May 2014 was an interesting month for Ridgefield home sales. The number of closed sales actually decreased from previous months, however the median sales price increased, as did the number of homes under contract. The months supply of inventory decreased as did the days on market, indicating homes are selling quickly and at an increased market value. This is all good news for the Ridgefield Real Estate market moving forward.
The number of closed sales decreased by 4 over May 2013 from 35 to 31, representing an 11.4% decrease over last year. Total closed sales to date figures also follow this trend with 124 sales in 2013 sales compared to 98 in 2014. Given the timing of the closings, I would say this decrease can still be attributed to the relatively slow start to the market given the bad weather seen in February and March.
MEDIAN SOLD PRICE
Even though the number of unit sales was down, the median sales price rose from $627,000 in May 2013 to $644,000 in May 2014. This represents a modest increase of 2.7%. When comparing year-to-date median values however, the jump is more apparent with prices increasing 13.7% year-over-year. ($653,750 in 2014 compared to $575,000 in 2013).
PROPERTIES UNDER CONTRACT
The number of properties that went under contract and opened escrow in May 2014 was up 93.3% over May 2013 rising from 45 to 87. This trend continued in the year-to-date figures where 199 have opened escrow since the beginning of 2014 as compared to 153 over the same time period last year.
DAYS ON MARKET and INVENTORY
Good news for sellers! The average days on market for homes listed has been steadily decreasing since last year. Although there was no big change when comparing May 2013 to May 2014 (133 vs 134 days) there was a significant 9.5% decrease in the number of days a home spent on the market when comparing the year-to-date. The months supply of inventory is also down by 51% over May 2013, which indicates strong demand for homes in Ridgefield.
NEW PROPERTIES FOR SALE
As expected, the number of properties for sale is steady from last year to the this year with 95 new properties listed in May, and 358 overall year-to-date. This represents no significant change from 2013.
For a full graphical analysis of Ridgefield’s May 2014 real estate market, download the report here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.