How’s The Spring Market?
That seems to be the most asked question in Ridgefield Real Estate this year. And my answer is – it’s pretty much the same as last year. Although anecdotally Realtors feel like it’s been a slow spring due to all the rain, in reality the stats reflect the same number of house sales as at this time last year, with Median Values down about 4% , and Average Sales Price up over 5% year to date.
To see an overview of how May 2019 looked, you can click for a snapshot of the market.
Number of Sales & Sales Price
The number of Closed Sales year to date is 106 in 2019 vs 103 in 2018. In May, we saw 30 properties close as compared to 27 in 2018. The Average Sale Price in 2019 is $707,255, while it was $670,512 in 2018. This represents an increase overall of 5.5%. May showed an Average Sales Price of $674,884, with $678,931 last year.
In terms of Median Sales Price, 2019 showed a median of $600,500, which is down 4.3% over 2018 during the same period. In May, the price also reflected a downward trend of 3.6% with the median value sitting at $627,500 as compared to $651,000 in 2018.
Looking ahead over the next couple of months, Ridgefield single-family homes have experienced an increase in the number of homes going under contract; far exceeding this time last year. Currently, in May we have almost doubled the number of homes in contract compared to last year at 71, compared to 36 at this time last year. Year to date, there are 173 homes that have entered contract, as compared to 127 last year.
Days on Market & Inventory
The number of New Properties For Sale since the beginning of the year sits at 384 in 2019 as compared to 334 in 2018. In May we saw a 47% increase in the number of new homes listed for sale with 119 entering the MLS compared with 81 last year.
Even with the large number of new listings, the Months Supply of Inventory is 48% lower than in May 2018 with only 5.6 months available.
With the large number of properties currently under contract and the run of better weather, we hope to see a continued upward trend in the number of sales. Values seem to be flat but we are still experiencing multiple offer situations on properties that are priced properly and meet buyers expectations – some changeable, some not. Properties in town are commanding a higher price and selling quicker than those further out (not changeable) and homes that are renovated and updated in today’s trends are also more competitive (changeable).
If you would like to find out what your home is worth or how we can help you get it ready for sale, don’t hesitate to contact us.
Click here to see a price breakdown of the Ridgefield Real Estate Market.
May Market Snapshot