Fall 2016 has started off with strong sales in the month of October. Year-to-date the total number of closed sales has surpassed last year, but median sales price is slightly down.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was up 18.5% at 32 compared to 27 last year, and we are up 10.8% overall in the year-to-date with 298 properties sold compared to 269 by the same time in 2015. There was a decrease in median sold price for this month from $672,500 to $617,000 representing an 8.3% decrease compared to October 2015. We are also slightly down from last year’s year-to-date with the median price standing at $643,150 compared with $665,000 by this time last year.
PROPERTIES UNDER CONTRACT
We are seeing a strong fall selling season with 54 properties going under contract in October, compared to only 28 during the same time last year – an increase of 92.9%. Overall, the fall market is up 21.1% compared to the same time in 2015 with 338 properties in escrow compared to 279 last year.
DAYS ON MARKET and INVENTORY
The number of days on market increased from 158 in October, 2015 to 202 this year. However, months supply of inventory is only 7.2 months compared to 15.3 months at this time last year.
See a full graphical analysis of Ridgefield’s October 2016 real estate market report, and take advantage of my complimentary Comparative Market Analysis to find out what your home’s worth.
For a breakdown of the Ridgefield Real Estate Market by price, view the October 2016 price snapshot.
* All data taken from Greater Fairfield County CMLS as of 06/01/2016