Tag Archive for: Buying

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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Storage Tops List Of What People Look For In A Kitchen

According to Houzz, the majority of homeowners recently surveyed prioritized storage all over functions of their kitchens, according to the 2018 U.S. Houzz Kitchen Trends Study of more than 1,700 homeowners, which comes as no surprise. Some key features to consider if you are thinking of remodeling include: recycling baskets; cookie sheet and tray organizers; revolving corner trays; deep drawer organizers; and pull-out or swing-out trays and shelves. To add more storage and counter space, nearly two in five homeowners surveyed said they are adding kitchen islands.

Homeowners want to show off their countertops. It’s the most common major feature upgraded during a kitchen renovation and most commonly splurged-on item, the Houzz survey finds. Further, engineered quartz has become the most popular countertop material choice, overtaking granite, 43 percent versus 34 percent, respectively.

The Houzz survey also showed the following most popular trends in the kitchen:

Color: White kitchens with white backsplashes, countertops, and wall finishes continue to dominate.

Flooring: Natural hardwood is the most popular, but it is declining as woodlike flooring like engineered wood or laminate are on the rise.

Cabinets: Shaker cabinets are the most popular door styles among those updating cabinets, followed by flat-panel and raised panel.

Source: Houzz

Ridgefield Market Report November 2017

Looking at all indicators, the Ridgefield real estate market is basically flat compared to November last year.  Year-to-date numbers also reflect very little change since 2016. This is actually good news considering some Fairfield County towns have seen decreases in both property values and the number of sales they have experienced. The under $700,000 market is still very busy, and we have seen steady sales in all other price categories, which is encouraging. The luxury market is struggling slightly with decreased sales compared to last year in the over $1 million categories.

To see an overview of how November 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 up over the same time last year with 23 properties selling in November 2017 as compared to 21 in 2016.  Overall, 347  properties have sold compared to 325 by the same time last year, which represents a 6.8% increase. The Median Sales Price decreased this month from $732, 500 in November 2016 to $645,000 in November 2017. The year-to-date median value is on par with 2016 sitting at $640,000, as compared to $643,500 last year at this time. Overall, all indicators point to the fact that it has been a steady year for real estate when compared with 2016.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract increased over last year with 41 properties under contract compared to 25 in 2016.  This represents a 64% increase and could possibly be attributed to the very mild fall we have experienced. Overall, in 2017 we have seen an 8.1% increase in buyers jumping into the market, with 360 properties going under contract since the beginning of the year, compared to 333 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 7.1 months compared with 13.2 months last year. Forty-one new properties entered the market this month, compared with only 25 in November of last year, while the average days on market has decreased by 11.9% over October 2016 with homes spending an average of 171 days instead of 194 on the market before selling.

Overall, November posted decent sales for the time of year and we hope to see that trend continue into December. Feel free to contact me to discuss your buying 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 November Market Report 

Mortgage Rates Are Highest Since July

While mortgage rates remain historically low, there has been a slight increase over the past few months, resulting in borrowers paying more over the life of the loan.

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate moving to its highest mark since July. The 30-year fixed-rate mortgage reached its highest average since July this week.

“The 10-year Treasury yield ticked up 6 basis points, while the 30-year mortgage rate jumped 5 basis points to 3.95 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Today’s survey rate is the highest rate in nearly four months.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 16:

  • 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.5 point, rising from last week’s 3.90 percent average. Last year at this time, 30-year rates averaged 3.94 percent.
  • 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.5 point, rising from last week’s 3.24 percent average. A year ago, 15-year rates averaged 3.14 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.21 percent this week, with an average 0.4 point, falling slightly from last week’s 3.22 percent average. A year ago, 5-year ARMs averaged 3.07 percent.

The takeaway, is that while borrowing is still the least expensive it’s ever been, you may want to think about jumping into the market sooner rather than later. There is also less competition, realistic pricing, and motivated sellers especially during the traditionally quieter Holiday period, so it’s a great time to look.

