Holding Our Own
What a difference a few degrees makes! As soon as the weather improved, so did our local market here in Ridgefield. Weather has had a big influence as well as current economic conditions. We experienced an uptick in activity thanks to the positive news coming out of Wall Street regarding jobs and bonuses, the wake of a strong stock market performance and corporations transferring employees to the area again. Comparing unit sales for the first 6 months of 2011 vs. the same period a year ago, the largest increases were in the over $1,000,000 segment and under $500,000. So far this year, 27% of the unit sales have been in the $1,000,000+ segment vs. 18% for the same period 2010. The 10% increase in unit sales for homes priced under $500,000, demonstrates first time homebuyers are taking advantage of low interest rates and are now able to enter the Ridgefeld housing market. Unlike other markets across the nation, our home values remain steady in most price categories. Pending Sales for the last 3 months are up 42% when compared to the same period last year. Much of this data points to a slow, steady recovery. Remember, Real Estate is very local.
Moving in the Right Direction
Prices are higher in Fair!eld County and Connecticut on both a median price and price per sq. ft. basis. This seems to be due to increased activity in the higher price ranges. New Canaan and Westport continue to experience double digit increases in both unit sales and median sales price.