Tag Archive for: Ridgefield

Ridgefield Market Report : Mid-Year Review 2015

Putting Things Into Perspective

Nationally, as a result of improved consumer confidence, unit home sales are up nearly 10% when compared to the first six months of 2014. Fairfield County overall is up 9% during the same period. Although Ridgefield sales results are lower than 2014, this can again be attributed to the long and treacherous winter. The eight week loss of valuable market time in the typically brisk Spring selling season certainly impacts our mid-year results. However, there still is time to meet – and possibly surpass – 2014 sales, as the second half of the year outperformed the first half in both 2013 and 2014. The looming threat of rising interest rates should also bring more buyers to the table this fall and banks have begun to loosen their financing practices, which also makes the outlook more positive. The Luxury Market, which can be realized as $1.5 million and higher, is on target with 2014 in terms of unit sales, but has experienced a slight drop in value due to higher inventory levels. In-town and walk-to- town locations continue to be particularly popular, and tend to sell more quickly and at a higher price per square foot.

The Value Factor

Based on the Months Supply Of Inventory, 2015 seems to indicate that the market is slowing. However, this is not necessarily accurate as there have been many examples this year, across a number of price points, where multiple offer situations existed. As the market continues to be driven by value, proper pricing is critical. Today’s buyers also measure value based on the condition of the home and are responding most positively to homes that are updated and in pristine condition. When examining the inventory, there seems to be a discrepancy between the amount and the quality of the inventory. Buyers are ready to purchase, but they are still in the driver’s seat and want homes that are turn-key, almost without exception.

Looking Ahead

With no housing bubble in sight, we can expect moderate, sustainable sales growth. If you are in the market for a change, there’s no better time to buy up. If you are thinking of selling now or in the not too distant future, take the time to get your home ready for market or to just enjoy.

DOWNLOAD THE FULL REPORT HERE

http://108.179.243.173/~d5o7l0g4/wp-content/uploads/2015/07/2015-Mid-Year-Review-Letter.pdf

Ridgefield Schools Top Ranking Lists

Once again, the Ridgefield Public School system has proven to be one of the best in Connecticut, with the district’s high school earning a Gold Badge from U.S. News & World Report—the highest award possible. Another organization that ranks education systems, Niche, ranked Ridgefield High School as the 6th best in the state. The elementary and middle schools ranked similarly well: both middle schools are in Connecticut’s top 10 list, and all the elementary schools are in the top 30. Overall, the district was ranked the fourth best in Connecticut.

Ridgefield’s education system holds up on a national scale as well. Out of 8,738 school districts, Ridgefield was ranked 79th on Niche, putting it in the top 1% of districts nationally. On U.S. News & World Report, the high school was ranked #413 nationally out of 29,070 public schools.

Even more impressive, U.S. News & World Report says Ridgefield High School has one of the top 50 science, technology, engineering, and mathematics (STEM) programs in the nation. Workers in these fields are in high demand, with higher average salaries than non-STEM majors; this makes the Ridgefield school system a good investment in terms of getting a job later on in life.

The top rated Connecticut district was New Canaan. Eight of the top ten school districts in the state were from Fairfield county, including Ridgefield, New Canaan, Westport, Darien, Wilton, Weston, Greenwich, and Newtown. The top public high school in Connecticut was in Weston, while the best middle and elementary schools were both in New Canaan.

As Benjamin Franklin said, “An investment in knowledge pays the best interest.” Homes in areas with good education systems are lucrative, with 90% of homebuyers saying that school boundaries are a top concern when buying a home. Purchasing a house in an area with a good education system may equate to a higher selling price later down the line.

If you’re interested in moving to Ridgefield, sign up to receive the latest new home listings delivered right to your inbox, or contact me to see how I can work with you to find you a great home in Connecticut’s Number 1 ranked town.

Ridgefield Market Report For May 2015

This year’s May has seen an similar median sold price and an increase in properties that went under contract compared to last year’s, while the average days on market has increased and the number of closed sales has decreased. The month’s supply of inventory has decreased and number of new properties for sale has decreased.

MEDIAN SALES PRICE and CLOSED SALES
May 2014 had almost the exact same median sold price as May 2015, changing only 0.2%. The year-to-date price was similar to last years, only fluctuating 1.5%. The median sold price in May was very close to the the year-to-date median sold price this year: there was only a 0.8% difference. There were five fewer closed sales this May compared to last year’s, representing a decrease of 16.1%. The year-to-date closed sales also decreased, but only by 7.1% since last year.

PROPERTIES UNDER CONTRACT
More properties went under contract in May 2015 than in May 2014, increasing by 33.3%. The year-to-date number of properties that opened escrow was approximately the same, decreasing only by two. May 2015 makes up about 37% of all properties that went under contract so far this year.

