Ridgefield Q1 2017 Market Report
The first quarter of 2017 has been a busy one for us here at Karla Murtaugh Homes. We have sold five properties already this year, with five more under contract and seven properties under agreement.
Overall, in Ridgefield the first quarter of 2017 has shown strong unit sales with 72 properties sold already. This exceeds the 68 properties sold in Q1 of 2016. There are also 48 properties under contract, surpassing last year by more than 50%, and 59 properties under deposit – a more than 40% increase over 2016.
Market inventory is decreased with only 239 properties currently for sale. This is approximately 8% less than during the same time last year. As the weather warms and trees bloom, we expect this number to rise.
The median sales price for combined single family homes and condominiums currently sits at $583,875, while at the end of 2016 the median sales price was $610,000. While this represents a drop of 4%, we expect to see an uptick in this marker with the influx of a large buyer pool coupled with creeping mortgage rates and a continued strong economy.
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