The media has claimed that real estate is down substantially across the country. In some of the neighboring towns (like Danbury) there has been little difference in sales totals; yet in Ridgefield it has been significant.
Year-To-Date (YTD) averages for 2005 and 2006 clearly show the change.
Sales for 2005 were 372 but are 315 for 2006.
Average days on the market 66 days for 2005 and 85 days for 2006.
Average list price for 2005 was $991,483 but dropped to $987,614 for 2006.
Average sale price was $974,173 in 2005 and went down to $946,968.
What does this all mean?
It took longer to sell, and seller needed to negotiate more than before, but homes are still selling.
Since I work with lots of buyers I frequently hear them saying that they don't have time to fix things up so they are looking for move-in ready homes in their price range.
Too often sellers don't want to do any work on their homes before selling it. In the 7 towns surrounding Danbury (including Ridgefield) there were 61 homes that sold in a month (or less) from July 1, 2006 and October 30th and all but one were "mint condition"
If you have questions please contact (203-512-4386)
Friday, December 15, 2006
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