Ridgefield Market Report for February 2014
February 2014 unit sales of Single Family Homes in Ridgefield were strong when compared to the same time last year, and when comparing the year to date results. Overall, I’m very optimistic that the market will continue to improve with a slow and steady rise in sales price and a decreased days on market as we start to build inventory.
The Median Sales Price of a single family home increased in February to $610,000 from $436,250 a year ago, however the number of units sold dropped from 18 to 10. The year to date sales showed the same trend with the unit sales figures dropping from 38 to 26, but the median price increasing from $507,500 YTD 2013 to $686,000 YTD 2014. Typically, the low number of closed sales during this time of year can be attributed to the busy holiday season, however early 2014 sales were further impacted by the weather including storms and frigid temperatures.
The number of homes the went under contract in the month of February was 37, as compared to 29 last year despite the horrible weather conditions. I feel a good number of buyers have chosen to delay viewing and purchasing homes until slightly later in the season.
The Average Days on Market in February also showed a marked decrease from last year with 199 days compared to 239. February Months Supply of Inventory and new Properties for Sale also decreased relative to last year’s numbers. It is clear we have more buyers than inventory in certain price segments. We expect this trend to continue into the spring selling season, which is good news for sellers deciding to list early.
For a full graphical analysis of Ridgefield’s February market, download the report here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.