Overall, February 2016 was a stellar month in Ridgefield real estate. Due in part to the cooperation of the weather, the number of homes that sold, went under contract or were newly listed increased significantly over the same time period last year, driving a very healthy start to the year.
MEDIAN SALES PRICE and CLOSED SALES
Unfortunately, the median sales price for February 2016 was down compared to last year during the same time landing at $545,000 compared to $665,000. Overall, on the year to date the median price sits at $580,000 compared to $620,000 last year. The number of closed sales, however, increased by 38.5% from 13 to 19.
PROPERTIES UNDER CONTRACT
The largest gains came in the property that went under contract in the month of February. Rising from 18 in 2015 to 46, this represents a 155.6% increase. In the year-to-date the number of properties under contract sits at 66 compared to 36 last year – an increase of 83.3%
DAYS ON MARKET and INVENTORY
Interestingly, the number of days on market increased from 145 in 2015 to 202 in February 2016. Overall, the days on market increased by 22% or 29 days over the same time period last year.
NEW PROPERTIES FOR SALE
The new properties for sale also increased significantly from February of 2015 with 75 new listings appearing on the market this month, compared to 47 last year.
See a full graphical analysis of Ridgefield’s February 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.
* All data taken from Greater Fairfield County CMLS as of 02/29/16