Tag Archive for: Ridgefield

Inventory Is Increasing, But It’s Still A Seller’s Market

Spring is here, and it’s a fabulous time to list your home! If you’ve been on the fence about selling, we understand. It’s been a tumultuous two years. But the real estate market shows that inventory is starting to rise, and if you’d like to capitalize on this exciting spring market to earn a fabulous price for your home, Karla Murtaugh Homes at Compass would love to help. And if you’re looking to buy, inventory is climbing and you may have more options in the coming weeks, so definitely don’t give up!

“Thankfully, the market isn’t as frenzied now as it has been in past months, and more people are feeling comfortable about selling. Inventory is still relatively low at this point, so it’s a great time to take advantage of a seller’s market,” said Karla Murtaugh.

According to Connecticut Magazine, at the start of 2022, statewide inventory sat at less than a two-month supply, more than four months less than the typical market, so inventory will be the most important thing to watch in 2022. The Multiple Listing Service’s year-end report for 2021 showed the months supply of inventory down nearly 38 percent from 2020, to 1½ months statewide. Months supply describes the amount of time it would take to sell all the homes on the market, given current market conditions. Historically, moderate price appreciation comes with about six months’ supply, according to the National Association of Realtors.

“One thing to keep in mind if you’re thinking of selling is that research shows a staged home generally sells faster and for more money. The real estate market is highly competitive and staging will give you a leg up on the competition”, said Karla.

“When a potential buyer enters your home, you want to provide a backdrop for them to experience the home—a place where they can see how rooms function and how the home ‘feels’. You want them to say WOW!”, she continued.

One of Karla’s favorite things about having joined Compass is the Compass Concierge program, which is designed to prepare your home for the market. From deep cleaning to cosmetic improvements, Compass Concierge assesses opportunities to elevate your home’s value. The program will provide a tailored plan for updating and staging your home, and the means to execute it. Compass fronts the costs associated with home-selling improvements and only collects payment for the services rendered at the time of the property’s closing.

In addition, Karla’s own staging programs are designed to work within your budget and comfort level, and can either use your existing furniture and accessories, or bring in additional items. Most importantly, staging lets you get an objective opinion as seen through a “buyer’s eyes” – it’s not a reflection on your personal style or taste, but about getting you the most bang for your buck and top dollar on your sale.

For everything you need to know about selling your home, check out the Karla Murtaugh Homes Seller’s Guide. Be sure to connect to the team at karla.murtaugh@compass.com for your complimentary consultation.

Ridgefield Q1 2022 Market Report

Overall, the Ridgefield real estate market for single family homes was healthy in the first quarter of 2022. While the main issue affecting the number of sales was low inventory, we have started to see an uptick in homes coming on the market, particularly in late March. There are still many buyers searching for homes, and sellers are getting creative with rent backs and other tools while they sell and make their next move. It is also important to note that while values seemed to show a decrease from last year, that is almost entirely due to the breakdown of homes that are selling. For example, in Q1 2021, homes in the over $1 million category made up 33% of all sales, while in 2022 they were only 29% of total market share. In addition, the luxury market (homes selling for greater than $1.5 million) accounted for 12% of all sales in Q1 2021, compared to only 6% this year. The drop in the share of homes selling in these price points has an overall negative effect on both median and average sales prices as reflected in these statistics. This is nothing to be concerned about as the number of sales equals or exceeds our more normal markets of 2018-2020, and the median sales values are up compared to those years as well.

Embrace The Green!

St. Patrick’s Day is next week! And while you’re getting your green on and planning for this fun holiday, don’t forget to exercise your green thumb. Plants and shrubs could be looking a little overgrown by this time of year, so spend a little time sprucing things up.

Especially if you’re planning to list your home for sale, don’t underestimate the power of curb appeal. Sasha at Greenway Landscaping is a great resource if you’d like to invest in an expert opinion on how to cut back your plants. Or head to Ridgefield Hardware which has plenty of chemical-free products to choose from.

