,260 this year.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow was above the same time last year with 30 properties going under deposit in November as compared to 22 last year, representing a 36.5% increase. With regard to the year-to-date deposits, there are now 327 properties that have taken a deposit  as compared to 339 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory remains low with only 9.3 months of inventory available compared to 13.6 last year. The number of new properties entering the market is still cause for concern with only 34 new properties listing this past month. Year to date the number of new properties available for sale is also down with only 606 listed for sale this year as compared to 633 last year. The average days on market increased slightly over November 2017 with homes spending an average 180 days instead of 171 on the market before selling. Year to date, the average days on market time is sitting at 133 days, as compared to 169 days last year.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

November Market Snapshot

Breakdown By Price

Ridgefield Market Report September 2018

September 2018 was pretty much on par with 2017.  The number of closed sales was up slightly with 24 sales as compared to 20 in September 2017.  The median sales price was down 1.3% for the month but equal to 2017 year to date. An equal number of properties also went under deposit this year compared to last, but was still down on the year. Inventory is also still low, as is the number of new properties entering the market.

To see an overview of how September looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was u[ slightly compared to the same time last year with 24 properties selling in September 2018 as compared to 20 in 2017. In YTD sales we are down 1.5% vs 2017 with 262 properties selling as compared to 296. The Median Sales Price decreased to $592,500 compared with $600,000 in May 2017, while the YTD median sales price was equal to the same time last year.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow was on par with the same time last year with 26 properties going under deposit in September as compared to 27 last year. In regard to the year-to-date deposits, there are 267 as compared to 289 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory i the same as last year at 12.2 months this year as compared to 12.3 last year. The number of new properties entering the market is still cause for concern with a 15% decrease compared to September 2017. The average days on market increased by 39% over September 2017 with homes spending an average 161 days instead of 116 on the market before selling. Year to date, the average days on market time is sitting at 130 days, as compared to 171 days last year.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

September Market Snapshot

KMM Sept 2018

Ridgefield Market Report August 2018

August 2018 was a great month in Ridgefield real estate.  The number of closed sales was slightly down with 45 sales as compared to 50 in August 2017.  However, the median sales price was up 6.2%. Many more properties went under contract this year compared to the same time last year, and the days on market is lessened by almost 20%. Compared to last year, inventory is still low, as is the number of new properties entering the market.

To see an overview of how August looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 45 properties selling in August 2018 as compared to 50 in 2017. In YTD sales we are down 13.8% vs 2017 with 238 properties selling as compared to 276.  The Median Sales Price rose to $648,000 compared with $642,500 in August 2017, while the YTD median sales price also rose by 0.9% over last year.

PROPERTIES UNDER CONTRACT
Continuing the positive news, the number of properties that opened escrow drastically increased over the same time last year with 37 properties going under deposit in August as compared to 29 last year. In the year-to-date deposits however, 2018 still lags behind with 251 properties under deposit as opposed to 262 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory remain low at 9.4 months compared with 12.2 months last year. Also slightly alarming is the decrease in new properties coming on the market — year to date August 2018 posted 7.5% fewer properties than last year and the lack of inventory can be a concern for buyers as they look for their next residence. The average days on market has decreased by 20% over August 2017 with homes spending an average 129 days instead of 161 on the market before selling. Year to date, the average days on market time is sitting at 128 days, as compared to 175 days last year at this time.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

Ridgefield’s 2018 Mid Year Market Report

The Ridgefield Real Estate market continues to favor the buyer, but we have had a number of multiple bid situations on properties that are updated and priced correctly. Condition, along with location and proximity to Main Street, continue to be key drivers for sales across all price points. Buyers are becoming increasingly savvy about market conditions and trends due to the availability of data on public websites such as Zillow and Realtor.com. The threat of a mortgage rate increase does not seem to be affecting buyer decisions either as they bide their time and wait for the ‘right’ home.

The good news is that buyers are still willing to pay for properties they find desirable with properly priced homes selling at 96.5% of their listed price. As was the case last year, properties under $800,000 seem to hit the sweet spot in Ridgefield. The town continues to be a destination for families moving from areas within the metropolitan region, as well as relocating from other states due to our family-friendly environment, quality of life and access to major commerce centers. We also continue to see families move within Ridgefield, which is a testament to the ‘staying power’ of our town.

