Ridgefield Market Report : 2014 Mid-Year Review
The Housing Recovery Continues.
At first glance it appears the momentum over the past two years has stalled. We need to remind ourselves that 2013 was a breakaway year for the local real estate market here in Ridgefield. We experienced a 37% increase in unit sales when comparing the first 6 months of sales in 2013 vs. 2012. We ended 2013 with a 45% increase in unit sales over 2012. Those are signs of significant shifts, further demonstrating the market is in recovery mode. The 15.2% decrease in 2014 sales for the first 6 months is a direct reflection of an extremely harsh winter. Q1 2014 unit sales were 27.4% below the same three-month period in 2013. Typically, by March the Spring Selling Season should be in full swing, but we did not start to see business pick-up until mid-late April. Unit Sales from April through June 2014 fell short 7.8% when compared to the same period in 2013, proving that fewer buyers were in the market this winter, and resulting in fewer Q2 closings. Most promising, however, is that the Median Sales Price for a home in Ridgefield increased by nearly 17% to $690,000 when compared to the median price of $590,000 in the first 6 months of 2013. The Unit Sales by Price Category Chart reveals that we are selling a greater number of higher priced homes than we did in 2013 indicating consumers are confident about investing in Ridgefield.
Supply and Demand.
Inventory is down slightly when compared to June 2013. Many predicted there would be a significant number of new homes hitting the market this spring, but this did not materialize. With lower than expected inventory levels in the more popular price segments, homes that were priced properly, updated and show ready sold quickly.
I predict that the current trend of steady, reasonable growth will continue through the end of the year. With consumer confidence at its highest since 2007, and interest rates remaining historically low, buyers still feel the urge to buy – especially those properties which reflect good value. Ridgefield continues to attract families looking to settle in a community that offers a wonderful quality of life, award winning schools and a vibrant downtown center with many new destinations.