Source: Freddie Mac

Do You Want To Live Like A Hollywood Producer?

Picture the glitz and glamor of old Hollywood, pair it with every modern convenience and move it all to bucolic Ridgefield.  Welcome to 23 Pin Pack Road.  Home to a noted Hollywood producer, the spectacular residence was recently featured in the Danbury News-Times as its cover story and it doesn’t disappoint.

The sophisticated & enchanting 3/4 bedroom, 1920s mini-estate is situated close to town and reflects exceptional Stone & Tudor architecture. Completely rebuilt in 2011 by an award-winning builder, it features a stunning saltwater pool & spa with beautiful high-end resort like appointments and an exercise area open to expansive outdoor patios.  The exceptional mix of wood & stone, soaring ceilings, multiple fireplaces and amazing millwork are hallmarks, while an incredible gourmet chef’s kitchen and breakfast area connect to a fabulous great room featuring a coffered ceiling & stone fireplace. The master retreat includes a sitting room/office, and His & Her separate baths & dressing rooms. Three additional bedroom options with beautifully appointed baths plus sensational outdoor living areas including stone patios with pergolas and open air stone decking, make this a great entertaining home. An additional charming studio on the property is great as an office or additional workspace. Like no other!

To make an appointment to view the home, please contact me.

‘Fairhaven’ Is A True Fair Haven According To HOME Monthly Magazine

We were thrilled when HOME Monthly asked to feature our beautiful listing on 209 West Lane in Ridgefield for their November issue.  From the minute we walked into the home, we knew it was something special and it seems, so did HOME.

Fairhaven – as it is known – is a wonderful mix of vintage and transitional design that encompasses the best in workmanship, flow and elegant features. Tucked away behind mature trees & setback from the road, it is a spectacularly renovated gem that radiates warmth & sophistication at every turn. Once the home of film star Geraldine Farrar, the floor plan gently meanders from one room to another, seamlessly blending the indoor & outdoor living areas to create a perfect entertaining space. The stunning breezeway, with amazing views of the private yard, connects the lower level pool house to the main rooms including a fabulous updated kitchen, formal living & dining rooms, a study, music room, covered porches & more. The gunite pool & multiple terraces, plus lovely open porches are surrounded by mature trees and fabulous perennial gardens.  The home borders Silver Spring Country Club and you can be in NYC in just over 1 hour to. It’s truly exceptional!

Read more about what makes this home so special in this month’s HOME Monthly. If you are interested in purchasing the home or setting up a time to view it, please contact me.

Ridgefield Market Report October 2017

October saw a decline in market activity, which is not uncommon given the usual frenzy that sets in as people start thinking about the Holidays. Encouragingly, the Median Value for single-family homes sold Ridgefield is up over the same time period last year, as were the number of properties that went under contract.

To see how October shook out in Ridgefield real estate , 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 over the same time last year with 28 properties selling as compared to 35 in 2016. This translated to a 20% decrease year-over-year. Overall however, 324 properties have sold compared to 304 by the same time last year, which represented a 6.6% increase. The Median Sales Price increased this month from $604,000 in October 2016 to $628,750 in October 2017. The year-to-date median value is on par with 2016 sitting at $640,000. Overall, all indicators point to the fact that it has been a steady year for real estate when compared with 2016.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract increased over last year with 40 properties under contract compared to 27 in 2016.  This represents a 48.1% increase. Overall, in 2017 we have seen an 8.4% increase in buyers jumping into the market, with 334 properties going under contract since the beginning of the year, compared to 308 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 7.9 months compared with 14.4 months last year. Forty new properties entered the market this month, compared with 51 last year, while the average days on market has decreased by 15% over October 2016 with homes spending an average of 149 days instead of 175 on the market before selling.

November and December are a traditionally slower time of year in the Ridgefield real estate market, but there are deals to be had if you’re looking to buy.  If you’ve been thinking of selling, take this time to prepare your home by updating, cleaning and decluttering.  Also, feel free to contact me 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! 

October KMM report