Price tags up on condos
A total of 11 condominiums sold from January through March 2017, down two from the 13 condos that sold in the same period of 2016.
But the dollar volume of the 11 sales was $3,365,941 in 2017’s first quarter, up from the $3,125,999 total value in the first quarter of 2016.
The average sales price was $305,995 for condominiums sold in 2017, up 27% from an average price of $240,461 in the first quarter of 2016.
“It’s a pretty big increase in the average cost of condos being sold, from 2016 to 2017,” said Kyle Neumann, president of the Ridgefield Board of Realtors.
“There’s more availability in the market of high-end townhomes,” he said. “All these townhomes are being sold in the high fives and even 600s — that’s going to move the needle as far as the average sale.”
The median sales price for condos decreased to $205,000 for the first quarter of 2017, down from $212,000 in the first three months of 2016.
High, low prices
Of the condo sales in the first quarter of 2017, eight were below $500,000, compared to 12 in the first three months of 2016.
The high sales price for a condo was $710,000 in the first three months of 2017, up from $660,000 the year before, and the low first-quarter selling price held at $132,000 in both 2017 and 2016.
The 11 condominium units closed in 2017 sold at an average of 92% of their initial listing price and had been on the market an average of 140 days, compared to 13 condos selling for an average of 93% of initial listing price after 185 days on the market in the first quarter of 2016.
While 72 sales of houses and condominiums closed in the first three months of 2017, at the end of the quarter 222 listings remained on the market.