March 2018 continues to see many more properties taking deposits and going under contract, which is a good indicator of a strong spring and summer real estate market. We continue to see drastically low inventory levels, but that may be attributed to sellers’ hesitancy to list while we wait for the late season snow to dissipate. Overall, the number of year-to-date sales are lower than at the same time last year, however the median price of homes in Ridgefield has increased year-over-year.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 11 properties selling in March 2018 as compared to 18 in 2017. This represents a decrease of 39%. In YTD sales we are down 25% vs 2017. The Median Sales Price however, increased by 4% over the same time last year to $631,375.
PROPERTIES UNDER CONTRACT
The number of properties that opened escrow drastically increased over the same time last year with 62 properties going under deposit in March as compared to 24 last year. That marks an increase of 102%. Similarly, in the year-to-date deposits, there are 102 as compared to 61 by this time last year. we hope to see this trend continue as the weather warms up.
DAYS ON MARKET and INVENTORY
We are still dealing with an extreme shortage of properties available for sale this month. The months of inventory has decreased to only 4.5 months compared with 14.1 months last year. Sixty-eight new properties entered the market this month, compared with 72 in March of last year. The average days on market has decreased by 14% over March 2017 with homes spending an average of 191 days instead of 223 on the market before selling. Year to date, the average days on market time is sitting at 175 days, as compared to 209 days last year at this time.
Now is a good time prepare or list your home for sale. Feel free to contact me to discuss your needs, or for my complimentary Comparative Market Analysis to find out what your home’s worth in today’s market.
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