Ridgefield’s 2019 Mid-Year Market Report
Ridgefield Market Snapshot
Ridgefield single family home sales are on par when compared to the same time last year. 150 homes sold during the first six months of the year, as compared to 147 in 2018. The median sales price stayed exactly the same at $625,000, while the total sales volume made modest gains ending the mid-year 4.5% higher than 2018 at $104,368,182. Even going back to 2017, we have seen the number of sales and the median sales price remain essentially flat, while the overall sales volume has fluctuated from a high in 2017 of $125,473,815 to a low in 2018 of $99,906,250.
While the median sales price remained the same year over year, we saw gains in the average sales price, which bodes well for the market as it indicates a general increase in what buyers are willing to pay. Year-to-date the average sales price was $695,788 – a 3.8% increase over the 2018 price of $670,512. This may sound modest, but considering 2017 had a high of $704,797, it indicates we are trending in the right direction. The months of inventory was slightly lower fluctuating between 8 and 15 months, while the list to closed price ratio was up over previous years at 96.7%.
The Luxury Market
Luxury market sales in Ridgefield – defined as homes selling for $1.5 million and above – have seen a huge uptick since this time last year, and in fact, are the strongest we’ve seen since 2016. There have been seven sales to date, compared to only one in 2018, two in 2017, and nine in 2016, while other Fairfield County towns, generally known for their luxury market, have flattened and reported less than stellar results so far this year. Traditionally, demand for these properties is strongest towards the end of the year so we hope to see this segment of the market continue to do well. There are currently an additional three homes under deposit set to close in the next few months and we’ve noticed that in the higher price points it is the motivated seller who is seeing the best results in the least amount of time.
Fairfield County Snapshot
The results are truly mixed for Fairfield County as a whole in the first half of 2019. Overall, median sales price was down throughout the county, as was total sales volume, but the number of unit sales increased in many towns. Traditionally strong commuter towns such as Darien and Greenwich had opposite results with Darien showing an increase in unit sales but the greatest decrease in median sales price in the county, and Greenwich showing an in increase in price but a decrease in the number of sales. Westchester County has also seen a decrease overall in the number of unit sales with median and average sales values down across the board. Looking ahead, we hope to see a more balanced market with supply and demand bringing prices back into alignment.
Looking Ahead
The spring market never seemed to materialize but we are seeing an increase in activity in the early summer months. Buyers continue to be in the driver’s seat in 2019 and sellers would be wise to make sure that their home is show ready before listing it for sale. Now, more than ever, it is important that these properties check off as many of the buyers’ boxes as possible. We continue to see in-town properties and those sporting the latest design trends garner top dollar. Inventory for small to medium-sized homes that are in turn key condition continues to be a challenge as baby boomers looking to downsize, and millennials looking to buy their first home, often overlap in what they desire. We are cautiously optimistic that Ridgefield Real Estate will remain steady. We are seeing 63% of sales coming from the purchase of homes under $700,000 indicating middle-class earners continue to find Ridgefield a desirable place to live with its access to great schools, major urban centers and exposure to a vibrant arts and leisure community.
