Ridgefield Market Report for December 2014
December showed mixed results in the Ridgefield single family home market. Although the Median Sales Price was slightly decreased at months end, 2014 finished strong with a higher Median Sales Price overall than the previous year. The Days On Market for both December year over year and 2014 overall was lower than previous, and the number of Closed Sales actually increased in December 2014 compared to December 2013. For full recap and analysis of the 2014 home market, please read our “Interpreting The Market Report” found in the February issue of Ridgefield Magazine, or come back and visit KarlaMurtaugh.com to download it.
MEDIAN SALES PRICE and CLOSED SALES
December 2014 saw the median sold price of a property in Ridgefield decrease from $650,000 in 2013 to $640,00 in 2014, representing a 1.5% drop. The number of closed sales actually increased to 35 in December 2014, compared to 34 during the same time period last year. Overall, on the year-to-date, the median price has increased 1.8% over 2013, rising from $650,000 to $661,500. Closed sales are lower than the same time period last year with a total of 331 properties closing since the beginning of the year compared to 389 this time least year; a decrease of 14.9%.
PROPERTIES UNDER CONTRACT
Reflecting strong interest by buyers in December of this year, the number of properties under contract increased by 30.0% over the same time last year, with 26 entering escrow compared to 20 last year. In the year-to-date figures, 346 properties have opened escrow since the beginning of 2014, as compared to 369 last year.
DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in December 2014 with properties spending an average of 187 days as compared to 218 days during the same time last year. Overall, in year-to-date figures, the days on market has decreased by 21.0%. The months supply of inventory has also decreased to just 10.1 months, down from 14.3 months during the same time last year.
NEW PROPERTIES FOR SALE
The number of new properties listed in December totaled 12, which is down from last year’s 21 properties. In the year-to-date figures, 2013 outpaced 2014 for properties listed 654 to 622, a decrease of 34.9%.
For a full graphical analysis of Ridgefield’s December 2014 real estate market, click here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.