Condo sales double, prices up in fourth quarter
Unlike Ridgefield houses, the price of a condominium is increasing.
From 2015 to 2016, the average sale price rose 28% — $290,326 to $370,409.
In the fourth quarter, the average sales price rose 27% — from $294,139 in 2015 to $374,377 in 2016.
While only one more condo sold in 2016 — 62 total — compared to last year, the number of condos that sold in the fourth quarter doubled, from seven to 14.
“There was a higher volume of condo sales this year and for the quarter,” said Kyle Neumann, president of the Ridgefield Board of Realtors.
The average sale price for the 14 units that sold during the fourth quarter was nearly identical to the average list price of $381,136 (98%), which Neumann believes represents a strong market for condos — both for sellers and buyers.
“We want sales as close as possible to the list price,” he said.
“That number really reflects the practicality and purchasability of many buyers that want to come into the town,” he said.
“Condos give first-time buyers the ability to grow into a house.”
Renovations, like the one undergone by Casagmo, might be happening more in other condominium complexes around town, Neumann said.
“It’s an overall positive,” he said. “A facelift makes the association and the town look better, which attracts more buyers.”
And such was the case in the final quarter of 2016, when condo sales totaled $5,241,278 compared to $2,058,975 in 2015.
The highest sale price was $876,778 and the lowest was $145,000.
The 14 condos were on sale for an average of 119 days, which Neumann says is just about average and points toward a healthy market.
Town Clerk Barbara Serfilippi said she’s expecting another boost in condo sales this year, with three new buildings coming to the Elms Inn property at 500 Main Street.
There are also more units to be sold at 77 Sunset Lane, where developer Marty Handshy sold nine townhouses in 2016 that provided a big boost to the year-end average sale price.
The total sales volume was also up year to year — $17,709,865 to $22,965,352.
“It’s been a very good year for condos,” the town clerk said. “And we’re expecting more good things to come.”