Ridgefield Market Report for November 2014
Overall, sales figures are down for single family home sales in November 2014 as compared to the same time last year. This is also true in the overall year to date.
MEDIAN SALES PRICE and CLOSED SALES
November 2014 saw the median sold price of a property in Ridgefield decrease significantly from $757,000 in 2013 to $538,500 in 2014, representing a 28.9% drop. The number of closed sales also decreased to 14 in November 2014, compared to 18 during the same time period last year. Overall, on the year-to-date, the median price has increased 2.5% over 2013, rising from $650,000 to $666,000. Closed sales are lower than the same time period last year with a total of 296 properties closing since the beginning of the year compared to 355 by this time least year, a decrease of 16.6%.
PROPERTIES UNDER CONTRACT
Reflecting strong interest by buyers in November of this year, the number of properties under contract increased by 52.0% over the same time last year, with 38 entering escrow compared to 25 last year. In the year-to-date figures, 330 properties have opened escrow since the beginning of 2014, as compared to 349 over the same time period last year.
DAYS ON MARKET and INVENTORY
The days a listed home spends on the market increased in November 2014 with properties spending an average of 152 as compared to 129 days during the same time last year. Overall, in year-to-date figures, the days on market has decreased by 22.4%. The months supply of inventory has also decreased to just 8 months, from 12.3 months during the same time last year.
NEW PROPERTIES FOR SALE
The number of new properties listed in November totaled 16, which is down from last year’s 23 properties. In the year-to-date figures, 2013 outpaced 2014 for properties listed 633 to 610, a decrease of 3.6%.
For a full graphical analysis of Ridgefield’s November 2014 real estate market, Comparative Market Analysis to find out what your home’s worth.