Buyers Pay More For Houses In A Great School District

Building on last week’s blog discussing Ridgefield High School’s phenomenal school ranking, it pays to buy a house in a sought-after and highly ranked school district. According to a recent study just published on Realtor.com, in most markets, families are willing to pay more for a highly ranked school than an extra bedroom, a shorter commute, and even big home features such as a swimming pool, higher ceilings, sport courts, and even a private dock.

Realtor.com overlaid data from their residential listings database with granular school ratings from GreatSchools.org. Specifically, they aggregated key price, demand and supply metrics for all homes listed during the first half of 2016, and compared properties located in school districts rated nine or 10 on the GreatSchools.org 10-point scale against all other homes, as well as homes in lower rated districts.

The analysis shows homes within the boundaries of the higher rated public school districts are, on average, 49 percent more expensive – at $400,000 – than the national median list price of $269,000 and 77 percent more expensive than schools located within the boundaries of lower ranked districts with a median of $225,000. Houses located in these areas, on average, also move eight days faster than homes in below average school districts and sell four days faster – at 58 days – than the national median of 62 days.

For many years now, Ridgefield Public School District, as well as the individual schools, have ranked well in numerous reports issued annually. Last week we reported on Ridgefield High School superior ranking in Newsweek’s annual America’s Top High Schools list for 2016. Most recently, the 2016 Best School Districts by Niche.com ranked Ridgefield School District number eight in Connecticut and 58th Nationally. The Niche.com ranking provides a comprehensive assessment of the overall experience of a school district and takes into account key factors such as the strength of academics, quality of teachers, school resources, the quality of student life, as well as student and parent reviews, in an attempt to measure the overall excellence of the district. The final ranking results in 10,488 districts receiving a numerical ranking.

Ridgefield Market Report : Mid Year Review 2016

Holding Steady

Coming off a mild winter, we were anticipating a better than average Spring Market and unit sales were actually up 9% over the same period last year. While the median sales price remained somewhat flat, the average price for a single family home experienced a 4.3% increase.

News of GE moving its headquarters out of nearby Fairfield, CT was disappointing, but has not had a negative effect on the property values here in Ridgefield. Fairfield County continues to be one of the most desirable regions in the tri-state area to live, and Ridgefield in particular continues to offer great value with the award-winning schools, vibrant downtown, numerous cultural destinations, strong community presence, beautiful landscapes, amazing quality of life and a reputation as of being one of the safest towns in the US.

Supply and demand will continue to drive the market. Most of our growth occurred in the under $1 million segment, but we did experience a small increase in units sold in the upper segments as well. We saw more demand in the $600,000- $800,000 segment outpacing the inventory available during the spring market. At the same time, inventory grew in the luxury segment, where demand was not as high. It remains a buyers market, which keeps raising the bar in terms of expectations. Buyers respond favorably to properties that reflect the latest design trends, are in “turn-key” condition and are priced properly, therefore portraying good value.

Looking Ahead

Another strong indicator of a healthy market is the number and value of pending sales. As of July 1st – based on the number of properties already in contract and under deposit – we have the potential to sell an additional 100 properties before Labor Day. This should keep us on track until the end of the year – and at a minimum – it will keep us on par with 2015. The fourth quarter is a bit tricky to predict considering the upcoming Presidential Election and the mitigating economic factors such as Brexit and other international influences. With interest rates still historically low, we should see serious buyers strongly seeking out the best value.

DOWNLOAD THE FULL REPORT HERE

Ridgefield Market Report for April 2016

Overall, April 2016 was a good month for Ridgefield real estate. The large number of properties opening escrow, along with the increase in the number of closed sales and the low inventory levels mean properties are definitely selling. Unfortunately, the median sales price still lags behind that of last year’s market. Hopefully, increasing demand for properties priced well and in good condition will drive market prices up.

MEDIAN SALES PRICE and CLOSED SALES
For April, the number of closed sales was up 33.3% at 24 compared to 18 last year, and we are up 19.7% overall in the year-to-date with 79 properties sold compared to 66 at the same time in 2015. Unfortunately, the median sales price for April continues to lag behind the same time last year at $658,500 in 2016, compared to $750,000 in 2015. Overall, in the year-to-date, the median sales price is down 10.2% over the same time last year.

