Single family home sales in October, November and December 2015 brought a much needed boost to the end of a roller-coaster year in real estate sales. The fourth quarter heralded a substantial increase in both the number of homes sold, as well as the overall dollar volume of transactions compared to the same time period last year. The Median Sales Price also increased, and homes generally sold for about 96 percent of their asking price – a slight decrease from the 97 percent we saw during the same time period last year.
The higher end market – typically defined as homes selling for greater than $1 million, also increased in the fourth quarter with 16 homes sold compared to only seven in 2014. In the luxury $1.5 million and above category, three homes sold this year compared to only one during the same period in 2014. Of note, the luxury homes sold all exceeded a $2.8 million price tag, indicating that the ultra high-end market may finally be recovering in Ridgefield.
PRICES REMAIN STEADY, BUT NUMBER OF SALES INCREASE
The fourth quarter saw an uptick of 54 percent in dollar volume for single family homes sold, increasing from approximately $39 million in 2014 to just over $60 million in Q4 2015. The number of closed sales also increased from 61 in 2014 to 79 this year – a difference of 30 percent. The median sales price bounced back from last quarter’s drop to stand at $610,000, a 4.2 percent increase over the $585,000 median price in Q4 2014. The average sales price went from $640,752 in Q4 2014 to $763,098, with the three ultra high-end sales probably contributing to the increase. The average number of days a house was listed for sale remained constant at 162 days.
Condominium sales in Q4 2015 were down significantly from the same time last year resulting in only seven sales compared to 14 last year. The median sales price of a condo in Ridgefield did increase, however, from $211, 500 to $280,000.
SALES FIGURES SLIGHTLY DOWN FROM LAST YEAR
In a year-to-year comparison, 2015 resulted in over $240 million in closed sales, with 321 homes sold at a median price of $655,000. 2014 results included $250 million in closed sales, with 331 homes sold at a median price of $661,500. To obtain a comprehensive year-end analysis of the Ridgefield Real Estate market, or if you would like to explore my forecast for 2016, contact me directly at Karla@KarlaMurtaugh.com or visit my website.