DAYS ON MARKET and INVENTORY
The number of average days on market increased by 64 compared to May 2014, representing a 48.1% increase. May experienced a higher number of average days on market than the year-to-date number of average days on market. There is also a decrease in months supply of inventory this year’s May compared to last year’s, decreasing 31%.

NEW PROPERTIES FOR SALE
There are fewer new properties for sale in May 2015 compared to May 2014, decreasing by 8.4% (8 properties). The year-to-date number of new properties for sale is largely the same, only showing an increase of 0.6% since last year.

For a full graphical analysis of Ridgefield’s May 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/2015/07/KMMReport-May-2015.pdf

Ridgefield Market Report For April 2015

April 2015 has seen an increase over last April in median sold price and properties that went under contract, but also an increase in average days on market and a decrease in closed sales. There are more properties for sale as well, along with fewer months supply of inventory.

MEDIAN SALES PRICE and CLOSED SALES
Last year, April’s median sold price was about $70,000 below the year-to-date price, but this year it is $110,000 above the year-to-date price, showing an increased sale of more expensive properties. The number of closed sales, however, decreased more than 20% this April compared to last April. The year-to-date sales are approximately the same, decreasing only by 2.9%.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract in April 2015 is comparable to April 2014, only increasing by three this year. The year-to-date statistics are similar, decreasing this year by 4, a very modest change. April represented about 43% of total properties that opened escrow so far this year; last year April accounted for only approximately 38%.

DAYS ON MARKET and INVENTORY
April 2015 saw a significant increase in the average days on market compared to last year, increasing 47.7% (84 days). The year-to-date days on market remained approximately the same, seeing a small decrease of 2.7%. The months supply of inventory is lower this April, at 8.6 months this year compared to 9.9 months last year.

NEW PROPERTIES FOR SALE
There are slightly more new properties for sale this April, and a moderate amount more overall this year. There are 105 new listings this April compared to 103 last year, and 273 total this year compared to 263 total last year.

For a full graphical analysis of Ridgefield’s March 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.

KMMReport April 2015

Ridgefield Market Report For March 2015

Compared to last year’s, this March has seen an increase in median sold price and in the number that entered escrow; however, there has been an increase in the average days on market, decreased number of closed sales, and a decreased number of new properties for sale.

MEDIAN SALES PRICE and CLOSED SALES
March 2015 saw an increase of 3.4% ($21,000) from March 2014 in median sold price; in contrast, the year-to-date figures have shown a decrease of 7.7% ($52,000) in average sold price. March has, overall, seen a higher median sale price than other homes so far this year. In terms of closed sales, this year’s March has had two fewer, which represents a 10.5% decrease. The year-to-date sales have increased by three, a 6.7% increase.

PROPERTIES UNDER CONTRACT
The number of properties that opened escrow this month increased by 18 compared to last year’s March, showing a strong increase of 69.2% and increased interest in the Ridgefield market. This year’s March accounted for more than 50% of the year-to-date properties that went under contract. March has consistently seen above average year-to-date sales compared to other months over the last two years. More properties have gone under contract so far this year than last year–84 compared 63–representing an increase of 33.3%.

DAYS ON MARKET and INVENTORY
The average number of days on market increased by 10, representing a 5.6% increase compared to last March. The months supply of inventory decreased by almost half to 6.6 months.

NEW PROPERTIES FOR SALE
There are more new listings so far this year than last year, with a modest increase of 5%. Fewer people listed their home in March this year, with a decrease of 16.3%.

For a full graphical analysis of Ridgefield’s March 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.

KMMReport March 2015

Housing Market Is The Strongest In Years

According to the National Association of Realtors, a newly unveiled forward-looking housing index by Nationwide says the U.S. housing market is at its healthiest level since 2001. The Health of Housing Markets Report will analyze the housing health outlook on a quarterly basis throughout 373 metro areas.

The index’s current leading indicator score for the fourth quarter of 2014, was 109.8, the highest level in the 15 years of data already examined by the study’s authors. A reading of more than 100 suggests the national housing market is healthy and shows few signs of a housing downturn over the next year.

The healthiest housing markets in the country are Pittsburgh, Cleveland, and Philadelphia, according to the index. The report considers employment, demographics, the mortgage market, and house prices to determine the health of each market.

“The HoHM Report provides a look into the future instead of the rear view mirror,” says David Berson, Nationwide’s chief economist and senior vice president. “The quarterly report should serve as a resource to gauge how healthy housing markets are today but, perhaps more important, what to expect in the future and why.”

This week, the National Association of REALTORS® reported that its forward-looking index, which is based on signed housing contracts, showed pending home sales at the highest level since June 2013.

Our local housing market seems to be continuing this trend with healthy sales through February and March as compared to the same time last year. Buyers are out in force at most price points, and inventory is still relatively low. With mortgage rates also continuing to remain low, I expect the spring season to continue with strong sales. If you are thinking of putting your home on the market, now is a great time to sell. Buyers are ready – and we’re seeing more instances of multiple offer situations when homes that are in good condition and are priced well hit the market.

