February Market – Ridgefield
Despite the blizzard, Unit Sales for the month of February outpaced 2012 by nearly 6% and key indicators show that the market is improving. The Sales to List Ratio improved by 2.2% versus one year ago with homes selling at approximately 96% of their list price. Inventory is actually down 13% over the same period last year, bringing the Months of Supply down to 10.3%. Both the Median and Average Sales Price are down 21% and 28% respectively.
In summary, unit sales are continuing to climb and prices seem to have bottomed out, especially for certain price segments such as homes priced under $1,000,000 in a desirable location, updated and in good condition. We are also experiencing increased showing activity and, in some cases, multiple offers. As unit sales continue to improve and inventory starts to decrease values will slowly start to rise, provided the economy continues to show signs of improvement. With the stock market up in recent days, analysts are more positive with their outlook on the housing market. Real Estate is very local and if the launch of our Spring selling season is any indication, Ridgefield is on its way to the best season in years!