Ridgefield Market Snapshot
The Ridgefield Real Estate market for single-family homes faced an interesting year in 2018 with a tumultuous mid-term election and the challenge of attracting businesses to the state. Combined with the new tax structure – the effects of which have not yet come to pass – and a bear market, Ridgefield sales rallied remarkably well showing a drop in volume, but no appreciable drop in value. Overall, the number of homes sold was down 11 percent with 329 homes selling in 2018 as compared to 370 in 2017. The total sales volume also decreased by 13 percent resulting in a total of $236,085,651 transacting as compared to $273,224,044 in 2017. The median sales price decreased only slightly from $642,500 to $641,260 (a difference of 0.2 percent) and the average home price fell by only 2.8 percent from $738,443 in 2017 to $717,586. Homes also continued the trend of selling at 96.5 percent of their listed price as in previous years.
In Condo News
As in 2017, there was a total of 70 condominium sales in Ridgefield in 2018 ranging in price from $129,000 for a one-bedroom apartment in Fox Hill, to $865,000 for a 3,200 square foot condominium on Sunset Lane. The average sales price was $330,174, while the median sales price was $235,000. This is down slightly from last year when the average price was $384,920 and the median price was $250,000. Of note, 3 luxury condos on Main Street are also due to close in the $1.3 million range in the early part of 2019.
The Luxury Market
The luxury market in Ridgefield-defined as homes selling for $1.5 million and above-continued to show decent market activity with 9 luxury homes selling in 2018, as compared to 13 homes in 2017. Of note, we represent 4 additional properties priced over $1.5 million currently in contract to close in the first part of 2019. Overall, we have noticed buyers are taking longer to commit to luxury purchases and are instead searching for just the right home-one that includes all the features and amenities they are looking for. As a Christie’s International Real Estate Luxury Specialist, in 2018 I was proud to represent 10 out of the 18 buyers and sellers who purchased luxury homes priced between $1.525 and $2.55 million.
Fairfield County News
Overall, Fairfield County experienced slight decreases in both the number of properties sold and median sales prices in 2018. Redding, Norwalk, Wilton and Fairfield showed an increase in values over last year, which is welcome news for homeowners in Wilton and Redding where home values had plummeted almost 10 percent back in 2017. Weston was able to rally back after being down 22% in mid-year unit sales. New Canaan continues to post double digit decreases in sales as a result of an increase in supply compared to demand especially in the upper price points.
In 2019, the buyer’s market will continue with the biggest discussions centered on mortgage rates and available inventory. In terms of inventory, we hope to see sellers continue to list their homes, attracting solidly qualified buyers who still see this market as a good time to buy. In 2018, Ridgefield lacked entry-level inventory in the under $600,000 range as well as the $800,000 – $1.2 million range. We are hoping to see that turn around in 2019. The two largest groups of buyers and sellers will continue to influence the market with Millennials moving to the better value of the suburbs and baby-boomers downsizing, thereby freeing up more inventory. Ridgefield continues to be a desirable place to live with its top-ranked schools, great cultural attractions, world-class dining and amazing sense of community.