March 2014 unit sales of Single Family Homes in Ridgefield were lower as compared to the same time last year, dropping to 19 from last year’s 24. The same holds true for the Q1 2014 results where only 45 homes sold as compared to 62 in Q1 of 2013. This represents an approximately 29% drop in sales, which could be attributed to the unseasonably bad weather we experienced in January, February and March of this year.
The Median Sales Price of a single family home, however, showed a favorable increase in dollar value in Q1 2014 rising from $527,750 to $680,000. The March 2014 figures also follow this trend increasing to $619,000 from $562,500 a year ago. The Average Days on Market decreased by 15.4% from Q1 2013 to Q1 2014, and 30.8% when comparing the month of March alone. These two indicators would seem to point to a strong demand for homes in good condition that are priced appropriately.
The number of homes the went under contract in the month of March was 52, as compared to 32 last year, while the Months Supply of Inventory decreased to only 5.9 months compared to 11 months last year. The number of New Properties for Sale in March 2014 outpaced 2013 86 to 70, but overall we are still lagging behind when looking at the number of new properties listed overall in Q1 2014.
For a full graphical analysis of Ridgefield’s March and Q1 2014 real estate market, download the report here. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.