Ridgefield Market Report April 2018
April 2018 brings with it continued good news. Given the spring selling market was delayed by about 6 weeks due to inclement weather, we are now seeing properties taking deposits at a higher rate than normal. The number of new properties entering the market is about the same as last year, while the number of months of inventory is actually lessened somewhat indicating strong demand. Overall the number of properties up is higher than in April last year even though the YTD sales are slightly lower. The median value is also down slightly, however, as we push towards the summer, we hope to see those numbers rise as we catch up to the late spring start.
To see an overview of how April looked, you can click for a snapshot of the market
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up compared to the same time last year with only 28 properties selling in April 2018 as compared to 23 in 2017. In YTD sales we are down 11% vs 2017 with 75 properties selling as compared to 84. The Median Sales Price also slipped a little with April numbers posting 2.8% lower than last year, and the YTD sitting at $627,500 versus $629,500 in 2017.
PROPERTIES UNDER CONTRACT
The number of properties that opened escrow drastically increased over the same time last year with 67 properties going under deposit in April as compared to 35 last year. That marks an increase of 91%. Similarly, in the year-to-date deposits, there are 126 as compared to 96 by this time last year. We hope to see this trend continue.
DAYS ON MARKET and INVENTORY
We are still dealing with an extreme shortage of properties available for sale this month. The months of inventory has decreased to only 5.2 months compared with 11.5 months last year. Ninety-four new properties entered the market this month, compared with 99 in April of last year. The average days on market has decreased by 41% over April 2017 with homes spending an average of 125 days instead of 211 on the market before selling. Year to date, the average days on market time is sitting at 156 days, as compared to 210 days last year at this time.
Now is a good time prepare or list your home for sale. Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.
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