Spring Forward – It’s Daylight Savings Time Again!

On Sunday, March 8th remember to set your clocks ahead one hour. I know it doesn’t seem like the snow will ever end, but the long days of summer will be here before we know it!

Changing the clock twice a year is also a good time to change the batteries in your smoke detector. The Ridgefield Fire Department recommends smoke and carbon monoxide detectors be installed inside every bedroom, and on every level of the home. There are models available that are all connected, so that when one sounds, they all sound. Also, a Ridgefield Town Ordinance requires that all monitored fire alarm systems in Town be registered with the Ridgefield Fire Department. The registration is required to assist the Fire Department in responding to an alarm from a home or business. There is no fee for this registration and you can find the form on the Ridgefield Fire Department “Forms & Applications” page.

In case of a fire in your home, it may also be advisable for your family to have a Knox Box. Knox boxes are key lock boxes purchased by residential and commercial property owners for emergency access to their property. They are mounted near the entrance to the property and hold keys, electronic access cards, floor plans and other vital emergency information. The key to the Knox box is secured on Fire Department emergency vehicles so that the Fire Department can have immediate emergency entry when responding to an alarm. Having a Knox box prevents costly forced entry damage and enables the Fire Department to secure a building after the emergency.

For more information about fire safety, burning permits and other Ridgefield fire-related regulations, visit the Ridgefield Fire Department website.

Ridgefield Market Report for February 2015

February continues to show increased momentum over the same time last year with an increase in the number of single family homes sold, number that entered escrow and the number of new properties listed.The median price continues to remain mostly flat however, with a 2.7% decline over February 2014.

February 2015 saw the median sold price of a property in Ridgefield decrease from $610,750 last year to $594,000 this year. This represents a 2.7% drop. Overall in year-to-date figures, the median price has dropped from $686,000 to $619,500 representing a 9.7% reduction. The number of closed sales actually increased to 12 from 10 during February, and overall sales up are up for the year-to-date from 26 in 2014 to 30 in 2015.

Reflecting continued strong interest by buyers, the number of properties that went under contract in February 2015 soared by 125% over the same time period last year, with 36 properties entering escrow compared to just 16 last year. In year-to-date figures 2015 has seen 57 properties enter escrow compared to 37 in 2014, representing an increase of 54.1%

The Average Days On Market decreased in February 2015 with properties spending 135 days on the market as compared to 199 days during the same time last year. The Months Supply of Inventory has also decreased to just 6.8 months, down from 16.3 months during the same time last year.

The number of new properties listed in February totaled 47, which is up from last year’s 31 properties. So far in 2015 a total of 96 properties have been listed for sale, compared with 74 during the same time last year.

For a full graphical analysis of Ridgefield’s February 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.