April 2015 has seen an increase over last April in median sold price and properties that went under contract, but also an increase in average days on market and a decrease in closed sales. There are more properties for sale as well, along with fewer months supply of inventory.
MEDIAN SALES PRICE and CLOSED SALES
Last year, April’s median sold price was about $70,000 below the year-to-date price, but this year it is $110,000 above the year-to-date price, showing an increased sale of more expensive properties. The number of closed sales, however, decreased more than 20% this April compared to last April. The year-to-date sales are approximately the same, decreasing only by 2.9%.
PROPERTIES UNDER CONTRACT
The number of properties that went under contract in April 2015 is comparable to April 2014, only increasing by three this year. The year-to-date statistics are similar, decreasing this year by 4, a very modest change. April represented about 43% of total properties that opened escrow so far this year; last year April accounted for only approximately 38%.
DAYS ON MARKET and INVENTORY
April 2015 saw a significant increase in the average days on market compared to last year, increasing 47.7% (84 days). The year-to-date days on market remained approximately the same, seeing a small decrease of 2.7%. The months supply of inventory is lower this April, at 8.6 months this year compared to 9.9 months last year.
NEW PROPERTIES FOR SALE
There are slightly more new properties for sale this April, and a moderate amount more overall this year. There are 105 new listings this April compared to 103 last year, and 273 total this year compared to 263 total last year.
For a full graphical analysis of Ridgefield’s March 2015 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.