No Gain In Value
Overall, the Ridgefield real estate market continues to remain relatively flat across the board. A six-week weather delay created a sluggish spring market, resulting in lower unit sales and decreased overall volume sold. 147 homes were sold during the first six months of 2018, as opposed to 178 last year. The total sales volume registered a 21% decrease, ending the mid-year at $98,851,250. However, the median sales price remained on par with last year at $625,000 compared with $627,000 from January to June in 2017.

Where Are Buyer’s Buying?
As in previous years, during the first half of 2018 in-town properties are in demand with 42 percent of all sales occurring within a two-mile radius of Town Hall (considered Village center). The median sales price of these homes was $692,500, and the average sales price was $724,526 – both of which are above the town as a whole. Three of the four luxury condominiums valued at over $700,000 were also located in-town. These sales reflect the growing trend for more walkable properties close to restaurants, shopping and culture

Condo Report
There were 33 condominium sales in the first half of 2018 ranging in price from $135,000 for a one bedroom, one bath townhouse in Fox Hill to $865,000 for a three bedroom, two full and two half bath townhouse on Sunset Lane. The median sales price was $267,000, while the average sales price was $354,567. Compared to the first six months of 2017, the median sales price has risen by 14%, while the average sale price decreased by 12%. This discrepancy is due to a greater number of higher priced condominiums selling in the first half of 2017 compared to 2018.

The Luxury Market
Luxury market sales – defined as homes selling for $1.5 million and above – are comparable to the 2017 mid-year mark. So far we have seen one sale for $1,540,000 close, as compared to two during the same period last year. As of July 1st five luxury properties are either under deposit or in contract to close in the third quarter ranging in value from $1.745 million to $2.395 million. Historically, more luxury properties close in the third and fourth quarters. Anecdotally, interest in the upper price range remains strong with many homes experiencing a number of showings. Many luxury properties have also adjusted their pricing to attract the upper tier buyer looking for value and compelling offerings.

Activity Down In Fairfield County
After several years of growth, unit sales throughout Fairfield County slipped during the first half of 2018 with decreases noted across the board. Towns closer to Manhattan such as Greenwich, Darien and Norwalk saw modest increases in the median sales price, but still registered a decreased number of unit sales. While Fairfield County is still considered attractive for families due to the quality of life and great schools, the sense of urgency by buyers to make the move seems to have slowed. Looking ahead, market activity seems slightly higher than normal as we move into the summer months, which will hopefully equate to increased sales in the second half of the year.

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Ridgefield Market Report May 2018

May 2018 was an interesting month.  The number of closed sales was actually down with 27 sales as compared to 42 in May 2017.  However, the median sales price was up almost 15%. Many more properties went under contract this year compared to the same time last year, and the days on market is lessened by almost 26%. Compared to last year, inventory is still low, as is the number of new properties entering the market.

To see an overview of how May looked, you can click for a snapshot of the market.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 27 properties selling in April 2018 as compared to 42 in 2017. In YTD sales we are down 18% vs 2017 with 103 properties selling as compared to 126. This is not completely unexpected as homes closing in May would generally take deposits in March.  March 2018 was cold, snowy and stormy without much market activity, so it  stands to reason that the number of homes closing is less than last year. The Median Sales Price rose to $651,000 compared with $565,000 in May 2017, while the YTD median sales price also rose by 3.5% over last year.

PROPERTIES UNDER CONTRACT
Continuing the positive news, the number of properties that opened escrow drastically increased over the same time last year with 76 properties going under deposit in May as compared to 51 last year. Similarly, in the year-to-date deposits, there are 178 as compared to 147 by this time last year.

DAYS ON MARKET and INVENTORY
The months of inventory has decreased to only 4.9 months compared with 8.6 months last year. Also slightly alarming is the decrease in new properties coming on the market — May 2018 posted 8.0% fewer properties than last year and the lack of inventory can be a concern for buyers as they look for their next residence. The average days on market has decreased by 26% over May 2017 with homes spending an average 118 days instead of 160 on the market before selling. Year to date, the average days on market time is sitting at 147 days, as compared to 193 days last year at this time.

