Summer 2015 Yields A Decrease In The Number Of Sales, Particularly In The Luxury Market.
After the noted Ridgefield Real Estate recovery in 2013 and 2014, the market seems to be slowing to more traditionally sustainable levels. Overall, single family home sales remain healthy, but July, August and September 2015 heralded fewer Unit Sales and a lower Sales Dollar Volume than during the same time last year. The Median Sales Price increased slightly over Q3 2014 and homes generally sold for about 97 percent of asking price, which is consistent with years past.
The higher end market sales declined significantly from last year’s levels with only 22 properties over $1 million selling compared to 43 in Q3 of last year, representing a 27 percent decrease. In the luxury $1.5 million and over category, we had only one sale compared to eight during the same time period in 2014.
UNIT SALES AND PRICE
The third quarter saw a drop of 20 percent in sold dollar volume for single family homes in Ridgefield from a total of approximately $95 million sold in 2014 to $76 million this year. The number of closed sales also decreased from 119 in 2014 compared to 103 this year. The median sales price actually increased 2.4 percent to $683,150 compared to last year’s $667,250. This is a good indicator that home values are remaining stable or even increasing slightly. The average sale price of a single family home in Ridgefield currently stands at $742,746. Condominium sales improved with a total of 26 properties sold in Q3 2015 versus only 18 during the same time last year. The median price of a condo also increased to $268,917 from $246,333.
GOOD NEWS FOR SELLERS
For the first time in a number of years we have seen multiple offer situations, homes selling for over their list price, and homes selling within days of becoming available for purchase. In general, homes that are priced properly, in a good location (often close to town), updated, and well cared for are enjoying quick market times and a good return on investment. Updated kitchens and bathrooms, as well as the presence of a generator and a mudroom continue to be in high demand.
INVENTORY AFFECTING BUYING DECISIONS
Buyers seem to be generally well informed and market savvy. Interest rates are still at all-time lows and buyers are looking to find homes they perceive as having good value. Currently, we have 271 single family homes listed for sale in Ridgefield. In Q3 the inventory time (the number of months it would take to sell all the listed homes) was 9 months, compared to 7 months in 2014. Interestingly, homes are spending a few less days on the market with the average market time 110 days in 2015 compared to 119 days in 2014.