February continues to show increased momentum over the same time last year with an increase in the number of single family homes sold, number that entered escrow and the number of new properties listed.The median price continues to remain mostly flat however, with a 2.7% decline over February 2014.
MEDIAN SALES PRICE and CLOSED SALES
February 2015 saw the median sold price of a property in Ridgefield decrease from $610,750 last year to $594,000 this year. This represents a 2.7% drop. Overall in year-to-date figures, the median price has dropped from $686,000 to $619,500 representing a 9.7% reduction. The number of closed sales actually increased to 12 from 10 during February, and overall sales up are up for the year-to-date from 26 in 2014 to 30 in 2015.
PROPERTIES UNDER CONTRACT
Reflecting continued strong interest by buyers, the number of properties that went under contract in February 2015 soared by 125% over the same time period last year, with 36 properties entering escrow compared to just 16 last year. In year-to-date figures 2015 has seen 57 properties enter escrow compared to 37 in 2014, representing an increase of 54.1%
DAYS ON MARKET and INVENTORY
The Average Days On Market decreased in February 2015 with properties spending 135 days on the market as compared to 199 days during the same time last year. The Months Supply of Inventory has also decreased to just 6.8 months, down from 16.3 months during the same time last year.
NEW PROPERTIES FOR SALE
The number of new properties listed in February totaled 47, which is up from last year’s 31 properties. So far in 2015 a total of 96 properties have been listed for sale, compared with 74 during the same time last year.
For a full graphical analysis of Ridgefield’s February 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.