February 2018 was an interesting month. A slow December 2017 and January 2018 resulted in a lower than normal number of closed sales this month. However, the number of properties that took deposits during February was up compared to the same time in 2017. This is a great indicator for a strong spring season in Ridgefield Real Estate. Of note, the median price was also higher than in February 2017 and the month's supply of inventory is dangerously low, indicating it is a good time to list your home for sale.
To see an overview of how February looked, you can click HERE for a snapshot of the market or a breakdown by price.
MEDIAN SALES PRICE and CLOSED SALES
The number of closed sales was down compared to the same time last year with only 13 properties selling in February 2018 as compared to 23 in 2017. Overall, 32 properties have sold this year compared to 43 by the same time last year, which represents a 28% decrease. The Median Sales Price increased this month from $582,750 in February 2017 to $605,000 this year. The year-to-date median value is also up, posting at $673,000 as compared to $606,000 at the same time last year.
The good news is that even with below average sales in February, the number of properties that went under contract or garnered deposits was almost double that of February 2017. There were 39 properties that took deposits as opposed to only 20 last year. Year to date, the number of properties under contract also increased over last year with 63 properties currently under contract compared to 37 in 2017, representing a 70% increase.
DAYS ON MARKET and INVENTORY
We are still dealing with a shortage of properties available for sale this month. The months of inventory has decreased to only 6.1 months compared with 15.2 months last year. Fifty-two new properties entered the market this month, compared with 72 in February of last year – a decrease probably attributable to the more mild weather experienced in the winter of 2017. The average days on market has significantly decreased by 53% over February 2017 with homes spending an average of 101 days instead of 215 on the market before selling. Year to date, the average days on market time is sitting at 170 days, as compared to 204 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.