Sales Report

July 2008

* Listed and/or sold by Sabol Associates of Keller Williams Realty   

* Listed and/or sold by Sabol Associates of Keller Williams Realty

Although new activity is slow, with only one unit going under agreement this month,  the number of Ridgefield sales increased this month over previous months (2 sales in May, 1 in June, 5 in July); and, overall, sales were up from the same time last year. There were only 3 sales last June and 2 last July.

Sales of units under $300,000 seem to be holding fairly steady, with some price variation dependent upon the condition and upgrades in each unit.  The largest decreases in prices are those on units priced above $300,000 as evidenced above.  The Stratford was a bank “short sale,” which means it sold below what was owed on the mortgage. The Brewster was sold to a family living at Ridgefield who wanted to upgrade to a larger two-car garage style.  Though we don’t like to see sales that are so low, because it affects all our values, at least it went to “one of our own”!

The Massachusetts condominium market saw June inventory decrease by 10.7 percent from last year (16,999 listings in 2007 to 15,189 listings in 2008), which translates into 8.1 months of supply, up from 7.2 months in June 2007 and down from 9.5 months this past May.  It is considered a balanced market when there are between 7.5 and 8.5 months of supply.  Ridgefield currently has 8.6 months supply of inventory, which means we are moving away from a buyer’s market … a good sign that the market is stabilizing.

If you would like more details regarding any of the sales or what each style included, or if you would like more information about selling or what your condo is worth,  please feel free to call us. 

We look forward to serving you!