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.
q3-2016-price-snapshot-sheet1

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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Ridgefield Market Report May 2016

May 2016 was a great month for Ridgefield real estate. The number of properties opening escrow almost doubled in comparison to May of last year and lower inventory levels indicate that homes are moving. The median sales price has been catching up to that of last year’s market, with more than a $40,000 increase in the median sales price when compared to May of 2015. This is good news after a slow start to the year, especially in terms of median sales price.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down 7.7% at 24 compared to 26 last year, but we are up 12% overall in the year-to-date with 103 properties sold compared to 92 by the same time in 2015. There was an increase in median sold price for this month from $645,250 to $686,250 representing a 6.4% increase over May 2015. We are now on par with last year’s year-to-date with the median price standing at $638,000 compared with $640,000 by this time last year.

PROPERTIES UNDER CONTRACT
We continue to see a strong spring selling season with 58 properties going under contract in May, compared to only 36 during the same time last year. Overall the spring market is up 88.9% compared to the same time in 2015 with 181 properties in escrow compared to 123 last year.

DAYS ON MARKET and INVENTORY
The number of days on market decreased from 197 to 175 in May, 2016. Once again, we see another strong piece of evidence that the housing market is strengthening. Months supply of inventory is only 6.5 months compared to 12.7 months at this time last year. As inventory dwindles, it is a slight cause for concern for buyers, but sellers may want to jump into the market at this point.

See a full graphical analysis of Ridgefield’s May 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 May 2016 price snapshot

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

Ridgefield Market Report for April 2016

Overall, April 2016 was a good month for Ridgefield real estate. The large number of properties opening escrow, along with the increase in the number of closed sales and the low inventory levels mean properties are definitely selling. Unfortunately, the median sales price still lags behind that of last year’s market. Hopefully, increasing demand for properties priced well and in good condition will drive market prices up.

MEDIAN SALES PRICE and CLOSED SALES
For April, the number of closed sales was up 33.3% at 24 compared to 18 last year, and we are up 19.7% overall in the year-to-date with 79 properties sold compared to 66 at the same time in 2015. Unfortunately, the median sales price for April continues to lag behind the same time last year at $658,500 in 2016, compared to $750,000 in 2015. Overall, in the year-to-date, the median sales price is down 10.2% over the same time last year.

PROPERTIES UNDER CONTRACT
We continue to see a strong spring selling season with 66 properties going under contract in April, compared to only 32 during the same time last year. Overall the spring market is up 55.2% compared to the same time in 2015 with 135 properties in escrow compared to 87 last year.

DAYS ON MARKET and INVENTORY
The number of days on market decreased from 260 to 153 in April, 2016. Overall, the days on market has stayed relatively the same as during the same time period last year. Months supply of inventory is only 6.6 months compared to 13.1 months at this time last year, indicating a strong market.

See a full graphical analysis of Ridgefield’s April 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 April 2016 price snapshot.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2016/05/April-2016-stats.pdf

* All data taken from Greater Fairfield County CMLS as of 05/01/2016

Ridgefield Market Report For February 2016

Overall, February 2016 was a stellar month in Ridgefield real estate. Due in part to the cooperation of the weather, the number of homes that sold, went under contract or were newly listed increased significantly over the same time period last year, driving a very healthy start to the year.

MEDIAN SALES PRICE and CLOSED SALES
Unfortunately, the median sales price for February 2016 was down compared to last year during the same time landing at $545,000 compared to $665,000. Overall, on the year to date the median price sits at $580,000 compared to $620,000 last year. The number of closed sales, however, increased by 38.5% from 13 to 19.

PROPERTIES UNDER CONTRACT
The largest gains came in the property that went under contract in the month of February. Rising from 18 in 2015 to 46, this represents a 155.6% increase. In the year-to-date the number of properties under contract sits at 66 compared to 36 last year – an increase of 83.3%

DAYS ON MARKET and INVENTORY
Interestingly, the number of days on market increased from 145 in 2015 to 202 in February 2016. Overall, the days on market increased by 22% or 29 days over the same time period last year.

NEW PROPERTIES FOR SALE
The new properties for sale also increased significantly from February of 2015 with 75 new listings appearing on the market this month, compared to 47 last year.

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

February 2016 price snapshot

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2016/03/Feb-2016-stats.pdf

* All data taken from Greater Fairfield County CMLS as of 02/29/16

Ridgefield Market Report For January 2016

January 2016 was a solid month for Ridgefield real estate, with the median sales price staying relatively constant and the number of properties going under contract increasing 83% over January last year. Inventory is down, and homes are spending less days on average on the market than the same time last year.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for January 2016 was $585,000, which represents a decrease of 5.6% when compared to January 2015. The number of closed sales was also down from 18 in 2015 to 14 during January this year.

PROPERTIES UNDER CONTRACT
Despite the fact that the number of closed sales was down, the number of properties that entered escrow this month rose by 83% with 33 properties going under contract compared to 18 in January last year.

DAYS ON MARKET and INVENTORY
The average days on market was down to only 100 days this month – a decrease of 18.7%. Last year, a house spent an average of 123 days on the market before selling. The months of supply of inventory has also decreased from 15.9 months in 2015 to only 8.5 months in January this year.

NEW PROPERTIES FOR SALE
There was a small decrease in the number of homes listed for sale in Ridgefield this month compared to January 2015. 42 homes were listed new, compared to 49 last year, representing a decrease of 14.3%

For a full graphical analysis of Ridgefield’s January 2016 real estate market,click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

January 2016 price snapshot

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2016/02/Jan-2016-stats.pdf

* All data taken from Greater Fairfield County CMLS as of 01/31/16