September was a positive month for Ridgefield single family housing sales. The median sales price held fairly steady, while the number of units sold increased. The number of days a property spent on the market decreased by 45% over the same time last year, indicating properties are still in demand by buyers, and the number of properties that entered escrow (went under contract) increased by 144%! The number of closed sales year-to-date is still lagging behind the same time last year, but the overall median sales price is up over 2013. In my opinion, it’s a strong fall market for sellers, and as interest rates remain low, a great time to invest as a buyer.
MEDIAN SALES PRICE and CLOSED SALES
September 2014 saw the median price of a property in Ridgefield decrease very slightly to $697,500 from $702,000 in 2013 (0.6%), while the number of properties sold increased to 33 in September 2014, compared to 27 during September of last year. Overall, on the year-to-date, the median price has increased 6.0% over 2013, rising from $642,250 to $681,000. Closed sales are lower than the same time period last year with a total of 270 properties closing since the beginning of the year compared to 314 by this time least year, a decrease of 14%.
PROPERTIES UNDER CONTRACT
Reflecting a good end to the quarter, the number of properties under contract in the month of September increased by 143.8% over the same time last year, with 39 entering escrow compared to 16 last year. In the year-to-date figures, 276 properties have opened escrow since the beginning of 2014, as compared to 301 over the same time period last year.
DAYS ON MARKET and INVENTORY
The days a listed home spends on the market continues to decrease in 2014 with properties spending an average of 127 days on the market during September 2014, as compared to 232 days last year. Overall, in year-to-date figures, the days on market has decreased by 24.6%. The months supply of inventory has also decreased to just 9.3 months, from 21.0 months during the same time last year.
NEW PROPERTIES FOR SALE
The number of new properties listed in September totaled 59, which incidentally almost equaled the 58 new properties that were listed for sale in September 2013. In the year-to-date figures, 2013 outpaced 2014 for properties listed 564 to 555, a decrease of 1.6%.
For a full graphical analysis of Ridgefield’s September 2014 real estate market, download the report. You can also take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.