The Ridgefield Press: Sales Up, Values Down
This week, the Ridgefield Press published their take on the 2017 real estate market, as well as insights about the fourth quarter, using some of the key findings from our recent analysis.
Ridgefield’s real estate market showed steady growth in 2017, with 22 more single-family homes being sold than in 2016. The total sales volume was also up from $259,407,724 in 2016 to $273,224,044 last year — good for a 5.3% increase.
Despite the increased sales volume, the average sales price of homes went down, from $745,424 in 2016 to $738,443 in 2017. The median sales price didn’t change much but did show a small increase, from $640,000 in 2016 to $642,500 in 2017.
The strongest part of Ridgefield’s real estate market was homes listed below $800,000.
Realtor Karla Murtaugh of Neumann Real Estate noted that sellers in the middle to high range might have better luck, thanks to low inventories on the market.
“We’ve also noticed a shortage of inventory in the $600,000 to $800,000 range, so if you are thinking of selling in this price range, now might be a good time,” she said.
Those looking to buy could see a good return on their investment.
“With mortgage rates remaining historically low and the market essentially flat, the promise of upside potential is enticing to many buyers,” Murtaugh said.
The fourth quarter market was slower in 2017 than in 2016.
Between October and December of 2017, 76 homes sold compared to 84 homes sold over that same period in 2016.
Although sales volume dropped in the fourth quarter, the average sale price rose to $711,373 — up from $689,337 over the same three-month period in 2016.
The median price also saw a boost, up from $607,000 in the fourth quarter of 2016 to $648,750 in 2017.
Days on market
Ridgefield homes sat on the market 173 days on average in 2017 — a week longer than the 166 days on average in 2016.
The fastest selling homes for 2017 were those priced below $499,000, which sold within two months on average. Homes priced for more than $750,000 but still under $999,000 also sold relatively quickly, with an average time on the market of eight and a half months.
Homes priced above $1 million took a little longer to sell, with homes in the $1-million to $1.49-million range taking eight and a half months to sell. Homes priced at $1.5 million and up remained on the market for an average of 30 months.
Shift to equality
Murtaugh said that one shift to notice heading into 2018 is when people are buying homes.
“To have the number of properties closing in the spring (116 properties) equal those in the summer (117 properties) is unusual,” she said of 2017.
“The general takeaway is that — with increased online visibility and ‘armchair‘ real estate — no matter the season, buyers are willing to purchase if they find what they like.”
If you haven’t already done so, remember to check out the 2017 Year In Review Market Report and contact me for a free comprehensive market analysis of your home, or to find the house of your dreams!