Ridgefield Market Report April 2017

As the spring market gathers momentum, we are seeing increasing inventory and many buyers ready to commit to purchasing. All price points are experiencing good activity, with some price ranges even seeing multiple offers on desirable homes. As always, updated properties – particularly in or close to town – are in demand.

To see how the first quarter shook out in Ridgefield real estate (including condos), read our comprehensive market report. You can also click for a snapshot of the April market, or a breakdown by price.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was exactly the same as last year with 24 properties closing in April 2017. Overall, 85 properties have sold compared to 79 by the same time last year, which represents a 7.6% increase. The median sales price increased from $658,500 in April 2016 to $684,259 in April 2017 – a difference of 4% . The year to date is even more encouraging with an increase of 9.6% seen in median sales price from $575,000 in 2016 to $630,000 this year.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract took a huge jump over last year with 73 properties under contract compared to only 35 in 2016. This represents a 108% increase. Overall in 2017 we have seen an 44% increase in buyers jumping into the market, with 143 properties going under contract since the beginning of the year, compared to 99 last year.

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 5.4 months, with 98 new properties entering the market this month. last year inventory stood at 13 months. The average days on market remains higher than last and is skewed by stale inventory. As the market gets into full swing, we hope to see stale inventory selling and normalizing this indicator.

May is a key time to buy a home or list one for sale. Don’t wait ! Take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

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.

* All data taken from Greater Fairfield County CMLS as of 05/01/2017

Ridgefield Q1 2017 Market Report

The first quarter of 2017 has been a busy one for us here at Karla Murtaugh Homes. We have sold five properties already this year, with five more under contract and seven properties under agreement.

Unit Sales
Overall, in Ridgefield the first quarter of 2017 has shown strong unit sales with 72 properties sold already. This exceeds the 68 properties sold in Q1 of 2016. There are also 48 properties under contract, surpassing last year by more than 50%, and 59 properties under deposit – a more than 40% increase over 2016.

Market Inventory
Market inventory is decreased with only 239 properties currently for sale. This is approximately 8% less than during the same time last year. As the weather warms and trees bloom, we expect this number to rise.

Median Prices
The median sales price for combined single family homes and condominiums currently sits at $583,875, while at the end of 2016 the median sales price was $610,000. While this represents a drop of 4%, we expect to see an uptick in this marker with the influx of a large buyer pool coupled with creeping mortgage rates and a continued strong economy.

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Ridgefield Market Report February 2017

February continues to be a banner month for Ridgefield real estate. Buyers are out in force and there is almost not enough inventory to go around. With the unseasonably warm weather, home sales have been uncharacteristically large resulting in multiple offer situations. With the stock market rallying, increasing consumer confidence and the threat of rising interest rates, people are again seeing real estate as a stable and worthwhile investment.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 21% compared to February 2016 with 23 homes sold compared to 19 at the same time last year. Year-to-date the market has seen a 26.5% increase in the number of sales. The median sales price was also up from $550,000 to $582,750 in 2017 – an increase of 6.0%. Overall, year-to-date 2017 has seen an increase in median price of almost 5%.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract took a huge jump over last year with 40 properties under contract compared to only 18 in 2016. This represents a 122% increase. Overall in 2017 we have seen an 87.5% increase in buyers jumping into the market, with 60 properties going under contract since the beginning of the year, compared to only 32 last year.

DAYS ON MARKET and INVENTORY
We are seeing an extreme shortage of properties available for sale this month. The months of inventory has decreased to 7.7 months, and only 72 properties entered the market this month. This is very similar to the number listed last year, but we have seen an increase in the number of buyers. This has resulted in multiple offer situations already being seen. Interestingly enough, the average days on market has increased. This number is skewed by stale inventory.

For a breakdown of the Ridgefield Real Estate Market by price, view the February 2016 price snapshot. Also, see a full graphical analysis of Ridgefield’s February 2017 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

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.

