Ridgefield real estate: Condo market grows, slowly

Ridgefield’s condominium market grew steadily last year, with 70 units selling in 2017 — seven more than the 63 condos that sold in 2016.

In the fourth quarter of 2017, 17 condos sold, compared to 14 units over that same three-month period in 2016.

The average sales price also increased, jumping from $370,409 in 2016 to $395,881 last year — a 6.8% increase. Despite the strong year-end numbers, the average sales price for condos decreased in the fourth quarter — down from $374,377 in 2016 to $296,467 in 2017.

The median sales price for condos in 2017 was $250,000 for the year, up from $216,000 in 2016.

“The condo market did see a lot of high-end sales as a result of the Elms development and [77] Sunset Lane,” said Mary Pat Sexton, president of the town Board of Realtors.

“Things are selling quickly in both Casagmo and Fox Hill,” she added. “A good portion of those are investor purchases.”

Town Clerk Barbara Serfilippi agreed with that assessment.

“The condo market has been very active,” Serfilippi told The Press last week. “[It] has been helped a great deal by 77 Sunset Lane and the Elms Project — but Fox Hills and Casagmo were also very active.”  

A $1.86-million townhouse at 500 Main Street — the site of the new Elms property — was the top seller for the year. Custom-built in 2016, the 3,800-square-foot townhouse features nine rooms, four baths, and three bedrooms.

Karla Murtaugh of Neumann Real Estate said the common denominator between the Elms development and the properties located at 77 Sunset Lane is the proximity to downtown.

“The attraction to in-town properties is at an all-time high, with many people looking to experience a more ‘car-free/walk-friendly’ lifestyle,” she said.

The lowest-priced condo to sell was a 572-square-foot studio apartment on Olcott Way — part of Casagmo — which sold for $100,500.

“The condo market has been swift,” Sexton said.