Click here to see a price breakdown of the Ridgefield Real Estate Market.

Now is a good time prepare or list your home for sale. Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

May Market Snapshot

Q1 2018 Ridgefield Market Report

Single-family home sales were impacted by the weather more than usual in 2018, as compared to any other year in recent history. The unprecedented three back-to-back Nor’easters reeked havoc with buyers and further stalled a market already hampered by an unusually damp and dismal winter. Coupled with the uncertainty of the impact of the 2018 tax reform and we are seeing a very slow start to 2018.

Overall, we have seen 47 homes sell in the first quarter of 2018 compared to 61 in 2017. The median price showed an increase 3.5% up from $606,000 in 2017 to $627,500 in 2018. Total sales volume is also down registering at just under $31 million from almost $44 million at this time last year.

Market inventory is slightly decreased with an average of 209 properties for sale as compared to 265 last year. This may be due to the problems with the weather as sellers hold off for a more favorable time to list their homes for sale. However, for properties that do list, the average number of days a home is spending on the market has decreased from 209 in 2017 to 175 this year.

In condo news, the number of sales is up slightly from 12 sales in 2017 to 15 this year. Similarly, the median sales price increased from $217,000 to $230,000.

Looking forward to spring, there is encouraging news with 38 properties currently under agreement and 37 already in contract. We are also seeing an uptick in the number of listings entering the market on a daily basis, providing a much-needed influx of inventory. As seen below, typically most homes tend to close in Q2 and Q3, with deposits taken in Q1 and Q2. Due to the weather, there may be a shift this year to more homes closing in the summer rather than the later spring months.

Rising interest rates should also favorably impact our peak selling months of April, May and June as people jump into the market and maximize their buying power. In-town properties continue to experience the most foot traffic and showings. As a result a number of these sales have resulted in multiple offers, which is a positive sign for a strong second quarter.

Below is a snapshot of the first quarter market broken down by price.

If you are thinking of listing you home for sale, now would be a good time to call us for a complimentary Market Analysis. Contact me for more information.

Ridgefield Market Report March 2018

March 2018 continues to see many more properties taking deposits and going under contract, which is a good indicator of a strong spring and summer real estate market. We continue to see drastically low inventory levels, but that may be attributed to sellers’ hesitancy to list while we wait for the late season snow to dissipate. Overall, the number of year-to-date sales are lower than at the same time last year, however the median price of homes in Ridgefield has increased year-over-year.

To see an overview of how March looked, you can click for a snapshot of the market, or a breakdown by price.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 11 properties selling in March 2018 as compared to 18 in 2017. This represents a decrease of 39%. In YTD sales we are down 25% vs 2017. The Median Sales Price however, increased by 4% over the same time last year to $631,375.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow drastically increased over the same time last year with 62 properties going under deposit in March as compared to 24 last year. That marks an increase of 102%. Similarly, in the year-to-date deposits, there are 102 as compared to 61 by this time last year. we hope to see this trend continue as the weather warms up.

DAYS ON MARKET and INVENTORY
We are still dealing with an extreme shortage of properties available for sale this month.  The months of inventory has decreased to only 4.5 months compared with 14.1 months last year. Sixty-eight new properties entered the market this month, compared with 72 in March of last year. The average days on market has decreased by 14% over March 2017 with homes spending an average of 191 days instead of 223 on the market before selling. Year to date, the average days on market time is sitting at 175 days, as compared to 209 days last year at this time.

Now is a good time prepare or list your home for sale. Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today!

Snapshot of March Market Report

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Ridgefield Market Report February 2018

February 2018 has been an interesting month.  A slow December 2017 and January 2018 resulted in a lower than normal number of closed sales this month. However, the number of properties that took deposits during February was up compared to the same time in 2017.  This is a great indicator for a strong spring season in Ridgefield Real Estate. Of note, the median price was also higher than in February 2017 and the months supply of inventory is dangerously low, indicating it is a good time to list your home for sale.

