May 2016 was a great month for Ridgefield real estate. The number of properties opening escrow almost doubled in comparison to May of last year and lower inventory levels indicate that homes are moving. The median sales price has been catching up to that of last year’s market, with more than a $40,000 increase in the median sales price when compared to May of 2015. This is good news after a slow start to the year, especially in terms of median sales price.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down 7.7% at 24 compared to 26 last year, but we are up 12% overall in the year-to-date with 103 properties sold compared to 92 by the same time in 2015. There was an increase in median sold price for this month from $645,250 to $686,250 representing a 6.4% increase over May 2015. We are now on par with last year’s year-to-date with the median price standing at $638,000 compared with $640,000 by this time last year.
PROPERTIES UNDER CONTRACT
We continue to see a strong spring selling season with 58 properties going under contract in May, compared to only 36 during the same time last year. Overall the spring market is up 88.9% compared to the same time in 2015 with 181 properties in escrow compared to 123 last year.
DAYS ON MARKET and INVENTORY
The number of days on market decreased from 197 to 175 in May, 2016. Once again, we see another strong piece of evidence that the housing market is strengthening. Months supply of inventory is only 6.5 months compared to 12.7 months at this time last year. As inventory dwindles, it is a slight cause for concern for buyers, but sellers may want to jump into the market at this point.
See a full graphical analysis of Ridgefield’s May 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.
For a breakdown of the Ridgefield Real Estate Market by price, view the May 2016 price snapshot
* All data taken from Greater Fairfield County CMLS as of 06/01/2016