Tag Archive for: Selling

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.

Wilton Q1 2022 Market Report

The Wilton real estate market continues to take advantage of the current surge. While inventory and the number of sales are typically lower in Wilton than in Ridgefield, the town has enjoyed an earlier resurgence of inventory particularly in the over $1 million range. This has led to higher median and average sales prices than in Q1 2021. For example, 52% of all property sales in Wilton in Q1 2022 have been for homes priced in the $1 million and over range compared to only 26% in Q1 2021. In addition, there have been twice the number of luxury properties (homes selling for more than $1.5 million) in 2022 compared to 2021, with 20% of all sales being in this price point. This noticeable surge in luxury sales has definitely influenced the median and average sales prices in the town. The number of sales in Wilton has also decreased as in Ridgefield, but is still slightly higher than the pre-pandemic numbers. As we move into the typically fast-paced spring market, it will be interesting to see if supply can keep up with demand.

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.

COMPASS is the #1 Brokerage in USA for Closed Sales Volume!

I am so excited to be part of such a dynamic brokerage and am pleased to share that as of the end of 2021, COMPASS is now the largest brokerage in the United States in terms of closed sales volume (RealTrends 3/16/22). This is pretty remarkable considering we were a start-up 10 years ago and now we’re number 1!

What This Means For You?

I am proud to be a part of the largest brokerage in the U.S. where I can best support you! Powered by the COMPASS network and its technology, I have access to the top agents nationwide and can help you with all of your real estate needs.

In this challenging real estate market, my agent referral network can help you make your next move with confidence. I know a lot of you are thinking of selling, but not sure where to go. This “chicken and egg” phenomenon requires a skilled, seasoned agent to help you navigate it successfully. There are a number of COMPASS initiatives available, which will help sellers be in the best position possible to navigate their property sale and what they’ll do next.

I can confidently say our referral network is officially the best in the United States. Almost anywhere you are considering moving, COMPASS has a highly talented, high integrity, well-respected and hardworking agent I can refer you to.

If you’re interested in learning more about how I can help you capitalize on this hot real estate market, let’s set up a time to connect. And don’t hesitate to reach out if you have any other questions. 203-856-5534 or karla.murtaugh@compass.com. Together, we will MOVE YOU!

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.

 

Getting Ready To Sell? Consider Donating to ReStore

It’s a fabulous time to think about listing your home for sale, and many of our clients have started cleaning out their homes to prepare. Most people need to get rid of some furniture before listing to make space for staging. Particularly if you’ll be downsizing, you may not need all of your furniture once you move to a new home, and we wanted to be sure you knew about the ReStore benefitting Habitat for Humanity.

With several locations in Connecticut, ReStore is a home and hardware retail thrift store open to the public selling new and gently used furniture, appliances, and building materials. The ReStore provides an environmentally and socially responsible way to keep good, reusable articles out of the waste stream while providing funding for Habitat’s community improvement work. Sales from the ReStore benefit Habitat for Humanity’s housing programs and their mission to provide decent, affordable homes!

Here is a list of items they accept and sell at the store:
• Appliances (for example: refrigerators, stoves/ovens, washers/dryers, small household appliances)
• Kitchen and Bathroom Cabinets
• Furniture (for example: sofas, dining sets, dressers, mirrors, bedroom sets)
• Lighting & Plumbing Fixtures
• Building Materials (for example: windows and doors, lumber and trim, tiles, flooring)
• Home Décor Items

ReStore picks up donations throughout Fairfield County. To schedule a pickup, email donate@restorecfc.org with your name, address, phone number and items to be donated. Or you can call (203) 383-4358 and leave a message. Keep in mind there is generally a two-week lead time from when you make the request. You can also follow the Danbury Store on Instagram at danburyrestore.

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

We’ve Joined Compass!

We pride ourselves on providing the best market knowledge, the best client care, and the most comprehensive marketing to our clients. Integrity, authenticity and knowledge are our pillars of service. As such, we are thrilled to be joining Compass Ridgefield as the Founding Team, becoming part of the fastest growing, independent brokerage in the nation. Renowned for focusing innovative technology and support towards agents and clients, Compass further enhances Karla Murtaugh Homes’ commitment to an outstanding Real Estate experience. We’d love for you to reach each out to us to discover more about Compass and how we can help you with your Real Estate needs!