Ridgefield CT 2014 Real Estate Market Review
Coming off a very strong year in 2013, we expected the momentum to continue into 2014. However, a bitter cold and snowy winter delayed the start of the Ridgefield spring market into mid April. This slow start began what was less then a stellar year in real estate in our area. We were in a state of catch-up all year and we just could never make up lost ground. Ridgefield had a total of 331 homes sell versus 389 the previous year with a median sale price of $640,000 (+1.8%). Inventory levels were down most of the year as relocations out of the area were slowed. We finished the year down 13.9% in inventory; the lowest level going back to 2012.
Buyers came and went in 2014;active in late spring, lingering on the sidelines much of the summer months and then a late surge of activity in the fall months. Lack of move-in ready inventory and uncertainty about the direction of interest rates, buyers were extremely choosy this year. Once interest rates began falling again, buyers created a surge of activity in the late fall helping us rally to a strong December finish with sales up 2.9% versus prior year. “Defying almost every prediction, mortgage rates ended 2014 even lower at the beginning of the year”, says Tim Martin of NE Moves Mortgage. “While the US economy showed improvement, rates were kept low by weak inflation and international economic and geopolitical concerns”, states Martin.
What’s ahead for 2015 in Ridgefield real estate? No one has a crystal ball but if we continue to have a mild winter and December is any indication then there is strong optimism that 2015 will make up for the lack luster of 2014. “Interest rates continue to be very favorable; with the year starting with rates coming down ” says Martin. Hopefully this will encourage homeowners to list their homes and buyers to come out in great numbers in early spring. A jump in momentum could be all we need to catch up with the real estate recovery that is going on all around us. New Canaan, Darien, and Weston finished the year up 18.3%, 8,1% and 6.2% respectively in sales so we know that there is pent up demand. “But forecasts for rates in 2015 have been as volatile as the market itself so expectations should be for further volatility with interest rates” adds Martin. So I guess we can only hope for the best in 2015.
If you found this article to be informative and interesting and would like to continue to keep up with current market trends and events happening in Ridgefield, please like my Facebook page or contact me anytime to discuss your needs.