PROPERTIES UNDER CONTRACT
We continue to see a strong spring selling season with 66 properties going under contract in April, compared to only 32 during the same time last year. Overall the spring market is up 55.2% compared to the same time in 2015 with 135 properties in escrow compared to 87 last year.

DAYS ON MARKET and INVENTORY
The number of days on market decreased from 260 to 153 in April, 2016. Overall, the days on market has stayed relatively the same as during the same time period last year. Months supply of inventory is only 6.6 months compared to 13.1 months at this time last year, indicating a strong market.

See a full graphical analysis of Ridgefield’s April 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

For a breakdown of the Ridgefield Real Estate Market by price, view the April 2016 price snapshot.

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2016/05/April-2016-stats.pdf

* All data taken from Greater Fairfield County CMLS as of 05/01/2016

Ridgefield Market Report For January 2016

January 2016 was a solid month for Ridgefield real estate, with the median sales price staying relatively constant and the number of properties going under contract increasing 83% over January last year. Inventory is down, and homes are spending less days on average on the market than the same time last year.

MEDIAN SALES PRICE and CLOSED SALES
The median sales price for January 2016 was $585,000, which represents a decrease of 5.6% when compared to January 2015. The number of closed sales was also down from 18 in 2015 to 14 during January this year.

PROPERTIES UNDER CONTRACT
Despite the fact that the number of closed sales was down, the number of properties that entered escrow this month rose by 83% with 33 properties going under contract compared to 18 in January last year.

DAYS ON MARKET and INVENTORY
The average days on market was down to only 100 days this month – a decrease of 18.7%. Last year, a house spent an average of 123 days on the market before selling. The months of supply of inventory has also decreased from 15.9 months in 2015 to only 8.5 months in January this year.

NEW PROPERTIES FOR SALE
There was a small decrease in the number of homes listed for sale in Ridgefield this month compared to January 2015. 42 homes were listed new, compared to 49 last year, representing a decrease of 14.3%

For a full graphical analysis of Ridgefield’s January 2016 real estate market,click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.

January 2016 price snapshot

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2016/02/Jan-2016-stats.pdf

* All data taken from Greater Fairfield County CMLS as of 01/31/16

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

Americans Positive About Selling

The National Association of Realtors reported that more consumers thought it was a good time to sell a home, encouraged by a stable job market and income growth. According to an article they published in Realtor Mag, Fannie Mae’s latest Home Purchase Sentiment Index, which capped off its strongest year so far showed that the share of consumers who reported their income was significantly higher than it was 12 months ago rose 9 percentage points on net in December.

“Consumers ended the year on an improved note with regard to their income, job security, and overall economic outlook,” says Doug Duncan, Fannie Mae’s chief economist. “Brightening economic prospects, if sustained, should stimulate demand for home ownership. However, continuing upward pressure on rental prices and constrained housing supply, particularly for starter homes, may mean prospective first-time home buyers could face affordability constraints.”

Fannie Mae’s survey found that 40 percent of 1,000 respondents surveyed said they are confident home prices will rise this year.

Also, their financial picture is improving too. Eighty-five percent of respondents said they are not concerned about losing their job, which ties an all-time survey high. What’s more, the number of respondents who say their household income is significantly higher than it was 12 months ago increased 9 percentage points to 15 percent in the survey.

Other highlights from the survey include:

*The net share of respondents who say that it is a good time to buy a house remained flat at 35%.

*The net percentage of respondents who say it is a good time to sell a house rose after falling for two months in a row – rising 4 percentage points to 8% in December.

*The net share of respondents who say that home prices will go up rose 2 percentage points to 40%.

*The net share of those who say mortgage interest rates will go down continued to decrease, dropping 4 percentage points to negative 52%.

*The net share of respondents who say they are not concerned with losing their job rose 3 percentage points to 72%. 85% of respondents say they are not concerned about losing their job, tying an all-time survey high.

*The net share of respondents who say their household income is significantly higher than it was 12 months ago rose 9 percentage points to 15%.

For more information about the complete survey visit http://www.fanniemae.com/portal/about-us/media/corporate-news/2016/6333.html.

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.

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.

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