October & November Sales Continue Real Estate Momentum
Continuing the strong sales seen in Q3 2020, October and November single family home sales are set to help 2020 close as our strongest year in many. Far outweighing 2019 sales at all price points, the initially sluggish market responded well with our current concern being a lack of inventory.
With many buyers still migrating from the city and more urban areas to the privacy of the suburbs, we hope to see sales continue throughout 2020 and into 2021. And while buyer demand remains strong, there simply aren’t enough homes on the market for them to purchase. Unlike previous years, where the consensus was to avoid putting a house on the market as we move into winter, in 2020 that simply isn’t the case. If you’re looking to make a move, now is the perfect time to list your house for sale.
All Indicators Are Positive
Year-to-date, a total of 495 homes have sold in 2020, outpacing 2019 by 40% and the total sales volume stands 46% higher than 2019 at $395,754,813 vs $213,039,725. In October and November specifically, we have seen 130 sales with a list-to-sale price ratio of 98.6%. Our days on market and months of inventory are also at all-time lows with homes spending a median time of 31 days on the market before selling. There is also only 2 months of inventory available, which is concerning given the number of buyers still looking to move to our area. There are currently 78 homes on the market
Prices Are Up
The average sales price was up 11 percent year over year YTD sitting at $801,123 in 2020 compared to $712,507 in 2019. The median sales price was up 10 percent $699,000 in 2020 YTD vs $628,250 in 2019. We have seen a good number of homes selling at or above their listed sale price and homes that are updated and priced properly are often in receipt of multiple bids.
Sales are up in all price points. There was a three-fold increase in the number of homes that sold for over $1 million (101 in 2020 compared to 37 in 2019). In terms of the luxury market – defined as homes priced over $1.5 million – 37 single-family properties have sold in 2020 YTD compared to only 16 in 2019. There are also a further ten luxury homes with accepted offers set to close by year end.
Karla Murtaugh Homes Sales
Year to date, in Ridgefield alone, Karla Murtaugh Homes has represented either the buyer, seller or both on 78 closed transactions at all price points from a $345,000 condo to a $5.2 million luxury estate property. In the luxury market, we were responsible for representing 23 buyers and/or sellers of the 37 properties that sold. We currently have an additional 28 properties set to close by the end of 2020 or Q1 2021.
Thinking Of Selling?
Now is a great time to meet with us and prepare your home for sale. Take advantage of the unprecedented buyer demand and low market inventory. We offer a complimentary market analysis and would be happy to provide you with a concrete analysis of what your home is worth. For buyers, our expertise in negotiating in a strong seller’s market means you will get unparalleled representation in a competitive marketplace. Now is the time to make sure you work with an experienced realtor – this market comes with many challenges and you really need someone who can get you to the closing table.
Contact us today at 203-856-5534 or karla@karlamurtaugh.com