If you prefer a more natural approach to your lawn, you may enjoy this terrific piece in 068 Magazine about the “Pollinator Pathway”: https://068magazine.com/068-feature-benefits-of-a-natural-back-yard-march-april/

In this article, Sarah Breznen, Director of Education at the Woodcock Nature Center, stresses the importance of researching specific native plants. “The pollinator pathway is a great resource, and I would always urge everyone to go on there because they have a list of plants, what habitat they’re good for, when they bloom, what host species use them,” says Breznen. “So, they can kind of pick what would be most beneficial for their backyard.”

David McCarthy, Executive Director of the Wilton Land Conservation Trust, is another supporter of chemical-free yards. “An organic lawn is something that’s more sustainable over the long term,” explains McCarthy. “When you introduce things like pesticides, herbicides, and you’re spreading those around you are basically creating a dead zone.”

Also, don’t forget to clean your gutters out after the winter! Clogged gutters can be a major cause of spring flooding in homes, and it’s imperative to keep your basement dry.

Enjoy celebrating the return of the sun with some green beer and green lawns! Wishing everyone a very happy St. Patrick’s Day!

Ridgefield Market Continues To Out Perform

Overall, Ridgefield single family homes sales in February were reduced compared to 2020 and 2021 due to a lack of inventory. Only 12 homes sold this past month, with a Median Sales Price of $646,000 and an Average Sales Price of $796,875. However, it is important to evaluate these numbers as part of a bigger picture, and not in a bubble. In reality, there are plenty of qualified buyers still looking to purchase, but there is a relatively small selection of homes for them to choose from!

When comparing year-to-date sales, a picture emerges reflecting a strong market with all the markings of an exceptional year if sellers choose to list their homes for sale.  The Median Days On Market for January and February 2022 was 62 days compared to 65 in 2021, 105 in 2020 and 79 in 2019. In general, homes are spending almost no time on market, often selling with multiple offers within the first few days. The Sales to List Price Ratio reflects this trend with the current ratio sitting at 100.7%, while 2021 was 99.4%, 2020 at 95.5%, and 2019 at 94.3%.  Again, inventory is the biggest challenge. Currently there are only 3 months of inventory on the market, compared to 3 months in 2021, 10 months in 2020 and 14 months in 2019!

Pricing is also interesting due to this lack of inventory. There were many more sales in lower price points than in the luxury market, resulting in January and February 2022 showing large price decreases from both 2021 and 2020. The Median Sales Price YTD is $723,750, a 15% decrease from 2021, but a 32% increase from pre-pandemic 2019 values.  The Average Sales Price tells a similar story decreasing 10% from 2021 to $829,143 but remaining 12% higher than prices in 2019. Perhaps the biggest decrease is seen in the 34% drop in the number of homes sold when compared to the same time in 2021, but a 55% increase over 2019.

The overarching message here is that the Ridgefield real estate market is extremely healthy and is simply waiting for an influx of properties to be listed. Spring is traditionally the strongest time to list a home for sale and we are seeing an uptick in interest from potential sellers here and in surrounding lower Fairfield County towns. In my expert opinion there is no time better than the present to sell your home.

If you would like to have a more in-depth conversation about your home’s value, connect with us today. Karla Murtaugh 203-856-5534 or karla.murtaugh@compass.com.

 

We Love Fairfield County Giving Day!

One of our favorite things about Ridgefield is the philanthropic nature of this community. There are so many outstanding organizations working tirelessly every day to make this world a better place, and it’s our honor to support them. In honor of Fairfield County Giving Day, a 24-hour challenge and our region’s biggest philanthropic event coming up on February 24, it’s our pleasure to outline just a few of the wonderful charities based here in Ridgefield. Most of them are participating in Fairfield County Giving Day so be sure to check them out on social media for details:

