It’s Going To Be A Fabulous Fall in Ridgefield!

It’s been a busy few months with vacations, the start of school and lots of activity in the Ridgefield Real Estate market! I feel fortunate to have been able to help many buyers and sellers during the month of August and would just like to say thank you for your referrals and continued trust in my services. I’m also pleased to welcome my marketing manager, Jana Williams, as the newest Realtor to my team. She joins Sally Walter and myself in offering the best customer service in the business. As always, we work hard to stay abreast of market trends and conditions, and you can’t beat the exposure you get through our personalized international, national and local marketing plans. Below is a list of the properties my buyers or sellers closed on in August and a couple of properties that are currently under contract. If you, or someone you know is in the market to buy or sell a home, the best compliment I can receive is a referral.



Ridgefield Market Report For August 2014

August 2014 saw both the number of sales and the median price drop as compared to the same time last year. However, when you look at the year-to-date figures, the median price is still $40,000 higher than last year, even though unit sales are lower. Inventory, days on market, new properties listed and the number of properties under contract (entering escrow) remain fairly constant – a good sign that the market is stable. I’m looking forward to a continued positive market, and maintain that with record low mortgage rates still in effect, its a good time to buy or sell.

The number of closed sales decreased from 50 in August 2013 to 37 this year, representing an 26.0% decrease over last year. Total closed sales to date figures also follow this trend with 287 sales in 2013 compared to 236 in 2014.

The August median sales price decreased 18.4% from August 2013 with the median price being $633,500 compared to $776,500 last year. Overall, year-to-date figures however, show an increase in the median sales price from $637,500 in 2013 to $677,500 this year. That represents a $40,000 or 6.3% increase.

Encouragingly, the number of properties under contract in the month of August was substantially higher than during the same time period last year. 48 properties are currently under contract compared to 34 last August–an increase of 41.2%. In the year-to-date figures, 273 properties have opened escrow since the beginning of 2014, as compared to 285 over the same time period last year.

The days a listed home spends on the market continues to decrease in 2014 with properties spending an average of 124 days on the market during August 2014, as compared to 142 days last year. Overall, in year-to-date figures, the days on market has decreased by 21.9%. The months supply of inventory has also decreased to just 7.4 months, from 10.3 months during the same time last year.

Interestingly, the number of new properties for sale has not changed significantly from last years figures with 34 new properties coming onto the market in August 2014, compared to 35 last year. Overall, 496 new properties have been listed in Ridgefield in 2014 compared to 506 by this time last year.

For a full graphical analysis of Ridgefield’s August 2014 real estate market, download the report. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.