Local Market Confidence.
The movement in the Ridgefield housing market during the first half of 2013 has given us confidence that property values have stabilized, while unit volume has increased substantially, rising 37% when compared to the same period in 2012. Clearly, we are moving in the right direction. For the month of June alone, unit sales were the highest they have been since June 2005. Equally important, pending sales for May and June are 50% higher than the same period in 2012. We estimate sales will remain strong in the near term and that we should actually see a slight increase in certain price segments.
The Price Factor.
Homes priced under $800,000 continue to outpace 2012 results. The usually strong $800,000-$900,000 category is lagging behind 2012 by over 27%, mainly due to lack of inventory. A common factor across all price points however, is that buyers expect a home to be in “move-in” condition at the time of sale. I can point to numerous examples where turnkey condition homes have translated into shorter days on market and multiple offers.
Supply and demand has become a key topic in today’s market. Inventory is light in certain price segments, therefore making it tough for qualified buyers to purchase a home. Buyers recognize that the time to act is now, and are serious about purchasing. In general, we are experiencing increased sales month after month, and seeing reduced inventories and improved median prices. This presents a good environment for both buyers and sellers.