  1. The Prospector Theater is a 501(c)(3) non-profit dedicated to providing competitive and integrated employment to people with disabilities through the operation of a premium, first-run movie theater. Almost 85% of Americans with disabilities are unemployed. Open every day of the year, the Prospector Theater was built as a solution to this problem. Meaningful employment is vital to a person’s mental, social, financial, and emotional health. For more information please visit http://www.prospectortheater.org/.
  2. The Ridgefield Boys & Girls Club has long been a cause very close to my heart. The Boys & Girls Club of Ridgefield is a youth activity center designed to offer programs for school-aged children after school and during vacations in five core areas: The Arts, Character & Leadership, Education, Health & Life Skills, and Sports, Fitness & Recreation.
    Club programs and services promote and enhance the development of boys & girls by instilling a sense of competence, usefulness, belonging and influence. Together with my friend Christine Carnicelli, I was lucky enough to be honored as the 2020 Champion For Youth, while Christine received the 2021 honor at their most recent gala. To learn more please visit http://www.bgcridgefield.org/.
  3. The Ridgefield Symphony Orchestra (RSO) is a regional professional orchestra founded in 1964 with the mission to enrich the cultural life of the citizens of Ridgefield and surrounding communities by presenting professional live orchestral concerts. The RSO also strives to increase the appreciation for music through community involvement and educational programs for people of all ages and abilities. We have enjoyed many of their wonderful performances at the Ridgefield Playhouse and the Ridgefield High School auditorium! For more information please visit http://www.ridgefieldsymphony.org/.
  4. RVNAhealth (formerly RVNA or Ridgefield Visiting Nurse Association) is a private, non-profit, mission-driven organization founded and focused on care. RVNAhealth provides healthcare where patients want it most – in their own homes, while striving to prevent further illness through many health and wellness programs. Their experienced team of caregivers provides home health care services in the comfort of your ‘home’ whether it is a private residence, assisted living or skilled nursing facility, or hospital, and also in their ‘home’ at the Center for Exceptional Care in Ridgefield, and across the 36 surrounding towns they serve. RVNAhealth is always planning an enjoyable fundraiser and we’ve enjoyed several of their events including the upcoming annual Spring Breakfast! To learn more please visit http://www.RVNAhealth.org/.
  5. The Iris Fund was founded several years ago by a Ridgefield resident and is dedicated to research that will determine what triggers full-term labor to end pre-term birth. The Iris Fund exclusively supports the research being conducted by a Mechanical Engineer and OBGYN (Drs. Myers and Vink) at Columbia’s Preterm Birth Prevention Center. They believe all women deserve to know how their bodies work during labor and are inspired that those same answers will save and improve outcomes for our most vulnerable babies. The Iris Fund also recently partnered with The Tiny Miracles Foundation and local florist Three Roots Education to deliver fifty beautiful floral bouquets to moms spending Valentine’s Day in local NICUs. For details please visit https://www.theirisfund.org/.
  6. Lyme Connection provides education, prevention, support and advocacy related to the increasing problem of tick-borne diseases in our community. Lyme Disease is a huge issue in our area, and Lyme Connection is a unique community-based organization, founded by families impacted by tickborne disease. They offer prevention programming as well as patient support services and educational events. Lyme patients and their families benefit from free monthly support groups, seminars, annual conference and health fairs. Medical and mental health providers take part in the professional programs Lyme Connection offers to improve patient care. To learn more please visit https://lymeconnection.org/.
  7. The Ridgefield Theater Barn was founded in 1965 when a handful of Ridgefield residents banded together to form a small theater group dedicated to providing community theater. Housed in a rustic converted dairy barn leased from the town of Ridgefield, the Workshop continues to produce an ongoing series of comedies, dramas, and musicals. The cast and crew of every show run the gamut from raw amateurs to seasoned professionals. All participants, whether on stage or off, are volunteers, including actors, dancers, musicians, seamstresses, carpenters, singers, electricians, and individuals who just offer willing pairs of hands to do anything from painting scenery to taking tickets at the door. With cabaret seating at candlelit tables, they offer superior entertainment, so BYO refreshments and join us!

Show Your House a Little Love

Valentine’s Day is coming and offers a fabulous opportunity to show your home a little love! Whether you’re thinking of selling or planning on staying put, have been in your home for years or just moved, there’s always a way to spruce things up. Here are a few of our favorite suggestions depending on your goals and budget:

