Some Good News! Ridgefield’s Q1 2020 Market News

I hope everyone in your world is safe and healthy. Now, more than ever, we are reminded of the most important things in life. Health has become the new wealth.

John Krasinski of The Office fame recently launched a YouTube Channel called SGN, which stands for Some Good News – and Ridgefield’s Q1 Market Report should definitely be featured! With 46% gains in both dollar volume and number of sales, 97% list to sales price ratio, and both the average and median price increasing over Q1 2019, this year’s real estate market was strong. All indications pointed to a healthy spring market as well, until our industry – and many others – were derailed in the short-term by COVID-19. Health and safety are definitely top-of-mind in our lives right now, but I feel it is important to keep you abreast of the Ridgefield real estate market during this downtime. We encourage you to read the full report.

A question I have been asked many times recently is how is COVID-19 affecting the local real estate market? Up until a week or so ago, we were seeing increased traffic in Ridgefield and upper Westchester from NYC individuals looking for short-term, furnished rentals. With those almost dried up, we are still seeing some activity as people search for homes outside of the city. Personally, our team closed 12 property sales in the first quarter. We have 6 additional properties currently under deposit to close between now and June, and have accepted offers on several properties seen before the shelter-in-place order was enacted. I continue to check in with top Realtors throughout Fairfield and Westchester counties in an effort to keep a pulse on the surrounding markets as well. The takeaway is that there are still people in the market in need of housing.

We are cautiously optimistic that the housing market will come back vigorously, but in the meantime stay home, stay healthy and stay positive.

Contact Us to explore how we can partner with you to meet and exceed your Real Estate goals.

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Ridgefield’s 2019 Year In Review Market Report

Ridgefield Market Snapshot
2019 was an interesting year in Ridgefield Real Estate as we didn’t see the typical buying cycle emerge as in previous years. Summer – which is usually fairly busy – slowed slightly, while the fall and winter months have seen increased activity. Across the board sales of Single Family Homes in Ridgefield have been flat with the number of Closed Sales remaining steady at 327 versus 329 in 2018, and the Overall Sales Volume ending the year only $3-million less than 2018 at $233,379,725.

Median Sales Price also remained relatively constant at $628,250 – a difference of 2 percent compared to $641,260 last year. Average Sales Price is down half a percentage point over 2018 to $713,699. As in previous years, homes continue to sell at approximately 96.5% of ask, while the Days On Market rose slightly to 167 from 142. Moving into 2020, there are already double the number of homes under contract as compared to the same time in 2019.

The Luxury Market
18 luxury homes sold this past year, compared to 9 in 2018. Six of these sales were over $2-million. Proper pricing is critical to achieve maximum results in a reasonable time period. Sellers are advised to make sure their home is move-in ready and incorporate the additional features buyers are looking for such as mudrooms, Smart Home connectivity, generators, and updated kitchens and baths.

Condo Sales
Ridgefield continues to offer a wide selection of price points and availability to those looking for an alternative to a single-family home. This year, sales ranged from a one bedroom, one bath condo in Fox Hill for $150,000 to a $1.4 million, three bedroom, three bath luxury townhome in The Elms on Main Street. Overall, condo sales slowed with 55 units selling as compared to 70 last year. The Median Sales Price remained steady at $227,500 but the Average Sales Price decreased ending the year at $298,907

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Contact Us to explore how we can partner with you to meet and exceed your Real Estate goals.

Ridgefield’s Tower Cottage Featured In Christie’s ‘Luxury Defined’

In a blog and newsletter circulated to over 10,000 high net worth subscribers, Ridgefield’s own history-filled ‘Tower Cottage’ at 48 East Ridge Road took top honors representing beautiful Victorian Revival architecture.

Joining noteworthy properties from around the world, Tower Cottage is currently listed for sale by Karla Murtaugh at Neumann Real Estate for $2,395,000 and pays homage to a time gone by, while maintaining relevance to a modern world through exquisite renovations and updates.

Click here to see the full Christie’s International Real Estate article about Tower Cottage and it’s fellow Victorian Revivals. To learn more, or to see a video or peruse photographs of Tower Cottage itself, visit the feature page or call us at 203-856-5534 for an exclusive showing.

Luxury Defined is celebrating the eclectic Victorian Revival movement by featuring six homes inspired by the reign of Queen Victoria, sovereign of Great Britain, Empress of India from 1837 to 1876. Caught in the tension between the old and the new, the Victorian architect reworked classical antecedents with “contemporary” upgrades and a multiplicity of new styles emerged: the medieval and Roman elements of Gothic Revival and Richardson Romanesque; the mansard roofs of Second Empire; the turrets and gables of Queen Anne; and, the Craftsman precursors of Stick-Eastlake style. New engineering technology embraced structural steel as well as the luxury of indoor plumbing. The Victorians reveled in ornamentation, classical proportions, craftsmanship and materials, yet their designs anticipated modernism. Their 19th-century cottages, grand country estates, and elegant townhouses brought in a new age of light, air, warmth, and comfort for homes which are still vibrant, exciting living spaces for the 21st century.

