March Market – Ridgefield

In general, the first quarter of 2013 has shown an increase in unit sales over the same period last year. Homes are selling for approximately 97% of their list price and we are starting to experience multiple offer situations on homes that are show ready and priced properly. Buyers are taking note of the perfect storm caused by low interest rates and finally stable home prices. As the local real estate market begins to rebound, I expect we will see values rise slowly. Unit sales will continue to climb, outpacing recent years.

Ridgefield’s Luxury Real Estate Follows The Trend

The luxury real estate market is almost a unique product in the modern economy. It behaves in a way that is atypical of other products. Christie’s International Real Estate reports in its 2012 market report ‘Luxury Defined’ that although luxury real estate remains “driven by global economic and political trends, the luxury property market continues to see activity that remains relatively impervious to these [economic trends] and more closely follows the luxury goods market”. For buyers today, this means that luxury real estate is not only an enjoyable experience for those that can afford it, but also a good investment.

Last year, the selling prices of luxury goods rose more quickly than the general economy. The Bain annual report of the state of the luxury market finds that the market for luxury products and services is experiencing steady growth. Compared to general U.S. housing prices, which are expected to increase only one or two percent a year, the luxury market is a top performer. “Luxury residential purchases, even trophy properties, can be considered a conservative investment,” Christie’s reports, just as real estate continues to be most individual’s way of storing money.

In Ridgefield, we are seeing a slow uptick in the number of luxury home sales in the $2 million plus range, resulting in five closed sales in 2012 compared with two in 2011. With interest rates still at record lows, and money cheap, it’s a great time to think about getting into the luxury real estate market.

You can download the full Christie’s International Real Estate ‘Luxury Defined’ market report here. For more information about my luxury listings, or to view all luxury properties in Ridgefield and greater Fairfield County, search the MLS. And don’t forget to sign up below to receive new properties directly to your inbox.

February Market – Ridgefield

Despite the blizzard, Unit Sales for the month of February outpaced 2012 by nearly 6% and key indicators show that the market is improving. The Sales to List Ratio improved by 2.2% versus one year ago with homes selling at approximately 96% of their list price. Inventory is actually down 13% over the same period last year, bringing the Months of Supply down to 10.3%. Both the Median and Average Sales Price are down 21% and 28% respectively.

In summary, unit sales are continuing to climb and prices seem to have bottomed out, especially for certain price segments such as homes priced under $1,000,000 in a desirable location, updated and in good condition. We are also experiencing increased showing activity and, in some cases, multiple offers. As unit sales continue to improve and inventory starts to decrease values will slowly start to rise, provided the economy continues to show signs of improvement. With the stock market up in recent days, analysts are more positive with their outlook on the housing market. Real Estate is very local and if the launch of our Spring selling season is any indication, Ridgefield is on its way to the best season in years!

January Market – Ridgefield

The upward market trend we saw happening in the last quarter of 2012 continued into January of this year. Unit sales were 21 for the month, which is a substantial increase over the 8 unit sales seen in January 2012. The median price of $565,000 shows a slight increase (3.9%) over January last year, where $543,750 was the median. Inventory is actually down, but we expect that to increase as we ramp up for the spring market and I feel confident saying that this will be the best spring selling season in years.

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