* All data taken from Greater Fairfield County CMLS as of 03/01/2017

Ridgefield Market Report January 2017

2017 has started out with a bang. Median sales price, number of homes sold and number of new homes listed for sale have all increased. The warm weather throughout the winter months seems to have boosted sales, and we hope to see the increased market movement continue. Consumer confidence appears to be increasing, and as mortgage rates threaten to rise slightly, more buyers are taking advantage of available inventory.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 33% compared to January 2016 with 20 homes sold compared to 15 at the same time last year. The median sales price was also up from $590,000 to $650,000 in 2017 – an increase of 10.2% – which is great news for sellers. We have even seen updated, well-priced homes receive multiple offers.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract also increased over last year with 35 homes entering escrow compared to only 14 in January 2016. This represents an increase of 150% over last year. The number of new properties listed for sale also increased 19% from 42 to 50 during the same time this year.

DAYS ON MARKET and INVENTORY
The number of days on market increased from 112 in January, 2017 to 190 this year. However, the months supply of inventory is only 7.8 months compared to 21.8 months at this time last year. We are hoping to see more inventory come on the market in the upcoming few months.

See a full graphical analysis of Ridgefield’s January 2017 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

For a breakdown of the Ridgefield Real Estate Market by price, view the January 2016 price snapshot.

* All data taken from Greater Fairfield County CMLS as of 02/01/2017

Ridgefield’s 2016 Year End Market Report

What a year! The Ridgefield Real Estate market rallied resulting in the best year since 2013’s banner season. Overall sales volume was up at $259,407,724 as compared to $241,208,027 in 2015. Unit sales increased 8.1% with 348 homes selling in 2016 compared to 322 the year before. With the uncertainty of an election year behind us, as well as steady increases seen in financial markets and slowly rising interest rates, there is reason to believe that this trend towards slow and steady growth in the Ridgefield Real Estate market will continue.

A Buyer’s Market
Buyers were out in force in 2016, and they had a lot to choose from. Armed with a plethora of information at their fingertips, historically low interest rates and a 12.5% increase in Ridgefield home inventory over 2015, they were able to make better, more informed decisions than ever before. The fourth quarter of 2016 was unusually busy and set up a strong pipeline into the first quarter of 2017. This is reminiscent of what happened at the end of 2012 and into 2013. Predictors suggest continued growth and improving sales throughout 2017.

No Bump In Price
The median sales price for a Ridgefield home remained relatively the same in 2016, decreasing
by only 1.9% to $640,000 from last year’s 2015 $652,500. The average sales price was $745,424
compared to $749,093 in 2015, while the sale to list price ratio was 96.4%. The rise of the “HGTV -phenomenon” placed a burden on sellers with buyers expecting homes to have kitchen and
bathroom upgrades, as well as more current design elements. We see this trend continuing.

Looking Ahead
While there has been no appreciable increase in home values, the market indicators continue to point to a stable real estate market. With inventory increasing, and interest rates slowly climbing, buyers will continue to look to invest in homes they feel offer real value. As always, location plays a key role in purchasing decisions with homes residing in-town or in good commute locations creating the greatest demand. As baby boomers become empty nesters, all indicators point to a demand for more functional homes that can be easily maintained. At the same time, we have seen upward movement in the market from Ridgefield residents moving their families into more spacious homes, as well as from buyers moving into Ridgefield to take advantage of our highly-ranked schools and great community.

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Ridgefield Market Report November 2016

November 2016 proved to be a strong month for home sales. The median price of a home increased substantially over last year , however we still trail 2015’s year-to-date median sale price by almost 2%. Overall, 2016 has seen more homes sell than 2015, and we hope to close out the year with a strong December.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down 19.2% at 21 compared to 26 last year, but we are up 8.5% overall in the year-to-date with 320 properties sold compared to 295 by the same time in 2015. There was an increase in median sold price for this month from $640,000 to $732,500 representing an 14.5% increase compared to November 2015. We are still slightly down from last year’s year-to-date with the median price standing at $647,500 compared with $660,000 by this time last year.

PROPERTIES UNDER CONTRACT
We continue to see a strong fall selling season with 45 properties going under contract in November, compared to only 23 during the same time last year – an increase of 95.7%. Overall, the fall market is up 18.5% compared to the same time in 2015 with 358 properties in escrow compared to 302 last year.