Tower Cottage itself is beautifully sited on a ridge and sits just a stone’s throw to all Ridgefield has to offer. It includes an impressive wrap-around porch, exquisite new gourmet kitchen, fabulous mudroom, 6 bedrooms & 3 floors of turreted rooms – a library, master suite & office. A gunite pool joins beautiful gardens & sweeping lawns creating an exceptional retreat.

Making A Splash In The Wall Street Journal

In case you missed it, a few weeks ago we were fortunate enough to be interviewed and featured in an article in the Wall Street Journal discussing real estate in Fairfield County. As the WSJ points out, for such a small area, Fairfield County provides an exceptional range of options. Homebuyers can have their pick of good-sized cities, mid-sized towns, quaint little villages or country life — all within a few minutes’ drive of each other.

In general, today’s market conditions favor the buyer. Prices seem to have compressed a bit from their high of 2015, and more product is available. New construction is limited, but many of Fairfield County’s older homes have been updated in the past decade or so — and others offer opportunities for the buyer who wants to invest some “sweat equity” to make the property truly theirs.

In terms of our contribution, we really wanted to talk about Ridgefield’s accessibility to New York City and our diversity. As reported, “Karla Murtaugh of Ridgefield-based Karla Murtaugh Homes at Neumann Real Estate says public transport is handy, just over the border in Westchester County, and the local schools are a huge draw.

“Our sales are up 2% on the transaction side, 4% on the value side, year to date,” she reports.

“The diversity of our housing market is what makes Ridgefield popular. You can find anything from an entry-level condo to magnificent estate properties.”

“We’re fortunate, this year in particular, to have some fantastic living options in Downtown Ridgefield and nearby — the best sprinkling of inventory we’ve had in a while…(and) Ridgefield also offers a shuttle from downtown to the Katonah, New York, train station, which gets commuters into New York City in just under an hour.”

We also paired the article with a fabulous advertisement of our luxury properties offering tri-state readers a glimpse into some of Ridgefield’s most luxuriant properties. Click here to read the full article and see the ad.

Why Now Is A Good Time To Buy A Home

According to Keeping Current Matters, whether you are a first-time buyer or looking to move up to the home of your dreams, now is a great time to purchase a home. Here are three major reasons to buy today.

1. Affordability
Many people focus solely on price when talking about home affordability. Affordability is determined by three components:

Price
Wages
Mortgage Interest Rate

Nationally, prices and wages are up, and interest rates have recently dropped dramatically. As a result, the National Association of Realtors’ (NAR) latest Affordability Index report revealed that homes are more affordable throughout the country today than they were a year ago.

2. Mortgage Rates

Mortgage rates have dropped almost a full point after heading toward 5% last fall and early winter. Currently, they are below 4%.Additionally, Fannie Mae recently predicted the average rate for a 30-year fixed mortgage will be 3.7% in the second half of 2019. That compares to a 4.4% average rate in the first quarter and 4% in the second quarter.

3. Increased Family Wealth
Homeownership has always been recognized as a way to build long-term family wealth. A new report by ATTOM Data Solutions reveals:

“U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018. The average home seller gain of $67,500 in Q2 2019 represented an average 33.9 percent return as a percentage of original purchase price.”

The longer you delay purchasing a home, the longer you are waiting to put the power of home equity to work for you. While we haven’t seen short-term gains in some price points in the Ridgefield market, in the long run, real estate is generally a safe bet to build equity and wealth.

For more information about the Ridgefield Real Estate Market, check out our mid-year report available here.

*Originally posted on Keeping Current Matters

Ridgefield’s 2019 Mid-Year Market Report

Ridgefield Market Snapshot
Ridgefield single family home sales are on par when compared to the same time last year. 150 homes sold during the first six months of the year, as compared to 147 in 2018. The median sales price stayed exactly the same at $625,000, while the total sales volume made modest gains ending the mid-year 4.5% higher than 2018 at $104,368,182. Even going back to 2017, we have seen the number of sales and the median sales price remain essentially flat, while the overall sales volume has fluctuated from a high in 2017 of $125,473,815 to a low in 2018 of $99,906,250.

