Home sales continue to exceed all market expectations as 2021 moves towards a reopening of the economy in the late spring and beyond. While this seems to be excellent news, we are seeing a downturn in inventory with many well-qualified buyers still in need of homes. With mortgage rates remaining at historic lows, the real estate market will definitely remain strong if we approach the spring selling season with people willing to list their homes.
Increase In Sales
To date, in 2021 Ridgefield single-family homes sales have totaled $58,947,250 with 64 closed transactions as compared to $31,252,400 in sales and 41 transactions by this time in 2020. Most of these sales reflect homes that went under deposit towards the end of last year, but nevertheless have resulted in a record-breaking first two months. In February alone, we saw 29 homes close with a volume of $28,355,750. Our team, Karla Murtaugh Homes, was proud to represent 26% of the dollar volume of these transactions. We also have 17 properties in contract and set to close in the next couple of months.
The median sales price rose from $561,700 in February 2020 to $850,000 this year, and the average sales price also climbed from $644,133 to $945,192. Homes are selling at 98.4% of their listed price in about 90 days.
There are currently 44 homes with accepted offers set to close in Q2 2021 and a further 59 homes already in contract to close in the next two months. As mentioned previously, inventory remains dangerously low with only 3 months of available inventory on the market. In 2020, there was 12 months of inventory available at this time of year. For a breakdown by price point of recent sales, see the chart here.
We are optimistic as we look towards a spring and summer with eased Covid restrictions and a return to a more normal life. Buyers are still excited to purchase their dream home. For sellers, as working-from-home scenarios and in-person school arrangements become solidified, we may also find that their needs are once again up for examination and change. We expect that the must-haves and wants of privacy, multiple offices, home gyms, pools and separate spaces will remain. As some situations change, we also expect an increase in inventory as consumer confidence returns and people once again look to make moves to better their current lifestyle.
As we move into 2021, a forward-thinking approach to this ever-changing market, along with adaptive marketing and unparalleled client service at all price points are key. Our commitment to understanding the market cannot be overlooked, and we encourage you to check out our 2020 “Interpreting The Market” Ridgefield Market Report.
We’d love to discuss our outstanding marketing campaigns and platinum level of service with you, and advise on how to best sell your home in this unprecedented market.