DAYS ON MARKET and INVENTORY
The number of days on market increased from 155 in November, 2015 to 194 this year. However, months supply of inventory is only 7.3 months compared to 17.2 months at this time last year.

See a full graphical analysis of Ridgefield’s November 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

For a breakdown of the Ridgefield Real Estate Market by price, view the November 2016 price snapshot.

* All data taken from Greater Fairfield County CMLS as of 12/01/2016

Ridgefield Market Report October 2016

Fall 2016 has started off with strong sales in the month of October. Year-to-date the total number of closed sales has surpassed last year, but median sales price is slightly down.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 18.5% at 32 compared to 27 last year, and we are up 10.8% overall in the year-to-date with 298 properties sold compared to 269 by the same time in 2015. There was a decrease in median sold price for this month from $672,500 to $617,000 representing an 8.3% decrease compared to October 2015. We are also slightly down from last year’s year-to-date with the median price standing at $643,150 compared with $665,000 by this time last year.

PROPERTIES UNDER CONTRACT
We are seeing a strong fall selling season with 54 properties going under contract in October, compared to only 28 during the same time last year – an increase of 92.9%. Overall, the fall market is up 21.1% compared to the same time in 2015 with 338 properties in escrow compared to 279 last year.

DAYS ON MARKET and INVENTORY
The number of days on market increased from 158 in October, 2015 to 202 this year. However, months supply of inventory is only 7.2 months compared to 15.3 months at this time last year.

See a full graphical analysis of Ridgefield’s October 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

For a breakdown of the Ridgefield Real Estate Market by price, view the October 2016 price snapshot.

* All data taken from Greater Fairfield County CMLS as of 06/01/2016

Ridgefield Q3 2016 Market Report

July through September 2016 showed strong sales figures on track with the sales we saw in 2015. 112 single-family homes sold in Ridgefield in Q3 this year, compared to 103 during the same time in 2015. The median sales price dropped 7% from $688,000 in Q3 2015 to $640,000 this year, but homes are still selling at 96.7% of asking. The average time a house spent on the market was 148 days during this quarter. In the luxury segment of homes priced over $1.5 million, there continues to be a slow but steady demand. Condo sales were strong with 22 selling during Q3 at a median price of $286,000. There are currently 39 condos on the market with an average market time of 154 days. Tracking sales compared to mid-year, the number of homes sold is up, but values remain flat or declining at certain price points. As we move into the final quarter for 2016, October has seen more market movement and we hope to see a strong fall market. Buyers continue to demand updated, pride-of-ownership homes and pricing seems to be the key in creating a successful sale.

Ridgefield Market Report : Mid Year Review 2016

Holding Steady

Coming off a mild winter, we were anticipating a better than average Spring Market and unit sales were actually up 9% over the same period last year. While the median sales price remained somewhat flat, the average price for a single family home experienced a 4.3% increase.

News of GE moving its headquarters out of nearby Fairfield, CT was disappointing, but has not had a negative effect on the property values here in Ridgefield. Fairfield County continues to be one of the most desirable regions in the tri-state area to live, and Ridgefield in particular continues to offer great value with the award-winning schools, vibrant downtown, numerous cultural destinations, strong community presence, beautiful landscapes, amazing quality of life and a reputation as of being one of the safest towns in the US.

Supply and demand will continue to drive the market. Most of our growth occurred in the under $1 million segment, but we did experience a small increase in units sold in the upper segments as well. We saw more demand in the $600,000- $800,000 segment outpacing the inventory available during the spring market. At the same time, inventory grew in the luxury segment, where demand was not as high. It remains a buyers market, which keeps raising the bar in terms of expectations. Buyers respond favorably to properties that reflect the latest design trends, are in “turn-key” condition and are priced properly, therefore portraying good value.

Looking Ahead

Another strong indicator of a healthy market is the number and value of pending sales. As of July 1st – based on the number of properties already in contract and under deposit – we have the potential to sell an additional 100 properties before Labor Day. This should keep us on track until the end of the year – and at a minimum – it will keep us on par with 2015. The fourth quarter is a bit tricky to predict considering the upcoming Presidential Election and the mitigating economic factors such as Brexit and other international influences. With interest rates still historically low, we should see serious buyers strongly seeking out the best value.

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