Compared to last year’s, this March has seen an increase in median sold price and in the number that entered escrow; however, there has been an increase in the average days on market, decreased number of closed sales, and a decreased number of new properties for sale.
MEDIAN SALES PRICE and CLOSED SALES
March 2015 saw an increase of 3.4% ($21,000) from March 2014 in median sold price; in contrast, the year-to-date figures have shown a decrease of 7.7% ($52,000) in average sold price. March has, overall, seen a higher median sale price than other homes so far this year. In terms of closed sales, this year’s March has had two fewer, which represents a 10.5% decrease. The year-to-date sales have increased by three, a 6.7% increase.
PROPERTIES UNDER CONTRACT
The number of properties that opened escrow this month increased by 18 compared to last year’s March, showing a strong increase of 69.2% and increased interest in the Ridgefield market. This year’s March accounted for more than 50% of the year-to-date properties that went under contract. March has consistently seen above average year-to-date sales compared to other months over the last two years. More properties have gone under contract so far this year than last year–84 compared 63–representing an increase of 33.3%.
DAYS ON MARKET and INVENTORY
The average number of days on market increased by 10, representing a 5.6% increase compared to last March. The months supply of inventory decreased by almost half to 6.6 months.
NEW PROPERTIES FOR SALE
There are more new listings so far this year than last year, with a modest increase of 5%. Fewer people listed their home in March this year, with a decrease of 16.3%.
For a full graphical analysis of Ridgefield’s March 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.