Sales Overall Remain Strong, But Q3 2021 Shows a Slowdown
The Ridgefield Real Estate market showed an impressive recovery last year in Q3 2020 after the shutdown in March and April due to Covid-19. While the overall year-to-date sales for 2021 exceed 2020, Q3 2021 in isolation does reflect the slowdown we have all been experiencing. Year-to-date, a total of 391 homes have sold outpacing 2020 by 7%, while the total sales volume stands 28% higher than 2020 at $364,737,937 vs $284,792,926.
In Q3 specifically, we have only seen 154 sales vs 207 in Q3 2020, representing a 26% decrease. Additionally, our total sales volume in Q3 2021 was down by 14% registering $142,539,000 vs $165,395,882. Sales in Q3 reflect deposits taken from May to August in most cases.
Our days on market and months of inventory continue at record low volume and continues to be a matter of concern given the number of buyers still looking to make the move to the suburbs. With in- office work returning, high crime in many urban areas, and stubbornly low interest rates, it behooves sellers looking to move to jump into the market.
Luxury Sales Are Strong
The biggest gains in Real Estate in 2021 have materialized in the Luxury Market (homes selling for greater than $1.5 million) however, sales are up in all price points over $1 million. In 2020, there were 66 homes that sold for over $1-million by this time constituting 18% of the total sales YTD. In 2021, that number climbed to 120, which represents 31% of the total sales. There were twice as many homes in the $1 million to $1.25 million category selling this year as compared to last, and in the $2 million and over category 14 homes have traded hands this year compared to only six in 2020.
Prices Are Up
The average sales price was up 16% in Q3 2021 and 19 % year-to-date. In year-to-date figures it sits at $932,834 vs. $7782,398 in 2020, and in Q3 it was $925,578 vs $799,014. The median sales price was up 15% in Q3 sitting at $828,500 compared to $720,000 and 22% in the year-to-date with 2021 registering a median value of $825,000 and 2020 $673,750. We have seen a good number of homes selling at or above their listed sale price in a short amount of time. Homes that are updated and priced properly are still often in receipt of multiple bids.
The market is still very busy although we are seeing the “panic” situation of late 2020 receding a little. Homes that are in good condition and priced correctly are still seeing lots of interest, but it is not as frenzied as in previous months. The lack of inventory is a concern as we move into the traditionally slower holiday season, but prices are still up and we hope for a more balanced market as we head into 2022. So, if you have been reevaluating your lifestyle and think that making a move would be good for you, now is the time! We offer a complimentary market analysis and would be happy to provide you with a concrete analysis of what your home is worth. For buyers, our expertise in negotiating in a strong seller’s market means you will get unparalleled representation in a competitive marketplace. Contact us today at 203-856-5534 or firstname.lastname@example.org