August 2018 was a great month in Ridgefield real estate. The number of closed sales was slightly down with 45 sales as compared to 50 in August 2017. However, the median sales price was up 6.2%. Many more properties went under contract this year compared to the same time last year, and the days on market is lessened by almost 20%. Compared to last year, inventory is still low, as is the number of new properties entering the market.
To see an overview of how August looked, you can click for a snapshot of the market.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 45 properties selling in August 2018 as compared to 50 in 2017. In YTD sales we are down 13.8% vs 2017 with 238 properties selling as compared to 276. The Median Sales Price rose to $648,000 compared with $642,500 in August 2017, while the YTD median sales price also rose by 0.9% over last year.
PROPERTIES UNDER CONTRACT
Continuing the positive news, the number of properties that opened escrow drastically increased over the same time last year with 37 properties going under deposit in August as compared to 29 last year. In the year-to-date deposits however, 2018 still lags behind with 251 properties under deposit as opposed to 262 by this time last year.
DAYS ON MARKET and INVENTORY
The months of inventory remain low at 9.4 months compared with 12.2 months last year. Also slightly alarming is the decrease in new properties coming on the market — year to date August 2018 posted 7.5% fewer properties than last year and the lack of inventory can be a concern for buyers as they look for their next residence. The average days on market has decreased by 20% over August 2017 with homes spending an average 129 days instead of 161 on the market before selling. Year to date, the average days on market time is sitting at 128 days, as compared to 175 days last year at this time.
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