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Ridgefield August Market Report – Low Inventory Remains Main Issue

Year To Date Sales Remain Strong

Year over year January through August single-family home sales remain strong with 351 homes sold to date in 2021 vs 298 in 2020 – an increase of 18%.  We see the same trend in overall sales volume, which saw a 43% increase year over year ending the year-to-date at $329,473,587 with rising prices and continued demand for properties responsible for the continuing uptick.

Low Inventory Means Less Sales, Less Overall Volume In August 2021

For the second month in a row the number of closed transactions is lower in a given month than what was seen in that same month in 2020. There were 58 sales in August this year, a decrease of 19% from the 69 sales in August 2020. There was also a 7.5% decrease in the overall sales volume with August 2021 coming in at $55,711,650 vs $60,211, 700. Given the buying cycle, homes closing in August were most likely to have been purchased in June – the key time observed for the large exodus of buyers from NYC in 2020. It’s also a sign that limited inventory is making it hard for buyers to find homes – the main limiting factor in real estate right now.

Prices Remain High With No Sign Of Dropping

Another result of the limited inventory is that the price of homes continues to remain at all time highs.  Mortgage rates are holding steady, and values are showing no signs of slipping. While the market is not as frenzied as previous, homes remain in high demand with buyers chomping at the bit to make to a move. In August alone the median price was up 13% year over year from August 2020 landing at $835,000 vs $740,000 a year ago.  Year-to-date, the median home price is 28% up year over year sitting at $825,000 vs $645,000.  The average price in August 2021 is up 10% at $960,546, while year over year it is up 22% at $938,671.

 

Ridgefield July Market Report – Prices Remain High

Sales Slowing, But Prices Remain High

2020 was an unusually busy year for real estate across the entire nation with low inventory and high numbers of buyers. As we enter the second half of 2021, we are seeing a slight slowdown in the number of sales happening and a return to seasonality in the market. This is understandable given people are once again taking vacations. July saw the number of unit sales decrease from 72 in 2020 to 55 in 2021. Year-to-date sales stayed elevated however with 292 homes closing in 2021 compared to 229 last year (an increase of 28%).

Overall Dollar Volume, Median & Average Prices Up

Due to an overall increase in price sales volume has not suffered in July despite the slowdown, staying the same at over $50-million dollars. Year-to-date sales dollar volume also increased over 2020 by a margin of 61%, with a total of $272,974,437 sold vs. $169,811,694 by this time last year. The median price of a single-family home in Ridgefield was up 30% year over year standing at $825,000 currently, and was up 37% ($875,000) when comparing July sales only, The average sales price increased 26% to $934,844 year year-to-date.


Looking Ahead

Our biggest challenge moving into Q3 and Q4 2021 is the lack of inventory. Particularly at more competitive price points ($600,000-$900,000), the lack of new homes entering the market is cause for concern. There are still buyers looking for homes, although that seems to be slowing slightly as buyer fatigue sets in. For now, homes that in good condition and are priced accordingly are still selling at or above list price, and we are seeing some multiple offer situations. It will be interesting to see how the fall market rebounds as mortgage rates continue to remain at record lows, prices stabilize and the Delta variant of Covid-19 comes into play. It does seem to be moving towards a more balanced market for buyers and sellers.

Click here to see a breakdown by price or click here to see quick summary.

Ridgefield 2021 Mid-Year Market Report

Ridgefield Market Snapshot
Ridgefield home sales remain strong in the first half of 2021 compared to 2020, which is to be expected due to the two lost months during the pandemic shutdown. There was a 51% increase in sales during the first half of 2021 with 237 homes selling as compared to only 157 in 2020. The overall sales volume increased by 86% from $119,397,044 YTD in 2020 to $222,198,937 YTD in 2021. It will be interesting to see if the numbers start to even out more in Q3 as we factor in the incredible second half of 2020 to the mix.

Prices Are Up
Both the Median Sales Price and the Average Sales Price saw marked increases in the first half of the year. The median price jumped from $635,000 in 2020 to $815,000 in 2021. The average sale price saw an equally large upward movement and sits at $937,548 this year, a 23% increase over 2020’s $760,491.

Market Time Is Down
The average days on market saw a 44% decrease from 116 days to 65 days before a property went under contract. Tellingly, the months of inventory also decreased from 16 months to 6 months year over year. This lack of inventory and surge in buyer demand has fueled a housing shortage across the country, resulting in higher prices and creating the seller’s market we are currently experiencing.

