October 2018 showed prices holding steady as compared to 2017, but there was a decrease in the number of properties sold. The month ended with the number of closed sales at 18 properties compared to 28 last year, which is disappointing. However, many more properties opened Escrow in October 2018 than 2017, reflecting anecdotally what we saw as a busy start to the fall market. The median sales price was up 6.6% over last year at this time, and was on par year-to-date. Inventory is at a record low and overall the number of properties entering the market is lower compared to 2017.
To see an overview of how October looked, you can click for a snapshot of the market.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with 18 properties selling in October 2018 as compared to 28 in 2017. In YTD sales are down 13.6% vs 2017 with 280 properties selling as compared to 324. The Median Sales Price increased to $670,000 compared with $628,750 in October 2017, while the YTD median sales price was equal to the same time last year.
PROPERTIES UNDER CONTRACT
The number of properties that opened escrow was way above the same time last year with 49 properties going under deposit in October as compared to 28 last year. That is a 75% increase. With regard to the year-to-date deposits, there are 314 as compared to 317 by this time last year.
DAYS ON MARKET and INVENTORY
The months of inventory is almost half of last year with old 6.2 months of inventory available compared to 11.8 last year. The number of new properties entering the market is still cause for concern with only 48 new properties listing this past month. The average days on market decreased slightly over October 2017 with homes spending an average 106 days instead of 149 on the market before selling. Year to date, the average days on market time is sitting at 129 days, as compared to 169 days last year.
Click here to see a price breakdown of the Ridgefield Real Estate Market.
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