While the median sales price remained the same year over year, we saw gains in the average sales price, which bodes well for the market as it indicates a general increase in what buyers are willing to pay. Year-to-date the average sales price was $695,788 – a 3.8% increase over the 2018 price of $670,512. This may sound modest, but considering 2017 had a high of $704,797, it indicates we are trending in the right direction. The months of inventory was slightly lower fluctuating between 8 and 15 months, while the list to closed price ratio was up over previous years at 96.7%.

The Luxury Market
Luxury market sales in Ridgefield – defined as homes selling for $1.5 million and above – have seen a huge uptick since this time last year, and in fact, are the strongest we’ve seen since 2016. There have been seven sales to date, compared to only one in 2018, two in 2017, and nine in 2016, while other Fairfield County towns, generally known for their luxury market, have flattened and reported less than stellar results so far this year. Traditionally, demand for these properties is strongest towards the end of the year so we hope to see this segment of the market continue to do well. There are currently an additional three homes under deposit set to close in the next few months and we’ve noticed that in the higher price points it is the motivated seller who is seeing the best results in the least amount of time.

Fairfield County Snapshot
The results are truly mixed for Fairfield County as a whole in the first half of 2019. Overall, median sales price was down throughout the county, as was total sales volume, but the number of unit sales increased in many towns. Traditionally strong commuter towns such as Darien and Greenwich had opposite results with Darien showing an increase in unit sales but the greatest decrease in median sales price in the county, and Greenwich showing an in increase in price but a decrease in the number of sales. Westchester County has also seen a decrease overall in the number of unit sales with median and average sales values down across the board. Looking ahead, we hope to see a more balanced market with supply and demand bringing prices back into alignment.

Looking Ahead
The spring market never seemed to materialize but we are seeing an increase in activity in the early summer months. Buyers continue to be in the driver’s seat in 2019 and sellers would be wise to make sure that their home is show ready before listing it for sale. Now, more than ever, it is important that these properties check off as many of the buyers’ boxes as possible. We continue to see in-town properties and those sporting the latest design trends garner top dollar. Inventory for small to medium-sized homes that are in turn key condition continues to be a challenge as baby boomers looking to downsize, and millennials looking to buy their first home, often overlap in what they desire. We are cautiously optimistic that Ridgefield Real Estate will remain steady. We are seeing 63% of sales coming from the purchase of homes under $700,000 indicating middle-class earners continue to find Ridgefield a desirable place to live with its access to great schools, major urban centers and exposure to a vibrant arts and leisure community.

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A Rare Find – Homes For Multi-Generational Living

With more families experiencing multi-generational living, either because college-age children move home or parents come back into the picture, it’s often hard to find housing that can accommodate these changing needs. For some, it’s not even necessarily family but rather nannies and au paire’s requiring a separate space. Here are some wonderful Ridgefield homes currently on the market that can help everyone live in harmony in their own space.

34 Salem View Drive

Listed for $1,375,000. Featuring a beautiful approach in Ridgefield’s equestrian neighborhood the property includes a stunning five bedroom, Heritage Homes-built Colonial home, plus a 1,534 square foot, one bedroom residence on the same parcel. The stately main residence features a handsome library; living room with a fireplace; formal dining room with a huge rear wall of picture windows; a newly updated, white eat-in kitchen & a spectacular, vaulted family room with exposed beams, a brick fireplace, custom built-in cabinetry & a floor-to-ceiling Palladian window with views to the nearby cottage. The upper level has a huge master suite & sitting room, walls of closets & a spacious master bath. Three additional large bedrooms have access to private or Jack & Jill baths. The expansive finished lower level includes a rec/playroom, exercise room, fifth bedroom & full bath. The charming one bedroom cottage includes a large living room, kitchen, dining area, powder room and bedroom with full bath & private deck, as well as laundry, mudroom, 1-car garage & full attic for tons of storage. The grounds are second-to-none with a saltwater pool, large pool deck, terraced dining area, outdoor fireplace & outdoor kitchen. Landscaping includes stone walls, mature perennials & all manner of trees. The sweeping lawns provide a perfect place for picnics in the summer & sledding in the winter & the views go on forever. This oasis is just minutes from major commuting routes down county & to NYC, as well as all manner of shopping & conveniences.

