January 2016 was a solid month for Ridgefield real estate, with the median sales price staying relatively constant and the number of properties going under contract increasing 83% over January last year. Inventory is down, and homes are spending less days on average on the market than the same time last year.
MEDIAN SALES PRICE and CLOSED SALES
The median sales price for January 2016 was $585,000, which represents a decrease of 5.6% when compared to January 2015. The number of closed sales was also down from 18 in 2015 to 14 during January this year.
PROPERTIES UNDER CONTRACT
Despite the fact that the number of closed sales was down, the number of properties that entered escrow this month rose by 83% with 33 properties going under contract compared to 18 in January last year.
DAYS ON MARKET and INVENTORY
The average days on market was down to only 100 days this month – a decrease of 18.7%. Last year, a house spent an average of 123 days on the market before selling. The months of supply of inventory has also decreased from 15.9 months in 2015 to only 8.5 months in January this year.
NEW PROPERTIES FOR SALE
There was a small decrease in the number of homes listed for sale in Ridgefield this month compared to January 2015. 42 homes were listed new, compared to 49 last year, representing a decrease of 14.3%
For a full graphical analysis of Ridgefield’s January 2016 real estate market,click here. You can also 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 01/31/16