Nice to see further data as our spring market unfolds; as mentioned in our last edition the weather was looking like a negative factor for the market, apparently more in the bones than in the data.  

We are seeing February year-to-date sales running ahead of last year's unit sales, with the exception of Westport. YTD sales (sf) through February 2014 vs. 2013 were down in Westport (-29.8%), up in Weston (+23.1%), Wilton (+4.2%), Fairfield (+45.2%), Norwalk (+7.8%).

Prices continue to rise, again with the exception of Westport, with many properties trading at the high end of their ranges. We expect to see further price increases. Average sales price vs. last year; down in Westport (-14%), up in Weston (+31%), Wilton (+18%), Fairfield (+20%), Norwalk (+2%).

Nationally there was an approximately 13.6% appreciation with the prediction being more tepid this year, many economists are calling for continued appreciation but at a more moderate rate.  This will create a more sustainable trend. The buyer pool continues to be unsatisfied with the current inventory, sellers need to have their property looking its' best and priced right. 

Mortgage rates have not been a factor as the rate has been staying within a tight range as of late.  Many feel they could see a 5% rate by year end further supporting the case that now is a good time to buy.  

This weekend is the Coldwell Banker Open House Event. On Sunday afternoon there are 34 open houses in Fairfield, Westport, Weston, Wilton and Norwalk ranging from a $295,000 Cape to a $2,495,000 Colonial. With the weather looking good, it's an opportunity to get outside, see what is on the market and how your house compares, and maybe get some decorating ideas as well. :-)