The Luxury Market
Luxury market sales in Ridgefield – defined as homes selling for more than $1.5 million – took a huge leap in the first half of 2021 with 22 homes selling as compared to only 11 by this time last year. When we look at the last five years, 2019, 2018 and 2017 had 7, 1 and 2 luxury sales by mid-year respectively. This was in large part due to the continuing exodus of people leaving urban areas for the space and privacy of country estates early in the year. Combined with low interest rates and a surging stock market, real estate reflected a desirable investment. Even now as things open up and offices are talking about bringing workers back in, we are still seeing interest at the top end of the market.

Looking Ahead
For the better part of a year the real estate market has been in a boom like we’ve never seen. The mass exodus from urban areas caused unprecedented inventory demands on our local market resulting in bidding wars, multiple offers, all cash offers and a shift to a seller’s market almost overnight. As the country reopens after the ‘long pause’, and questions about hybrid work and school begin to rise, we are once again faced with an unknown situation. To date, the number of sales and overall prices have seen double and triple digit growth. With people beginning to take vacations again, the market seems less frenzied than a few months ago, but we are still seeing homes that are in good condition and priced well sell amid a torrent of offers in just a few days.

Read the full report.

Ridgefield’s May Market Report – All Indicators Point To Strong Market

Positive Numbers Continue

While the frenzied nature of purchases earlier this year seems to have slowed a little due to a slight increase in the number of homes coming on the market, single-family home sales are still breaking records in both number and value. All indicators – both year over year and for the month of May – were up compared to the same time in 2020. We anticipate this trend to continue as early summer sales ramp up and people finalize their plans for the upcoming school year including whether they will continue to work from home, or need to resume commuting to an office. The current months of inventory for May (the time it would take to sell all homes on the market) currently stands at 3 months compared to 7 last May, while the days on market has decreased from 73 in May 2020 to 44 in May 2021.

Single Family Sales & Volume Up

May 2021 saw a 19% increase in the number of sales of single family homes in Ridgefield with 38 properties changing hands compared to 32 in May 2020. There was also a 55% increase in the dollar volume transacted – $37,760,000 compared to $24,390,000 during the same period on 2020.  The same held true in the year-to-date numbers with 187 vs 157 homes sold (up 19%) and a 49% increase in the dollar volume from $177,945,238 in 2021 and $119,397,044 in 2020.

Median & Average Sale Prices Up Too

The median sale price of a single-family home increased from $635,000 to $722,500 – a jump of 14% in the May 2021 vs May 2020.  In year to date numbers, the increase was even more substantial at 31%, with the median price standing at $829,000 in 2021 compared to $635,000 in 2020.  The average price for a home in Ridgefield also increased 30% in May 2021 and sits at $993,703, while year to date in sits 25% higher than 2020 at $951,579.

 

 

 

Q1 2021 – The Ridgefield Real Estate Market Is On Fire!

You may have recently heard about the “surge” in Real Estate transactions and prices. Before the pandemic set in in March of last year, we were seeing a push in real estate that we hadn’t seen for many years. However, in the first quarter of 2021, this surge is truly unprecedented. Low inventory is skewing the supply and demand curve and we are seeing an increase in prices across the board.

This trend is not localized to Ridgefield either. Because we work with buyers and sellers in a number of Fairfield County towns, we are observing this surge there as well. Click here to view the latest market stats for all Fairfield County towns.

Well qualified buyers are finding the market extremely competitive at the moment. As the spring weather warms and vaccinations make the promise of a return to somewhat normal a reality, we are also seeing increased confidence by sellers to list their homes.

It is also interesting to note, that the total dollar volume sold is outpacing the increase in the actual number of transactions, meaning that more properties are transacting at higher price points. In Ridgefield, compared to last year, 33% of all sales were in the over $1-million category, as opposed to only 14% in Q1 2020. As such, both the median and sales prices have increased this year.

Prices and Sales Continue To Rise
Compared to Q1 2020, all indicators point to a robust sellers market. The overall sales volume for single family homes was up 106% over last year closing out the quarter with $102,363,182 as compared to $49,703,144 at this time in 2020. The number of sales increased from 70 to 108, and the median and average sale prices also climbed. The median value of a Ridgefield single family home sits 44% higher than 2020 at $859,500, while the average price rose 33% to $947,807. Homes are also selling at 99.6% of their list price compared to 96.2% at the end of Q1 2020.

