Ridgefield, CT Real Estate Market Report: Home Sales May 2008

May 5th, 2008 categories: Market Data & Statistics, Talking Real Estate

Ridgefield Real Estate Market Commentary

As we enter Spring, Ridgefield’s real estate market starts it’s annual march into the busy season. April closings show the expected uptick in sales activity from March but the overall level is down 18% from 2007. Even though buyers are maintaining control over the market, I’m surprised that we’re not seeing more purchase decisions. Low interest rates (probably won’t last too much longer as government economic stimulus efforts take hold) and abundant selection (even though inventory is down 25% from last year) should be driving more buyers in to take advantage of current conditions.

I’m seeing some nervousness on both sides of the table. Sellers are anxious to move their deals through inspections, contingencies and contracts. Buyers are listening to the media and hoping that their newly purchased house won’t immediately drop in value. With rising mortgage rates (see chart in left sidebar), even if you don’t buy at the precise bottom (it’s impossible to time market bottoms), you’ll still be paying less if you buy today instead of waiting. Read this Time Magazine article: Ignore the Headlines.

Through it all, in Ridgefield we’re still seeing “the good houses” (good condition, market price) sell quickly. We just sold one of our listings in a week and I saw yesterday a house sold for over asking price.