  1. The Quick Reboot: Swap in some pillows, new curtains, new drawer pulls, and/or a new rug. Changing it up quickly and easily for a new feel can be so rewarding. Ridgefield has plenty of terrific places to shop local for fun new accessories, like Bella Home, Olley Court and Interiors by Ursula.
  2. The Edit: Go through your home with different garbage bags for donation centers and the dump. Tag furniture you no longer need or like, then schedule a pickup with ReStore Danbury. As we’ve posted before, we love that they provide an environmentally and socially responsible way to keep good, reusable articles out of the waste stream, while providing funding for Habitat for Humanity’s community improvement work. You’ll be amazed how much cleaner and more spacious your home feels when you simply remove some things!
  3. The Pick-Me-Up: For a more intense update, paint! New paint in a fresh palette will change the mood of any home. Paint walls or even cabinetry to create a clean updated look. Ridgefield Hardware right on Main Street has hundreds of swatches to bring home and will mix paint samples for you to try. Plus, wallpaper is back in full force with bold patterns and clean lines. And it’s not your grandmother’s wallpaper! Easily removable wallpaper is a huge trend for 2022, and it’s available at retailers from Amazon to Target. Check out these recommendations in Architectural Digest for inspiration
  4. The Complete Overhaul: Go furniture shopping, hire a decorator, or create new spaces. Out with the old, in with the new! Jill Rae, Molly Hirsch and The Tweaked Home are a few of our favorite local designers and can work with you to create a space you’ll truly love to live in.
  5. Add Some Sparkle: Create an accent wall or whitewash a fireplace for a new modern look. Ridgefield Supply has plenty of materials to choose from. Check out this fun roundup from BuzzFeed for more suggestions.
  6. The Simple Life: When in doubt, buy flowers! The classic Valentine’s gift for the person you love is also a lovely way to freshen up your home. Our area has plenty of florists to choose from including Rodier Flowers, right up Main Street from our new Compass office location.

Wishing all of our clients and friends a very happy Valentine’s Day!

Winter Break Staycation

Winter Break is right around the corner, and it’s more than a whole week off for some schools including Ridgefield Public Schools. If you’re opting for a staycation this year, there’s plenty to do in our area.

The Prospector Theater always has family-friendly movies playing, and we love their snacks and drinks! Such a great place to visit all year round, especially considering their mission is to provide competitive and integrated employment to people with disabilities through the operation of a premium, first-run movie theater.

Head to the Ridgefield Library to free family events like All-Age Family Storytime, Scrabble Club, Animal Explorers Storytime, Children’s Electricity Workshop, STEAM Corner Crafts and their February Take & Make: Basquiat Inspired Expressionism. The vacation week ends on a fun note on Friday, February 25 with in-person PJ Storytime & Stuffed Animal Sleepover 6:00-6:45pm and a Magic Show with Ed Pop on Saturday, February 26 at 1:00-1:45pm.

Deborah Anne’s Sweet Shoppe on Main Street will be open and is always an easy, fun way to get out of the house no matter how old your kiddos are! If you don’t feel like cooking, some of our favorite family-friendly restaurants are 850 Degrees Wood Fired Pizza, Wooster Hollow Café, Dmitri’s Diner, Prime Burger, and BareBurger.

Several ski areas are close enough for a day trip, including Butternut in Massachusetts, Mount Southington in Plantsville, CT and Thunder Ridge in New York. For winter activities right here in town, check out daily open ice times at Winter Garden Ice Arena.

The Ridgefield Parks and Rec is hosting a Winter Break Multi Sports Camp February 22-25 for ages 5-11. Campers will have the opportunity to experience a variety of sports throughout the program including soccer, basketball, flag football, cricket, handball, volleyball, and more.

And, of course, there are our favorite parks, museums and playgrounds that you can check out year-round.

  • Ambler Farm in Wilton is holding a free Maple Syrup Open House on Saturday, February 26 1-2pm! Kids will have the chance to tap a tree, take the maple syrup taste test and learn about Native American, Colonial and modern methods of making syrup. Plus enjoy Ambler Farm’s very own maple syrup over vanilla ice cream!
  • Woodcock Nature Center in Wilton offers terrific hiking trails and camps. Plus, they’re holding an Evening Owl Walk on Saturday, February 26 5:30-7pm with bird enthusiast Tommy McCarthy.
  • Ballard Park’s playground is fabulous no matter the weather and the gazebo looks beautiful even covered in snow.
  • Stepping Stones Children’s Museum and The Maritime Aquarium are both located in Norwalk with plenty of programs for kids of all ages.
    Sledding at Veterans Park field is always a fun option if there’s snow on the ground!