Days On Market and Inventory Remain Low
One of the key indicators of the strength of the market is the Months of Inventory – the lower the number generally the stronger the market. Currently, at the end of the first quarter this year, we have only 2 months of inventory available compared to 7 months in 2020. Due to the number of buyers still wanting to purchase, this is placing pressure on the market and making it increasingly competitive. The median days on market has also declined from 110 days last year to 62 this year, with many homes taking deposits the first few days after they enter the market.

The Benefits Of Using A Buyer’s Agent To Purchase Your Home

Buying a home is one of the major milestones in life and it shouldn’t be stressful! At Karla Murtaugh Homes, we offer a Platinum level of service to each and every client we work with – partnering with you in your home search and providing you with exceptional market knowledge, negotiating skills, and market insight at every stage of the process.

Signing a Buyer’s Agency agreement or an Exclusive Right To Represent Buyer agreement means you are protected – the agent has a fiduciary duty to represent you to the best of their ability, in confidence, and always acting in your best interest. These agreements are required in order for us to show you homes on the market and serve to benefit you throughout the buying process.

Using a buyer’s agent you always know you are truly being represented with only your interests in mind. A good buyer’s agent will counsel you on how to make the offer, what contingencies to waive, how best to negotiate, what inspection items to address/request and just generally what to expect in the current tumultuous real estate market.

A great buyer’s agent will provide:

1. UNSURPASSED MARKET KNOWLEDGE
Every quarter, we release our “Interpreting The Market” real estate report outlining how the market is doing and where we think it’s going. Based on sound analysis of trends, home sales and current values, as well as a wealth of anecdotal information from our representation of multiple buyers and sellers, we offer the most comprehensive analysis, resulting in your real estate success.

2. REAL TIME INFORMATION
Aligned with the latest search technology, we match our buyers quickly to relevant homes on the market. Priding ourselves on up-to-the-minute communication and familiarity with the inventory through agent previews, broker open houses and broker relations, our buyers are always ‘in-the know’ when it comes to the latest price changes, recent sales and new-to-market homes.

3. EXPERT NEGOTIATING SKILLS
Using skills honed in almost two decades in the business, Karla Murtaugh Homes has seen it all. It’s a challenging, fast-paced market right now, and if you’re lucky enough to find a home you want, you’ll need a seasoned agent to get you to the closing table. From the initial offer to the repair requests, it’s important to balance the seller’s market with your best interest.

Ridgefield’s February Market Sees An Uptick In Sales, But A Downturn In Inventory

Home sales continue to exceed all market expectations as 2021 moves towards a reopening of the economy in the late spring and beyond. While this seems to be excellent news, we are seeing a downturn in inventory with many well-qualified buyers still in need of homes.  With mortgage rates remaining at historic lows, the real estate market will definitely remain strong if we approach the spring selling season with people willing to list their homes.

Prices & Volume
To date, in 2021 Ridgefield single-family homes sales have totaled $58,947,250 with 64 closed transactions as compared to $31,252,400 in sales and 41 transactions by this time in 2020.  Most of these sales reflect homes that went under deposit towards the end of last year, but nevertheless have resulted in a record-breaking first two months. In February alone, we saw 29 homes close with a volume of $28,355,750. The median sales price rose from $561,700 in February, 2020 to $850,000 this year, and the average sales price also climbed from $644,133 to $945,192.  Homes are selling at 98.4% of their listed price in about 90 days.

Inventory
There are currently 44 homes with accepted offers set to close in Q2 2021 and a further 59 homes already in contract to close in the next two months. As mentioned previously, inventory remains dangerously low with only 3 months of available inventory on the market.  In 2020, there was 12 months of inventory available at this time of year. For a breakdown by price point of recent sales, see the chart below or DOWNLOAD it.

Karla Murtaugh Homes Leads The Way

We regularly review the entire Ridgefield market to assess how we are serving our clients, and were pleased to discover that our sales represent 26% of the total inventory sold year to date in more than double the number of transactions of any other Ridgefield agent. We also have 17 properties in contract and set to close in the next couple of months. Our forward-thinking approach to this ever-changing market, along with adaptive marketing and unparalleled client service at all price points is why we are Ridgefield’s number one agent. Our commitment to understanding the market cannot be overlooked, and we encourage you to check out our 2020 “Interpreting The Market” Ridgefield Market Report included with this month’s Ridgefield Magazine for further insights.

