Ridgefield Market Report : Year In Review 2015

Staying The Course

When reviewing the 2015 sales results, one can interpret that the real estate market is flat when compared to 2014. I think that is an accurate statement, but it is also safe to say that we are staying the course when it comes to market stabilization, avoiding the large swings in value or unit sales seen in previous years. Essentially, Ridgefield real estate sales showed 100 more homes sold than in 2009, and only 9 less than in 2014. In both 2014 and 2015 we did not experience a traditional spring market surge, partly due to the severe and extended winter weather, and consumer confidence still seems to be the driver in bringing buyers to the market. Observationally, when analyzing sales by price point, the typically consistent $1.5- $1.75 million struggled in 2015. Conversely, we had a nice uptick in the $2 million and higher category.

The Power Of Proper Pricing

Pricing your home properly from the start is one of the key factors in achieving the best possible outcome for sale. Buyers are savvy and intuitive and can easily determine if they need to act quickly or wait to see if a price adjustment is imminent. We are not seeing many low ball offers, therefore do not feel like you need to build in a cushion. An equally important factor is making sure that your home is “turn-key”. Focus on a few important rooms. For example, if you are a few years away from listing your home for sale and feel that your kitchen is in need of some updating – don’t wait! If at all possible – do the updates now, and enjoy living with them until you are ready to sell.

No Longer A Wild Ride

Since 2013, the Ridgefield real estate market has been steady in both price and unit sales. Fairfield County as a whole has experienced that same stability. Moving into 2016, I see a trend of increasing consumer confidence that real estate is once again a stable investment.

DOWNLOAD THE FULL REPORT HERE

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2016/01/2015-Year-End-Review-FINAL.pdf

Ridgefield Market Report For November 2015

November brought good results for Ridgefield’s real estate market. The number of new properties for sale, number of properties that went under contract, number of properties sold and the median sales price all increased over the same time last year. This puts us on track to exceed 2014’s total real estate sales and indicates a market that is stable or even growing slightly.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for November 2015 was $640,000, which exceeds the median sales price of $538,500 seen in November 2014 by 18.8%. Year to date was slightly lower at $660,000 compared to $666,000 during the same time period in 2014 – a decrease of 0.9%. There were also 26 closed sales in November 2015 compared to 14 during the same time last year. In the year to date there is only a 0.3% decrease in the number homes sold from 296 in 2014 to 295 so far this year.

PROPERTIES UNDER CONTRACT
In continued good news, 42 properties went under contract in November 2015, as compared to only 27 during November 2014 representing an increase of 55.6%. Overall, 323 properties have gone under contract in 2015 as compared to 317 during the same time period last year.

DAYS ON MARKET and INVENTORY
The average number of days on market increased by 2.0% from 152 days in November 2014 compared to 155 days this year. Months of inventory decreased by 29.7% from 11.8 months last year as compared to 8.3 months in 2015.

NEW PROPERTIES FOR SALE
There was an increase in the number of homes listed for sale this month, jumping from 16 in October 2014 to 41 during the same time period this year. This represents an increase of 156.3%. Year to date, there was also an increase in the number of new properties for sale from 610 in 2014 to 689 in 2015.

For a full graphical analysis of Ridgefield’s October 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

November price snapshot

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/12/KMMReport-Nov-2015.pdf

Ridgefield Market Report for October 2015

It was a mixed bag in October 2015 with the number of home sales and median price up for the month, but down over the year to date. Fall sales appear to have gained momentum and with the good weather holding, we hope to make up for a slow summer.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for October 2015 was $672,500, which exceeds the median sales price in October 2014 of $560,000 by 20.1%. Year to date was slightly lower at $665,000 compared to $672,500 during the same time period in 2014 – a decrease of 1.1%. There were also 27 closed sales in October 2015 compared to 12 during the same time last year. In the year to date there is a 4.6% decrease in the number homes sold from 282 in 2014 to 269 so far this year.

PROPERTIES UNDER CONTRACT
48 properties went under contract in October 2015, as compared to only 15 during October 2014 representing an increase of 220%. Overall, 305 properties have gone under contract in 2015 as compared to 290 during the same time period last year.

DAYS ON MARKET and INVENTORY
The average number of days on market increased by 3.9% from 152 days in October 2014 compared to 158 days this year. Months of inventory decreased by 66.1% from 23.3 months last year as compared to 7.9 months in 2015.

NEW PROPERTIES FOR SALE
There was an increase in the number of homes listed for sale this month, jumping from 39 in October 2014 to 47 during the same time period this year. This represents an increase of 20.5%. Year to date, there was also an increase in the number of new properties for sale from 594 in 2014 to 647 in 2015.

For a full graphical analysis of Ridgefield’s October 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/11/KMMReport-Oct-2015.pdf

Ridgefield Single Family Home Sales Slower In Q3 2015

Summer 2015 Yields A Decrease In The Number Of Sales, Particularly In The Luxury Market.

