Tag Archive for: Selling

Ridgefield Market Report November 2017

Looking at all indicators, the Ridgefield real estate market is basically flat compared to November last year.  Year-to-date numbers also reflect very little change since 2016. This is actually good news considering some Fairfield County towns have seen decreases in both property values and the number of sales they have experienced. The under $700,000 market is still very busy, and we have seen steady sales in all other price categories, which is encouraging. The luxury market is struggling slightly with decreased sales compared to last year in the over $1 million categories.

To see an overview of how November looked, you can click for a snapshot of the market, or a breakdown by price.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up over the same time last year with 23 properties selling in November 2017 as compared to 21 in 2016.  Overall, 347  properties have sold compared to 325 by the same time last year, which represents a 6.8% increase. The Median Sales Price decreased this month from $732, 500 in November 2016 to $645,000 in November 2017. The year-to-date median value is on par with 2016 sitting at $640,000, as compared to $643,500 last year at this time. Overall, all indicators point to the fact that it has been a steady year for real estate when compared with 2016.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract increased over last year with 41 properties under contract compared to 25 in 2016.  This represents a 64% increase and could possibly be attributed to the very mild fall we have experienced. Overall, in 2017 we have seen an 8.1% increase in buyers jumping into the market, with 360 properties going under contract since the beginning of the year, compared to 333 last year.

DAYS ON MARKET and INVENTORY
We are still dealing with a shortage of properties available for sale this month.  The months of inventory has decreased to only 7.1 months compared with 13.2 months last year. Forty-one new properties entered the market this month, compared with only 25 in November of last year, while the average days on market has decreased by 11.9% over October 2016 with homes spending an average of 171 days instead of 194 on the market before selling.

Overall, November posted decent sales for the time of year and we hope to see that trend continue into December. Feel free to contact me to discuss your buying needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level.  We recognize your home is your biggest asset and both Buyers and Sellers experience an unparalleled level of customer service when working with us. Contact us today! 

Snapshot of November Market Report 

Do You Want To Live Like A Hollywood Producer?

Picture the glitz and glamor of old Hollywood, pair it with every modern convenience and move it all to bucolic Ridgefield.  Welcome to 23 Pin Pack Road.  Home to a noted Hollywood producer, the spectacular residence was recently featured in the Danbury News-Times as its cover story and it doesn’t disappoint.

The sophisticated & enchanting 3/4 bedroom, 1920s mini-estate is situated close to town and reflects exceptional Stone & Tudor architecture. Completely rebuilt in 2011 by an award-winning builder, it features a stunning saltwater pool & spa with beautiful high-end resort like appointments and an exercise area open to expansive outdoor patios.  The exceptional mix of wood & stone, soaring ceilings, multiple fireplaces and amazing millwork are hallmarks, while an incredible gourmet chef’s kitchen and breakfast area connect to a fabulous great room featuring a coffered ceiling & stone fireplace. The master retreat includes a sitting room/office, and His & Her separate baths & dressing rooms. Three additional bedroom options with beautifully appointed baths plus sensational outdoor living areas including stone patios with pergolas and open air stone decking, make this a great entertaining home. An additional charming studio on the property is great as an office or additional workspace. Like no other!

To make an appointment to view the home, please contact me.

‘Fairhaven’ Is A True Fair Haven According To HOME Monthly Magazine

We were thrilled when HOME Monthly asked to feature our beautiful listing on 209 West Lane in Ridgefield for their November issue.  From the minute we walked into the home, we knew it was something special and it seems, so did HOME.

Fairhaven – as it is known – is a wonderful mix of vintage and transitional design that encompasses the best in workmanship, flow and elegant features. Tucked away behind mature trees & setback from the road, it is a spectacularly renovated gem that radiates warmth & sophistication at every turn. Once the home of film star Geraldine Farrar, the floor plan gently meanders from one room to another, seamlessly blending the indoor & outdoor living areas to create a perfect entertaining space. The stunning breezeway, with amazing views of the private yard, connects the lower level pool house to the main rooms including a fabulous updated kitchen, formal living & dining rooms, a study, music room, covered porches & more. The gunite pool & multiple terraces, plus lovely open porches are surrounded by mature trees and fabulous perennial gardens.  The home borders Silver Spring Country Club and you can be in NYC in just over 1 hour to. It’s truly exceptional!

Read more about what makes this home so special in this month’s HOME Monthly. If you are interested in purchasing the home or setting up a time to view it, please contact me.

Ridgefield Market Report October 2017

October saw a decline in market activity, which is not uncommon given the usual frenzy that sets in as people start thinking about the Holidays. Encouragingly, the Median Value for single-family homes sold Ridgefield is up over the same time period last year, as were the number of properties that went under contract.

To see how October shook out in Ridgefield real estate , you can click for a snapshot of the market, or a breakdown by price.

MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down over the same time last year with 28 properties selling as compared to 35 in 2016. This translated to a 20% decrease year-over-year. Overall however, 324 properties have sold compared to 304 by the same time last year, which represented a 6.6% increase. The Median Sales Price increased this month from $604,000 in October 2016 to $628,750 in October 2017. The year-to-date median value is on par with 2016 sitting at $640,000. Overall, all indicators point to the fact that it has been a steady year for real estate when compared with 2016.

PROPERTIES UNDER CONTRACT
The number of properties that went under contract increased over last year with 40 properties under contract compared to 27 in 2016.  This represents a 48.1% increase. Overall, in 2017 we have seen an 8.4% increase in buyers jumping into the market, with 334 properties going under contract since the beginning of the year, compared to 308 last year.

DAYS ON MARKET and INVENTORY
We are still dealing with a shortage of properties available for sale this month.  The months of inventory has decreased to only 7.9 months compared with 14.4 months last year. Forty new properties entered the market this month, compared with 51 last year, while the average days on market has decreased by 15% over October 2016 with homes spending an average of 149 days instead of 175 on the market before selling.

November and December are a traditionally slower time of year in the Ridgefield real estate market, but there are deals to be had if you’re looking to buy.  If you’ve been thinking of selling, take this time to prepare your home by updating, cleaning and decluttering.  Also, feel free to contact me for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.

We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level.  We recognize your home is your biggest asset and both Buyers and Sellers experience an unparalleled level of customer service when working with us. Contact us today! 

October KMM report

Who’s Buying and Selling Homes in 2017?

The National Association of Realtors just released the  2017 Profile of Home Buyers and Sellers survey which provides demographic insights into the real estate market nationally. For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey conducted by the National Association of Realtors® of recent home buyers and sellers provides insight into detailed information about their experiences with this important transaction. Here are highlights from the latest report.

  • First-time buyers made up 34 percent of all home buyers, a decrease from last year’s 35 percent.
  • Age for first-time buyers remains flat, but the age of repeat buyers continues to climb—now at an all-time high of 54.
  • Married couples continue at 3-year decline, while single females increased for the 3rd year.
    Buyer and seller use of agent remains at historical highs, 87% and 89% respectively. FSBOs remain at an all-time low of 8%.
  • Drop in those who stalled their sale of the home because they were underwater to 10%, but it is still common among those who purchased 8-10 years ago at 26%.
  • Tenure (holding on to the same property)  remains at an all-time high of 10 years.

In Ridgefield, we are seeing young families make the move to the suburbs, while empty-nesters are starting to downsize. While we may not have seen the gains in value that some of the country is experiencing, 2017 has been a strong year for both single-family unit sales and median home values.  We hope to see this trend continue through the end of the year.

 

Source: “2017 Profile of Home Buyers and Sellers,” National Association of REALTORS® (Oct. 30, 2017)

Ridgefield Q3 Market Report

The third quarter of 2017 sees the culmination of an active summer market with median values increasing for the first time this year when compared to 2016, and the number of sales remaining constant.

Unit Sales
Incredibly, the number of sales of single family homes in Ridgefield remained the same at 116 units in both the third quarters of 2016 and 2017, however the total dollar volume sold in Q3 2017 amounted to $93,705,894, up from $86,206,720 in 2016. Overall, since January, 294 homes have sold in Ridgefield compared with 269 during the same time last year. This represents an 8.5% increase and reaffirms that we are experiencing a healthy real estate market.

Market Inventory
The number of homes listed for sale was lower every month during Q3 2017 when compared to Q3 2016, with an average of 282 homes available for purchase. The average months of inventory was only 6 months in July and August, but has risen to 14 months in September, which is to be expected as families settle into school, and less new homes come on the market.

Pricing
The median sales price for single family homes is currently sitting at $657,500 as compared to $637,500 during the same period last year. This represents a nominal increase in median values of 3%. The average sales price also saw a shift towards higher values with the return of upper end sales. It rose from $743,161 in Q3 2016 to $807,809 this year. Homes also continue to sell at an average of 96.6% of the listed price.

For a snapshot of of single family home sales in September, click here.

Remodeling Seen As A Good Investment For 2018

As homeowners gain more equity, they are expected to continue heavily investing in home improvement projects and repairs through the third quarter of 2018, according to the latest Leading Indicator of Remodeling Activity report released by the Joint Center for Housing Studies of Harvard University. The LIRA index projects annual gains in home renovation and repair spending of 6.3 percent for the fourth quarter of 2017 and up to 7.7 percent by the third quarter of next year.

“Recent strengthening of the U.S. economy, tight for-sale housing inventories, and healthy home equity gains are all working to boost home improvement activity,” says Chris Herbert, managing director of the Joint Center for Housing Studies. “Over the coming year, owners are projected to spend in excess of $330 billion on home upgrades and replacements, as well as routine maintenance.”

For homeowners looking to remodel for resale, the National Association of REALTORS® publishes a report looking at the costs of some of the top remodeling projects. Take a look at the 2017 Remodeling Impact Report.

