Why 2007 Was A Great Year for Ridgefield, CT Real Estate
January 10th, 2008 categories: Buying Your House, Market Data & Statistics, Ridgefield, Selling Your House, Talking Real Estate
We’ve all been reading this horrible news about the “real estate market”, the “sub-prime mess”, “buyers market”. Now, it’s time to look back at 2007 to see what really happened and gather the facts so that we can stand firmly in 2008 knowing that the Ridgefield real estate market is strong enough to weather any national real estate storm.
Ridgefield Real Estate Market 2007
No matter what the media presents, the Ridgefield real estate market remains robust. Mortgage rates are still at historic lows enabling home-buyers to move to Ridgefield or existing residents to trade up to a larger home. Here are the important stats for single family houses:
2007 2006 % change
Total number of sales 338 326 +3.7
Average Price $952,496 $967,984 -1.6
Median Price $794,375 $809,500 -1.9
The media says “horrible year”, the numbers for Ridgefield say “not so bad” so at the end of the day, relative to many markets around the country, Ridgefield had a great year in 2007.
You can also see from the chart (below) that for most months of 2007, the number of home sales were consistently higher than in 2006. The most dramatic changes in the Ridgefield real estate market of 2007 is that homes are taking longer to sell and there are elevated levels of inventory. Stay tuned, more on this in a future post…
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This is wonderful! Thanks for the information