Looking Ahead
We are optimistic as we look towards a spring and summer with eased Covid restrictions and a return to a more normal life. Buyers are still excited to purchase their dream home. For seller’s, as working-from-home scenarios and in-person school arrangements become solidified, we may also find that their needs are once again up for examination and change. We expect that the must-haves and wants of privacy, multiple offices, home gyms, pools and separate spaces will remain. As some situations change, we also expect an increase in inventory as consumer confidence returns and people once again look to make moves to better their current lifestyle.

To find out what your home is worth or for a complimentary consultation, please reach out to us at karla@karlamurtaugh.com or call 203-856-5534. We’d love to discuss our outstanding marketing campaigns and platinum level of service with you, and advise on how to best sell your home in this unprecedented market.

Continued Good News In The Ridgefield Real Estate Market!

Coming off a stellar year in 2020, Ridgefield real estate sales continue to impress. With numbers far exceeding 2020’s incredible start to the year, 2021 promises to again post increasing prices and decreased sales times, as long as we can procure the inventory to keep the market moving. With a wealth of qualified buyers waiting in the wings for the perfect house, now is the time to jump into the market if you’ve been contemplating a move.

Prices & Volume
The number of sales in January 2021 exceeded 2020 by 48% with 34 homes sold as compared to 23 in January 2020. There was a rise in overall sales volume as well, with 2021 seeing $30,591,500 sold in the first month of the year compared to $19,658,000 in 2020. The median price this month was where the steepest overall gains were seen with a sales price of $856,000 vs $620,000 in 2020. The average sales price rose from $854,696 to $899,750 this year.

Inventory & Days On Market
In an unprecedented first, the available inventory has dropped to 3 months! In comparison, at this time last year there was 8 months of available inventory on the market. In addition, the days a house remained on the market before entering contract currently sits at 59 days as compared to 132 days in January 2020. For a breakdown by price point of recent sales, see the chart below or DOWNLOAD the chart.

Now Is The Time To Sell
With a continuing number of buyers looking for privacy, space and the suburbs, it’s certainly a good time for sellers. Buyer demand is at an all time high and there is very limited inventory. To find out what your home is worth or for a complimentary consultation, please reach out to us at karla@karlamurtaugh.com or call 203-856-5534. We’d love to discuss our outstanding marketing campaigns and platinum level of service.

Ridgefield 2020 Year In Review Real Estate Market Report

Ridgefield Market Snapshot

2020 started out strong, but the year came to a grinding halt in March as we all sheltered in place due to Covid-19. When real estate was allowed to resume towards the end of April, a torrent of buyers from NYC and other urban areas created unprecedented demand for homes in Westchester and Fairfield counties. The number of single-family home sales in Ridgefield increased by 70% year over year with 556 units selling this year as compared to 327 in 2019. In addition, the total sales volume increased 93.5% in 2020 with $451,684,839 in total sales compared to $233,379,725 last year.

Price gains were seen throughout the Ridgefield single family home market with the Median Sales Price increasing from $628,250 to $707,500, representing an overall increase of 12.6%. The Average Sales Price also increased by 14% from $713,699 to $812,383. The Days On Market decreased with homes spending 70 days on the market before selling, as compared to 167 in 2019. The List to Sales Price Ratio rose from 96.5% to 97.8% with many homes receiving offers above asking price or even multiple offers.

Demand for single-family homes increased at all price points, however, the greatest boost came in properties selling between $1-million and $1.5-million. Sluggish sales over the past few years were reversed with a 217% gain from 24 sales last year to 76 this year. The luxury market – defined as homes selling for more than $1.5-million – also saw appreciable gains with a 128% rise from 18 to 41 sales, and the under $1-million sales increased 54% from 285 to 439. In general, homes that had been updated were often selling at or above their listed price.

Trends In The Market

  • As people reevaluate their lifestyles in the wake of the pandemic, many are finding their home a sanctuary. People are moving out of cramped urban spaces to more residential neighborhoods in the suburbs.
  • While the market has transitioned to benefit the seller, buyers are still wary of creating a ‘bubble’ and will continue to be reasonable in their offer strategy.
  • A shortage of inventory will continue to place pressure on first-time and even ‘move-up’ buyers as continued demand outweighs supply.
  • It is increasingly important to understand how the market changes we are seeing breaks down by price and segment, as not all gains are the same across the board.

For more information, download the FULL REPORT.