Ridgefield Market Report For March 2015

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.

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.

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%.

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.

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.

KMMReport March 2015

Housing Market Is The Strongest In Years

According to the National Association of Realtors, a newly unveiled forward-looking housing index by Nationwide says the U.S. housing market is at its healthiest level since 2001. The Health of Housing Markets Report will analyze the housing health outlook on a quarterly basis throughout 373 metro areas.

The index’s current leading indicator score for the fourth quarter of 2014, was 109.8, the highest level in the 15 years of data already examined by the study’s authors. A reading of more than 100 suggests the national housing market is healthy and shows few signs of a housing downturn over the next year.

The healthiest housing markets in the country are Pittsburgh, Cleveland, and Philadelphia, according to the index. The report considers employment, demographics, the mortgage market, and house prices to determine the health of each market.

“The HoHM Report provides a look into the future instead of the rear view mirror,” says David Berson, Nationwide’s chief economist and senior vice president. “The quarterly report should serve as a resource to gauge how healthy housing markets are today but, perhaps more important, what to expect in the future and why.”

This week, the National Association of REALTORS® reported that its forward-looking index, which is based on signed housing contracts, showed pending home sales at the highest level since June 2013.

Our local housing market seems to be continuing this trend with healthy sales through February and March as compared to the same time last year. Buyers are out in force at most price points, and inventory is still relatively low. With mortgage rates also continuing to remain low, I expect the spring season to continue with strong sales. If you are thinking of putting your home on the market, now is a great time to sell. Buyers are ready – and we’re seeing more instances of multiple offer situations when homes that are in good condition and are priced well hit the market.

For more information about what your home’s worth, contact me today at 203-856-5534 or karla@karlamurtaugh.com