August 2014 saw both the number of sales and the median price drop as compared to the same time last year. However, when you look at the year-to-date figures, the median price is still $40,000 higher than last year, even though unit sales are lower. Inventory, days on market, new properties listed and the number of properties under contract (entering escrow) remain fairly constant – a good sign that the market is stable. I’m looking forward to a continued positive market, and maintain that with record low mortgage rates still in effect, its a good time to buy or sell.
The number of closed sales decreased from 50 in August 2013 to 37 this year, representing an 26.0% decrease over last year. Total closed sales to date figures also follow this trend with 287 sales in 2013 compared to 236 in 2014.
MEDIAN SOLD PRICE
The August median sales price decreased 18.4% from August 2013 with the median price being $633,500 compared to $776,500 last year. Overall, year-to-date figures however, show an increase in the median sales price from $637,500 in 2013 to $677,500 this year. That represents a $40,000 or 6.3% increase.
PROPERTIES UNDER CONTRACT
Encouragingly, the number of properties under contract in the month of August was substantially higher than during the same time period last year. 48 properties are currently under contract compared to 34 last August–an increase of 41.2%. In the year-to-date figures, 273 properties have opened escrow since the beginning of 2014, as compared to 285 over the same time period last year.
DAYS ON MARKET and INVENTORY
The days a listed home spends on the market continues to decrease in 2014 with properties spending an average of 124 days on the market during August 2014, as compared to 142 days last year. Overall, in year-to-date figures, the days on market has decreased by 21.9%. The months supply of inventory has also decreased to just 7.4 months, from 10.3 months during the same time last year.
NEW PROPERTIES FOR SALE
Interestingly, the number of new properties for sale has not changed significantly from last years figures with 34 new properties coming onto the market in August 2014, compared to 35 last year. Overall, 496 new properties have been listed in Ridgefield in 2014 compared to 506 by this time last year.
For a full graphical analysis of Ridgefield’s August 2014 real estate market, download the report. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.