February continues to be a banner month for Ridgefield real estate. Buyers are out in force and there is almost not enough inventory to go around. With the unseasonably warm weather, home sales have been uncharacteristically large resulting in multiple offer situations. With the stock market rallying, increasing consumer confidence and the threat of rising interest rates, people are again seeing real estate as a stable and worthwhile investment.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 21% compared to February 2016 with 23 homes sold compared to 19 at the same time last year. Year-to-date the market has seen a 26.5% increase in the number of sales. The median sales price was also up from $550,000 to $582,750 in 2017 – an increase of 6.0%. Overall, year-to-date 2017 has seen an increase in median price of almost 5%.
PROPERTIES UNDER CONTRACT
The number of properties that went under contract took a huge jump over last year with 40 properties under contract compared to only 18 in 2016. This represents a 122% increase. Overall in 2017 we have seen an 87.5% increase in buyers jumping into the market, with 60 properties going under contract since the beginning of the year, compared to only 32 last year.
DAYS ON MARKET and INVENTORY
We are seeing an extreme shortage of properties available for sale this month. The months of inventory has decreased to 7.7 months, and only 72 properties entered the market this month. This is very similar to the number listed last year, but we have seen an increase in the number of buyers. This has resulted in multiple offer situations already being seen. Interestingly enough, the average days on market has increased. This number is skewed by stale inventory.
For a breakdown of the Ridgefield Real Estate Market by price, view the February 2016 price snapshot. Also, see a full graphical analysis of Ridgefield’s February 2017 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.
We continue to lead the market with the most comprehensive, proven marketing initiatives allowing your home to be in front of the widest audience possible on a local, regional, national and global level. We recognize your home is your biggest asset and both Buyers and Sellers experience an unparalleled level of customer service when working with us.
* All data taken from Greater Fairfield County CMLS as of 03/01/2017