Overall, April 2016 was a good month for Ridgefield real estate. The large number of properties opening escrow, along with the increase in the number of closed sales and the low inventory levels mean properties are definitely selling. Unfortunately, the median sales price still lags behind that of last year’s market. Hopefully, increasing demand for properties priced well and in good condition will drive market prices up.
MEDIAN SALES PRICE and CLOSED SALES
For April, the number of closed sales was up 33.3% at 24 compared to 18 last year, and we are up 19.7% overall in the year-to-date with 79 properties sold compared to 66 at the same time in 2015. Unfortunately, the median sales price for April continues to lag behind the same time last year at $658,500 in 2016, compared to $750,000 in 2015. Overall, in the year-to-date, the median sales price is down 10.2% over the same time last year.
PROPERTIES UNDER CONTRACT
We continue to see a strong spring selling season with 66 properties going under contract in April, compared to only 32 during the same time last year. Overall the spring market is up 55.2% compared to the same time in 2015 with 135 properties in escrow compared to 87 last year.
DAYS ON MARKET and INVENTORY
The number of days on market decreased from 260 to 153 in April, 2016. Overall, the days on market has stayed relatively the same as during the same time period last year. Months supply of inventory is only 6.6 months compared to 13.1 months at this time last year, indicating a strong market.
For a breakdown of the Ridgefield Real Estate Market by price, view the April 2016 price snapshot.
* All data taken from Greater Fairfield County CMLS as of 05/01/2016