Overall, it’s good news for home sales in Ridgefield this August! The number of properties that went under contract, median home sales price and number of new properties for sale were all up compared to August of 2014, while the number of days on market and the supply of inventory were down – a good sign that the market is performing well.
MEDIAN SALES PRICE and CLOSED SALES
The median sales price for August 2015 was $697,500, which exceeds the median sales price in August 2014 of $639,250 by 9.1%. It also exceeds the YTD sales prices of both 2014 and 2015. The number of closed sales was down reflecting a slower start to the summer market with only 31 homes selling in August 2015 compared to 38 during the same time last year.
PROPERTIES UNDER CONTRACT
I was pleasantly surprised to see that more properties entered escrow during the month of August by a margin of 21.6% over August of last year. There were 45 homes under contract compared to 37 last year. Overall, the number of properties under contract in the year to date for 2015 is on track with last year – 255 in 2014, as compared to 252 in 2015.
DAYS ON MARKET and INVENTORY
The average number of days on market also decreased by 15.7% from 121 days in August 2014 compared to 102 days this year indicating buyers are still purchasing if homes that are priced well and in good condition come on the market.
NEW PROPERTIES FOR SALE
In more good news, there was an increase in the number of homes listed for sale this month, jumping from 34 in August 2014 to 40 during the same time period this year. This represents an increase of 17.6%. Year to date, there was also an increase in the number of new properties for sale from 496 in 2014 to 535 in 2015.
For a full graphical analysis of Ridgefield’s August 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.