As Realtors, we see the impact of a good remodel all the time.  Painting the interior and exterior of your home in modern, transitional colors is a fairly quick and inexpensive way to make an immediate impact, as is removing heavy drapery and letting your windows shine.  Upgrading bathroom vanities, tile and shower doors, as well painting or replacing outdated kitchen cabinetry, backsplashes and countertops is also a big hit. Decluttering – although not a remodel – goes a long way towards making your home feel fresh and new. If you want to learn more about how to get your home ready for sale, contact us for a consultation.

Kitchen Remodels Offer Big Paybacks at Resale

According to Realtor.com, homeowners looking for a remodeling project may be smart to tackle a kitchen renovation if they’re looking for projects with the strongest buyer appeal and high returns on their investment at resale.

Kitchen renovations and upgrades are among the top remodeling projects most likely to add value to a home at resale and most likely to appeal to home shoppers, according to the 2017 Remodeling Impact Report, conducted by the National Association of REALTORS®. The report takes a look at the cost of the most common exterior and interior remodeling and replacement projects and gauges how much appeal they have to buyers at resale.

Fifty-four percent of REALTORS® surveyed reported suggesting to sellers that they complete a kitchen upgrade before attempting to sell. Twenty-three percent of real estate pros also said a kitchen renovation helped to close a sale.

The Remodeling Impact Report estimates that homeowners stand to recover 57 percent—or $20,000—of the $35,000 or so of the cost to take on a kitchen upgrade. The kitchen upgrade might include adding new energy-efficient appliances, sink, faucet, and vinyl flooring; repainting the walls and ceiling; and refacing cabinets with white paint/veneer and new hardware.

Kitchen upgrades don’t just offer the potential for some bang for your buck at resale but also have been found to make homeowners more happy. Eighty-one percent of remodeling consumers surveyed said they had a greater desire to be at home since completing their kitchen upgrade project, and 81 percent felt a major sense of accomplishment after the renovation.

The following interior projects REALTORS® ranked highest to lowest as remodeling projects that would appeal to home buyers (listed along with project estimate costs and the potential return on investment at resale):

1. Complete Kitchen Renovation
Cost estimate: $65,000
REALTORS® estimated cost recovered: $40,000
Percent of value recovered from the project: 62%

2. Kitchen Upgrade
Cost estimate: $35,000
REALTORS® estimated cost recovered: $20,000
Percent of value recovered from the project: 57%

3. Bathroom Renovation
Cost estimate: $30,000
REALTORS® estimated cost recovered: $15,000
Percent of value recovered from the project: 50%

4. New Wood Flooring
Estimated cost: $5,500
REALTORS® estimated cost recovered: $5,000
Percent of value recovered from the project: 91%

5. Add New Bathroom
Cost estimate of project: $59,000
REALTORS® estimated cost recovered: $29,750
Percent of value recovered from the project: 50%

6. Hardwood Flooring Refinish
Estimated cost: $3,000
REALTORS® estimated cost recovered: $3,000
Percent of value recovered from the project: 100%

7. New Master Suite
Cost estimate: $125,000
REALTORS® estimated cost recovered: $65,000
Percent of value recovered from the project: 52%

8. HVAC Replacement
Estimated cost: $7,475
REALTORS® estimated cost recovered: $5,000
Percent of value recovered from the project: 67%

9. Basement Conversion To Living Area
Cost estimate: $40,000
REALTORS® estimated cost recovered: $25,000
Percent of value recovered from the project: 63%

10. Closet Renovation
Estimated cost: $3,750
REALTORS® estimated cost recovered: $2,000
Percent of value recovered from the project: 53%

11. Insulation Upgrade
Estimated cost: $2,100
REALTORS® estimated cost recovered: $1,600
Percent of value recovered from the project: 76%

12. Attic Conversion To Living Area
Estimated cost: $75,000
REALTORS® estimated cost recovered: $40,000
Percent of value recovered from the project: 53%

Fall Is Great Time To Move

According to Realtor.com, a fall move may be just what you’re looking for. Less demand from families looking to get into a new home before school stars tends to open up the market a little bit, and the busy spring and summer season may motivate sellers to lower the asking price, hopefully avoiding the slowdown that inevitably sets in around the holiday and winter seasons.

Home buyers may also find attractive mortgage rates this fall. Mortgage rates are still under the 4 percent psychological threshold, which can be a luring incentive for borrowers. Freddie Mac reported last week that the 30-year fixed rate averaged 3.78 percent, holding steady at a 2017 low.

Studies have shown that fall can be the best time to buy. A study conducted by RealtyTrac in 2015 found that October was the best month for home buyers. Purchasers in October paid 2.6 percent below the estimated market value at the time for their home, according to the analysis.

Nationally, home sales in August started to decline heading into the fall season. Sales of existing homes fell 1.7 percent from July to August, but the National Association of Realtors mostly blamed the decrease on the limited number of listings for sale on the market – something we have also seen in Ridgefield.

To search all listings in Fairfield County visit our Property Search page or get in touch with us directly.  There are deals just waiting to be had!