2017 has started out with a bang. Median sales price, number of homes sold and number of new homes listed for sale have all increased. The warm weather throughout the winter months seems to have boosted sales, and we hope to see the increased market movement continue. Consumer confidence appears to be increasing, and as mortgage rates threaten to rise slightly, more buyers are taking advantage of available inventory.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 33% compared to January 2016 with 20 homes sold compared to 15 at the same time last year. The median sales price was also up from $590,000 to $650,000 in 2017 – an increase of 10.2% – which is great news for sellers. We have even seen updated, well-priced homes receive multiple offers.
PROPERTIES UNDER CONTRACT
The number of properties that went under contract also increased over last year with 35 homes entering escrow compared to only 14 in January 2016. This represents an increase of 150% over last year. The number of new properties listed for sale also increased 19% from 42 to 50 during the same time this year.
DAYS ON MARKET and INVENTORY
The number of days on market increased from 112 in January, 2017 to 190 this year. However, the months supply of inventory is only 7.8 months compared to 21.8 months at this time last year. We are hoping to see more inventory come on the market in the upcoming few months.
For a breakdown of the Ridgefield Real Estate Market by price, view the January 2016 price snapshot.
* All data taken from Greater Fairfield County CMLS as of 02/01/2017