Moving In The Right Direction
Residential Real Estate has continued to strengthen nationally, and more importantly, locally. Ridgefield’s unit sales are up 2.4% when compared to the first 6 months of 2011. Market time has decreased 17% and inventory is up 14.2%, which can be attributed to the spring selling season. More Ridgefield residents decided to list their homes for sale this year versus 2011. When we break down the unit sales through the end of June-81% of the homes sold were priced below $1M, therefore 19% of the unit sales so far in 2012 have been above $1M. Based on pending sales, 15 additional homes priced over $1M are dueto close in the 3rd quarter. Stability in the higher priced segments will be achieved once we bridge the cap between supply and demand.
The Value Factor.
Driving the current market is value. Properly positioning the price of your home is the key in today’s competitive market. Equally important is preparing your home for scale. Buyers react favorably to move-in/turnkey condition.
Positive factors such as historically low interest rates and increased buyer activity should continue to move the market forward during the second half of 2012. It is still too early to gauge the effects of the upcoming national election and the global economic issues.