Check out the Ridgefield Hamlet Hub calendar for many more events happening on our area every week. Wishing everyone a fun and restful vacation no matter how you choose to spend it!

You just moved to Ridgefield with toddlers! Now what?

Ridgefield is an absolutely fabulous place to raise a family! Excellent schools, plenty of activities, the first Cultural District in the state of Connecticut, close proximity to NYC and it’s consistently one of the safest towns in America.

So you just moved here and have toddlers. Welcome! Now what? Our first recommendation is to get connected to the Ridgefield Newcomers, Ridgefield Moms Club, Mothers of Preschoolers, or another group where you can meet other families who are new to town.

  • Our area is home to plenty of parks, museums and playgrounds that you can check out with your little ones. Here are a few of our favorites:
  • Ballard Park in downtown Ridgefield has a fabulous new playground, beautiful gazebo and lovely gardens plus fabulous free CHIRP concerts in the summer.
  • Ambler Farm in Wilton celebrates our community’s agrarian roots through active learning programs, sustainable agriculture, responsible land stewardship, and historic preservation. They hold plenty of programs year round and are home to many animals you can visit every day.
  • Woodcock Nature Center in Wilton offers terrific hiking trails and camps.
  • Stepping Stones Children’s Museum and The Maritime Aquarium are both located in Norwalk with plenty of programs for kids of all ages.
    Silverman’s Farm in Easton is home to a petting zoo and plenty of pick-your-own fruit orchards.

Head to the Ridgefield Library and learn more about their many free programs for children, including storytime and music classes that take place in Ballard Park in the summer. They also have plenty of programs and book clubs for parents, and their daily newsletter contains a lot of valuable community resources.

Don’t miss The Prospector Theater, a 501(c)(3) non-profit dedicated to providing competitive and integrated employment to people with disabilities through the operation of a premium, first-run movie theater located right here in Ridgefield. In addition to their incredible mission, they show family-friendly movies and serve gourmet treats. Plus, it’s a fabulous date night destination!

We highly recommend you subscribe to newsletters like Hamlet Hub for more information on what’s happening here in town. We are proud to welcome you to our community and hope you love it as much as we do!

Ridgefield 2021 Year End Market Report

The 2021 Real Estate Market maintained momentum but felt less panicked than in 2020. The number of sales decreased slightly from 556 to 482 mostly due to a lack of inventory, which remains challenging. Buyers are still out in force and homes are selling in 60 days on average, as opposed to 70 days in 2020. The overall sales volume only differed by $38,000 from 2020 on a total sales volume of $451,645,946. Homes also generally sold at or above asking.

Looking ahead, while it continues to be a seller’s market, the frenzied pace of 2020 has subsided to a dull roar. There are still plenty of buyer’s looking for homes, and with mortgage rates expected to rise slightly – although still remaining historically low – there is a sense of urgency to find the perfect property. Inventory remains the biggest challenge, but we are encouraged already this year with many sellers’ reaching out to begin the process of listing their home. Ridgefield has benefited from continued remote work options and the quality of life and vibrancy of our town is clearly getting noticed. We also continue to see Ridgefield residents trading up and down in this market, which speaks volumes for our community.

SEE THE FULL REPORT HERE

Ridgefield Highlights

• There was a 13% decrease in the number of homes sold in 2021 compared to 2020
• There was a 15% increase in the median sales price year over year
• There was a 15% increase in the average sales price year over year
• Homes priced in the $1.0 to $1.25 million range saw an increase from 47 to 70 sales this year
• The higher end of the Ridgefield luxury market – over $2 million – saw huge gains with 19 sales in 2021 compared to 11 in 2020
• The highest value home sold in Ridgefield in 2021 was $6.6 million

Fairfield County

2021 continued to boast favorable market conditions for towns throughout Fairfield County. While many places saw double digit growth in median sales value, the number of sales decreased year over year in most areas. Greenwich, New Canaan, Norwalk and Stamford were exceptions to this rule and experienced large gains in both the number and value of their single-family home sales. Weston experienced an unprecedented growth in median sales price (35%) over 2020. As is being felt everywhere, if inventory stays fluid, we expect to continue to see price and the number of sales hold steady