For more information about what your home’s worth, contact me today at 203-856-5534 or karla@karlamurtaugh.com

Spring Forward – It’s Daylight Savings Time Again!

On Sunday, March 8th remember to set your clocks ahead one hour. I know it doesn’t seem like the snow will ever end, but the long days of summer will be here before we know it!

Changing the clock twice a year is also a good time to change the batteries in your smoke detector. The Ridgefield Fire Department recommends smoke and carbon monoxide detectors be installed inside every bedroom, and on every level of the home. There are models available that are all connected, so that when one sounds, they all sound. Also, a Ridgefield Town Ordinance requires that all monitored fire alarm systems in Town be registered with the Ridgefield Fire Department. The registration is required to assist the Fire Department in responding to an alarm from a home or business. There is no fee for this registration and you can find the form on the Ridgefield Fire Department “Forms & Applications” page.

In case of a fire in your home, it may also be advisable for your family to have a Knox Box. Knox boxes are key lock boxes purchased by residential and commercial property owners for emergency access to their property. They are mounted near the entrance to the property and hold keys, electronic access cards, floor plans and other vital emergency information. The key to the Knox box is secured on Fire Department emergency vehicles so that the Fire Department can have immediate emergency entry when responding to an alarm. Having a Knox box prevents costly forced entry damage and enables the Fire Department to secure a building after the emergency.

For more information about fire safety, burning permits and other Ridgefield fire-related regulations, visit the Ridgefield Fire Department website.

Ridgefield Market Report for February 2015

February continues to show increased momentum over the same time last year with an increase in the number of single family homes sold, number that entered escrow and the number of new properties listed.The median price continues to remain mostly flat however, with a 2.7% decline over February 2014.

MEDIAN SALES PRICE and CLOSED SALES
February 2015 saw the median sold price of a property in Ridgefield decrease from $610,750 last year to $594,000 this year. This represents a 2.7% drop. Overall in year-to-date figures, the median price has dropped from $686,000 to $619,500 representing a 9.7% reduction. The number of closed sales actually increased to 12 from 10 during February, and overall sales up are up for the year-to-date from 26 in 2014 to 30 in 2015.

PROPERTIES UNDER CONTRACT
Reflecting continued strong interest by buyers, the number of properties that went under contract in February 2015 soared by 125% over the same time period last year, with 36 properties entering escrow compared to just 16 last year. In year-to-date figures 2015 has seen 57 properties enter escrow compared to 37 in 2014, representing an increase of 54.1%

DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in February 2015 with properties spending 135 days on the market as compared to 199 days during the same time last year. The Months Supply of Inventory has also decreased to just 6.8 months, down from 16.3 months during the same time last year.

NEW PROPERTIES FOR SALE
The number of new properties listed in February totaled 47, which is up from last year’s 31 properties. So far in 2015 a total of 96 properties have been listed for sale, compared with 74 during the same time last year.

For a full graphical analysis of Ridgefield’s February 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/2015/03/KMMReport-Feb-2015.pdf

Housing Market Consumer Confidence Is Up!

According to an article published by the National Association of Realtors, the number of households saying their income is significantly higher than it was a year ago is on the rise, as is the number expecting their financial situation to continue to move significantly higher over the next year. Both of these indicators are reaching all-time survey highs in Fannie Mae’s January 2015 National Housing Survey, which polls 1,000 Americans about their attitudes toward owning and renting a home.

Twenty-nine percent of households say their income is “significantly higher” now than it was 12 months ago. Also, 48 percent say they expect their personal financial situation to improve over the next year.

The increases in income are translating into higher optimism about the housing market. The number of households who said it was a good time to buy a home rose 3 percentage points in January to 67 percent, according to the survey. Also, the share of households who say they’d rather buy than rent if they were to move rose 5 percentage points to 66 percent, marking the first increase since September 2014, the survey shows. What’s more, 44 percent of households now say it’s a good time to sell, tying an all-time survey high.

This is good news for Ridgefield residents who are looking to buy or sell in 2015. We are already finding that the buyer market is very active with 42.9% more properties under contract in the month of January this year as compared to January 2014.

Additional findings from Fannie Mae’s January survey include:

1) The majority of households believe home prices will rise over the next year, an average of 2.5 percent over the next 12 months.
2) 45 percent of respondents say they believe mortgage rates will also rise over the next year, falling by 3 percentage points compared to one month earlier.
3) 52 percent of respondents believe home rental prices will rise over the next year — a slight decrease month over month. The average 12-month rental price expectation fell to 3.6 percent.

Source: “Consumers’ Positive Financial Attitudes a Good Sign for Housing,” Fannie Mae (Feb. 9, 2015)