74 Norrans Ridge Road

Listed for $1,150,000. Elegant living close to town with an in-law suite, level yard & additional barn/garage, this property also features a new roof, propane furnace, generator, Nest thermostats and more, making it the picture of efficiency. Tucked away in the sought-after community of Norrans Ridge, the residence features a spacious open floor plan & includes a formal living room with large divided-light windows, dining room, eat-in kitchen with professional appliances, a large island, breakfast bar & adjoining breakfast room with a spacious pantry. A vaulted family room has a gorgeous gas fireplace & exposed beams plus a wet bar to a private office with deck access. Upstairs the master suite has a walk-in California closet & spa-like bath with a soaking tub & oversized shower plus three additional bedrooms & a full bath. The finished lower level has both gaming & media rooms and an incredible wine room with an electric fireplace. The attached 3-car garage leads to a laundry room & a separate entrance to an in-law/au paire suite with a bedroom, living & dining area, updated bath & a kitchenette. An additional, detached, heated two-car barn/garage has room for two-lifts for the avid car collector & also functions as a sports room, golf simulator, hockey room, indoor basketball court, artist’s studio, or whatever is desired! The spectacular, level yard is awash in colorful plantings with hydrangeas & peonies galore. An abundance of large trees also serves to create a sense of privacy. Tons of space in a fabulous location!

71 Old Branchville Road

Listed for $1,095,000. Sophisticated & stylish country retreat just over 1 hour from NYC. This home is classic Connecticut with a twist, this home has been completely renovated by area restoration specialists & finished with the latest design trends, while preserving amazing original details such as vintage beams and built-ins. Spanning over 7200 square feet on four finished floors the home includes casually elegant formal spaces, a fabulous chef’s “white” kitchen with professional appliances and a large breakfast room, butlers pantry with 2nd dishwasher and custom cabinetry, wonderful music room, family room, five ensuite Bedrooms + an amazing master suite with a spa-like bath, His/Hers dressing rooms, sitting room & private study. In addition, a home gym, spacious laundry room and lower level lounge with fireplace & bar, plus an expansive finished attic complete the main house. Off the main level, a one bedroom in-law/Au Paire apartment includes a kitchen and living room, full bath and dining area, as well as a separate entrance and independent security system. The tranquil, natural setting includes sweeping lawns on 4+ private acres with a pond and lovely landscaping. Newer windows, plumbing, electric, boiler, AC, insulation and well. Great south Ridgefield commute location and every amenity for modern living. A fabulous residence for entertaining year round can be yours full-time or the ultimate weekend retreat. Originally listed for $2,795,000 this home is truly special! Can subdivide a two-acre parcel if desired.

If any of these homes catches your eye, reach out for a private showing by calling us at 203-856-5534 or via email.

Ridgefield Real Estate Market Report Q1 2019

The first quarter of 2019 shows promise for a strong spring market with 173 single-family homes currently on the market for sale at all price points. Already this year there are 39 single-family homes that have gone under agreement and a further 34 are in contract. With new properties launching on the market daily, we expect these numbers to rise over the coming months.

In mortgage news, 30-year fixed mortgage rates have again dropped to record lows, sitting at just over 4%, which bodes well for buyers entering the market. Our strongest sales so far this year have been in the under $500,000 range for single-family homes, and encouragingly our high-end luxury market (over $1.5 million) has also had 3 sales this year.

Overall, a total of $33,915,150 transacted during Q1 2019 in contrast to $32,298,800 by this time in 2018. The number of sales stayed the same at 48, while the average days on market has taken a slight jump this year to 208, up from 146 last year. A lack of new inventory could be to blame with some listings languishing on the market for various reasons.

The average sales price rose 5% this quarter compared to the same time last year and sits at $706,566. Interestingly, the median sales price dropped to $567,000 from $619,750, but the increased activity we have seen in the under $600,000 range in this early part of the year may account for the drop. We would expect to see this number rise as the year progresses. Homes are still selling at 96% of the listed value.

As we move into the busy spring and summer markets, we would love to learn more about your home and how we can help you list it for sale. And with more homes coming on the market every day, as well as lower mortgage rates, we would love to help you find your dream home! Contact us today.

To see a snapshot by price, click here.

Mortgage Rates See Biggest Plunge In Over A Decade

Last week, the average 30-year fixed-rate mortgage declined by 22 basis points from 4.28 percent to 4.06 percent, resulting in the biggest single-week decline in rates since 2008, according to Freddie Mac’s latest Primary Mortgage Survey released on Thursday, March 28.

Freddie Mac chief economist Sam Khater said the drop is due to the Federal Reserve’s economic outlook, which predicted slowing economic growth.

“The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years,” he explained in a prepared statement.

This is good news for buyers as the dramatic drop in rates is expected to drive up home sales during the spring home buying season.

“Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand,” said Khater. “We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in purchase demand.”

Bankrate economist Deborah Kearns estimates the lower mortgage rates will save buyers approximately $15.85 each month for every $100,000 they borrow in comparison to last week’s rates.

“At the current 30-year fixed rate, you’ll pay $487.27 each month for every $100,000 you borrow, down from $503.13 last week,” she explained.

* Original article by MARIAN MCPHERSON Staff Writer, Inman News

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