As the spring market gathers momentum, we are seeing increasing inventory and many buyers ready to commit to purchasing. All price points are experiencing good activity, with some price ranges even seeing multiple offers on desirable homes. As always, updated properties – particularly in or close to town – are in demand.
To see how the first quarter shook out in Ridgefield real estate (including condos), read our comprehensive market report. You can also click for a snapshot of the April market, or a breakdown by price.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was exactly the same as last year with 24 properties closing in April 2017. Overall, 85 properties have sold compared to 79 by the same time last year, which represents a 7.6% increase. The median sales price increased from $658,500 in April 2016 to $684,259 in April 2017 – a difference of 4% . The year to date is even more encouraging with an increase of 9.6% seen in median sales price from $575,000 in 2016 to $630,000 this year.
PROPERTIES UNDER CONTRACT
The number of properties that went under contract took a huge jump over last year with 73 properties under contract compared to only 35 in 2016. This represents a 108% increase. Overall in 2017 we have seen an 44% increase in buyers jumping into the market, with 143 properties going under contract since the beginning of the year, compared to 99 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 5.4 months, with 98 new properties entering the market this month. last year inventory stood at 13 months. The average days on market remains higher than last and is skewed by stale inventory. As the market gets into full swing, we hope to see stale inventory selling and normalizing this indicator.
May is a key time to buy a home or list one for sale. Don’t wait ! Take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.
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.
* All data taken from Greater Fairfield County CMLS as of 05/01/2017