After the noted Ridgefield Real Estate recovery in 2013 and 2014, the market seems to be slowing to more traditionally sustainable levels. Overall, single family home sales remain healthy, but July, August and September 2015 heralded fewer Unit Sales and a lower Sales Dollar Volume than during the same time last year. The Median Sales Price increased slightly over Q3 2014 and homes generally sold for about 97 percent of asking price, which is consistent with years past.

The higher end market sales declined significantly from last year’s levels with only 22 properties over $1 million selling compared to 43 in Q3 of last year, representing a 27 percent decrease. In the luxury $1.5 million and over category, we had only one sale compared to eight during the same time period in 2014.

UNIT SALES AND PRICE
The third quarter saw a drop of 20 percent in sold dollar volume for single family homes in Ridgefield from a total of approximately $95 million sold in 2014 to $76 million this year. The number of closed sales also decreased from 119 in 2014 compared to 103 this year. The median sales price actually increased 2.4 percent to $683,150 compared to last year’s $667,250. This is a good indicator that home values are remaining stable or even increasing slightly. The average sale price of a single family home in Ridgefield currently stands at $742,746. Condominium sales improved with a total of 26 properties sold in Q3 2015 versus only 18 during the same time last year. The median price of a condo also increased to $268,917 from $246,333.

GOOD NEWS FOR SELLERS
For the first time in a number of years we have seen multiple offer situations, homes selling for over their list price, and homes selling within days of becoming available for purchase. In general, homes that are priced properly, in a good location (often close to town), updated, and well cared for are enjoying quick market times and a good return on investment. Updated kitchens and bathrooms, as well as the presence of a generator and a mudroom continue to be in high demand.

INVENTORY AFFECTING BUYING DECISIONS
Buyers seem to be generally well informed and market savvy. Interest rates are still at all-time lows and buyers are looking to find homes they perceive as having good value. Currently, we have 271 single family homes listed for sale in Ridgefield. In Q3 the inventory time (the number of months it would take to sell all the listed homes) was 9 months, compared to 7 months in 2014. Interestingly, homes are spending a few less days on the market with the average market time 110 days in 2015 compared to 119 days in 2014.

FINAL-14-15 Jul-Sep-Breakdown by price-chart-OL

14-15-Jul-Sep-MS Median Sales-labels

FINAL-14-15-Jul-Sep-MS Unit Sales-labels

Ridgefield Market Report For August 2015

Overall, it’s good news for home sales in Ridgefield this August! The number of properties that went under contract, median home sales price and number of new properties for sale were all up compared to August of 2014, while the number of days on market and the supply of inventory were down – a good sign that the market is performing well.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for August 2015 was $697,500, which exceeds the median sales price in August 2014 of $639,250 by 9.1%. It also exceeds the YTD sales prices of both 2014 and 2015. The number of closed sales was down reflecting a slower start to the summer market with only 31 homes selling in August 2015 compared to 38 during the same time last year.

PROPERTIES UNDER CONTRACT
I was pleasantly surprised to see that more properties entered escrow during the month of August by a margin of 21.6% over August of last year. There were 45 homes under contract compared to 37 last year. Overall, the number of properties under contract in the year to date for 2015 is on track with last year – 255 in 2014, as compared to 252 in 2015.

DAYS ON MARKET and INVENTORY
The average number of days on market also decreased by 15.7% from 121 days in August 2014 compared to 102 days this year indicating buyers are still purchasing if homes that are priced well and in good condition come on the market.

NEW PROPERTIES FOR SALE
In more good news, there was an increase in the number of homes listed for sale this month, jumping from 34 in August 2014 to 40 during the same time period this year. This represents an increase of 17.6%. Year to date, there was also an increase in the number of new properties for sale from 496 in 2014 to 535 in 2015.

For a full graphical analysis of Ridgefield’s August 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/09/KMMReport-August-2015.pdf

Ridgefield Market Report : Mid-Year Review 2015

Putting Things Into Perspective

Nationally, as a result of improved consumer confidence, unit home sales are up nearly 10% when compared to the first six months of 2014. Fairfield County overall is up 9% during the same period. Although Ridgefield sales results are lower than 2014, this can again be attributed to the long and treacherous winter. The eight week loss of valuable market time in the typically brisk Spring selling season certainly impacts our mid-year results. However, there still is time to meet – and possibly surpass – 2014 sales, as the second half of the year outperformed the first half in both 2013 and 2014. The looming threat of rising interest rates should also bring more buyers to the table this fall and banks have begun to loosen their financing practices, which also makes the outlook more positive. The Luxury Market, which can be realized as $1.5 million and higher, is on target with 2014 in terms of unit sales, but has experienced a slight drop in value due to higher inventory levels. In-town and walk-to- town locations continue to be particularly popular, and tend to sell more quickly and at a higher price per square foot.

The Value Factor

Based on the Months Supply Of Inventory, 2015 seems to indicate that the market is slowing. However, this is not necessarily accurate as there have been many examples this year, across a number of price points, where multiple offer situations existed. As the market continues to be driven by value, proper pricing is critical. Today’s buyers also measure value based on the condition of the home and are responding most positively to homes that are updated and in pristine condition. When examining the inventory, there seems to be a discrepancy between the amount and the quality of the inventory. Buyers are ready to purchase, but they are still in the driver’s seat and want homes that are turn-key, almost without exception.