To see an overview of how February looked, you can click for a snapshot of the market, or a breakdown by price.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 13 properties selling in February 2018 as compared to 23 in 2017.  Overall, 32 properties have sold this year compared to 43 by the same time last year, which represents an 28% decrease. The Median Sales Price increased this month from $582,750 in February 2017 to $605,000 this year. The year-to-date median value is also up, posting at $673,000 as compared to $606,000 at the same time last year.

PROPERTIES UNDER CONTRACT
The good news is that even with below average sales in February, the number of properties that went under contract or garnered deposits was almost double that of February 2017. There were 39 properties that took deposits as opposed to only 20 last year. Year to date, the number of properties under contract also increased over last year with 63 properties currently under contract compared to 37 in 2017, representing a 70% increase.

DAYS ON MARKET and INVENTORY
We are still dealing with a shortage of properties available for sale this month.  The months of inventory has decreased to only 6.1 months compared with 15.2 months last year. Fifty-two new properties entered the market this month, compared with 72 in February of last year. The average days on market has significantly decreased by 53% over February 2017 with homes spending an average of 101 days instead of 215 on the market before selling. Year to date, the average days on market time is sitting at 170 days, as compared to 204 days last year at this time.

Now is a good time prepare or list your home for sale. Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level.  We recognize your home is your biggest asset and both buyers and sellers experience an unparalleled level of customer service when working with us. Contact us today! 

Snapshot of February Market Report

Ridgefield’s 2017 Year In Review

Ridgefield Market Snapshot
The Ridgefield Real Estate market for single-family homes once again rallied and came out ahead of last year’s market with respect to all key indicators. Overall, the number of homes sold was up 6.3% with 370 homes selling in 2017 as compared to 348 in 2016. The total sales volume also increased by 5.3% resulting in a total of $273,224,044 transacting as compared to $259,407,724 in 2016. The median sales price for a Ridgefield single-family home increased slightly ending the year at $642,500 as compared to $640,000 in 2016. However, the average sales price decreased one percent from $745,424 to $738,443. The sales-to-list price ratio remained the same with homes selling at an average of 96.5% of their listed price.

Condo Report
There were 70 condominium sales in Ridgefield in 2017 ranging in price from $100,500 for a studio apartment to $1,860,000 for a five bedroom, custom-built Main Street luxury condominium in The Elms. The average sales price was $384,920, while the median sales price was $250,000. This compares favorably to 2016 when the average price was $371,990 and the median price was $216,000.

When Are People Buying?
An interesting finding of 2017 is that the seasonality of real estate is becoming less applicable, while consumer confidence seems to be playing more of a factor. Based on the assumption that properties generally take 60 days to close, to have the number of properties closing in the spring (116 properties) equal those in the summer (117 properties) is unusual. The general take-away is that with increased online visibility and ‘arm-chair‘ real estate, no matter the season buyers are willing to purchase if they find what they like.

The Luxury Market
The luxury market in Ridgefield – defined as homes selling for $1.5 million and above – held firm this year with continued strong sales. Overall, 13 luxury homes and one luxury condominium sold in 2017, as compared to 19 homes in 2016. Of particular note, five homes sold between $2 and $3 million, while the $3 million plus segment saw three sales happen. The highest priced home to sell this year closed for $3,318,183. As a Christie’s International Real Estate Luxury Specialist, in 2017 I was proud to represent 9 buyers and sellers with homes or condos priced between $1.86 and $3.1 million. Down county towns such as Greenwich, Darien, New Canaan and Westport have all seen an increase in luxury sales. Historically Ridgefield is not far behind.

Good News for Fairfield County
Overall, it was good news throughout most of Fairfield County. The number of homes sold was up, with median price not deviating too much from last year throughout most of the towns we evaluated. Darien recovered from 2016’s decreases, posting the largest year-over- year growth in median price. New Canaan rebounded nicely with a 39% increase in units sold when compared to 2016, which was 24% lower versus 2015. In Westport, the amount of speculative home building is also on the rise indicating a returning confidence in the market. Unfortunately, Redding and Wilton experienced an appreciable drop in median values, possibly due to a lack of high-end market sales. All other towns experienced a relatively flat market when compared to 2016.

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