Looking Ahead

With no housing bubble in sight, we can expect moderate, sustainable sales growth. If you are in the market for a change, there’s no better time to buy up. If you are thinking of selling now or in the not too distant future, take the time to get your home ready for market or to just enjoy.

DOWNLOAD THE FULL REPORT HERE

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/07/2015-Mid-Year-Review-Letter.pdf

Ridgefield Market Report For May 2015

This year’s May has seen an similar median sold price and an increase in properties that went under contract compared to last year’s, while the average days on market has increased and the number of closed sales has decreased. The month’s supply of inventory has decreased and number of new properties for sale has decreased.

MEDIAN SALES PRICE and CLOSED SALES
May 2014 had almost the exact same median sold price as May 2015, changing only 0.2%. The year-to-date price was similar to last years, only fluctuating 1.5%. The median sold price in May was very close to the the year-to-date median sold price this year: there was only a 0.8% difference. There were five fewer closed sales this May compared to last year’s, representing a decrease of 16.1%. The year-to-date closed sales also decreased, but only by 7.1% since last year.

PROPERTIES UNDER CONTRACT
More properties went under contract in May 2015 than in May 2014, increasing by 33.3%. The year-to-date number of properties that opened escrow was approximately the same, decreasing only by two. May 2015 makes up about 37% of all properties that went under contract so far this year.

DAYS ON MARKET and INVENTORY
The number of average days on market increased by 64 compared to May 2014, representing a 48.1% increase. May experienced a higher number of average days on market than the year-to-date number of average days on market. There is also a decrease in months supply of inventory this year’s May compared to last year’s, decreasing 31%.

NEW PROPERTIES FOR SALE
There are fewer new properties for sale in May 2015 compared to May 2014, decreasing by 8.4% (8 properties). The year-to-date number of new properties for sale is largely the same, only showing an increase of 0.6% since last year.

For a full graphical analysis of Ridgefield’s May 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/07/KMMReport-May-2015.pdf

Ridgefield Market Report For April 2015

April 2015 has seen an increase over last April in median sold price and properties that went under contract, but also an increase in average days on market and a decrease in closed sales. There are more properties for sale as well, along with fewer months supply of inventory.

MEDIAN SALES PRICE and CLOSED SALES
Last year, April’s median sold price was about $70,000 below the year-to-date price, but this year it is $110,000 above the year-to-date price, showing an increased sale of more expensive properties. The number of closed sales, however, decreased more than 20% this April compared to last April. The year-to-date sales are approximately the same, decreasing only by 2.9%.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract in April 2015 is comparable to April 2014, only increasing by three this year. The year-to-date statistics are similar, decreasing this year by 4, a very modest change. April represented about 43% of total properties that opened escrow so far this year; last year April accounted for only approximately 38%.

DAYS ON MARKET and INVENTORY
April 2015 saw a significant increase in the average days on market compared to last year, increasing 47.7% (84 days). The year-to-date days on market remained approximately the same, seeing a small decrease of 2.7%. The months supply of inventory is lower this April, at 8.6 months this year compared to 9.9 months last year.

NEW PROPERTIES FOR SALE
There are slightly more new properties for sale this April, and a moderate amount more overall this year. There are 105 new listings this April compared to 103 last year, and 273 total this year compared to 263 total last year.

For a full graphical analysis of Ridgefield’s March 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

KMMReport April 2015

Ridgefield Market Report For March 2015

Compared to last year’s, this March has seen an increase in median sold price and in the number that entered escrow; however, there has been an increase in the average days on market, decreased number of closed sales, and a decreased number of new properties for sale.

MEDIAN SALES PRICE and CLOSED SALES
March 2015 saw an increase of 3.4% ($21,000) from March 2014 in median sold price; in contrast, the year-to-date figures have shown a decrease of 7.7% ($52,000) in average sold price. March has, overall, seen a higher median sale price than other homes so far this year. In terms of closed sales, this year’s March has had two fewer, which represents a 10.5% decrease. The year-to-date sales have increased by three, a 6.7% increase.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow this month increased by 18 compared to last year’s March, showing a strong increase of 69.2% and increased interest in the Ridgefield market. This year’s March accounted for more than 50% of the year-to-date properties that went under contract. March has consistently seen above average year-to-date sales compared to other months over the last two years. More properties have gone under contract so far this year than last year–84 compared 63–representing an increase of 33.3%.

DAYS ON MARKET and INVENTORY
The average number of days on market increased by 10, representing a 5.6% increase compared to last March. The months supply of inventory decreased by almost half to 6.6 months.

NEW PROPERTIES FOR SALE
There are more new listings so far this year than last year, with a modest increase of 5%. Fewer people listed their home in March this year, with a decrease of 16.3%.

For a full graphical analysis of Ridgefield’s March 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

KMMReport March 2015