As the lazy days of summer are here, sellers are trying to enjoy the season while coming to the reality that one year is not like another in real estate.  

The tone from July 2013 was robust with seller/buyer activity and data points supporting strong upward momentum; this year we are seeing a slow down from our short spring market, as a result of harsh winter conditions, but what I believe to be the typical July activity for our area, so don't be alarmed.  

YTD Sales (SF) through June 2014 vs. 2013 are down in Westport (-19.8%), Weston (-18.2%), Wilton (-13.6%), up in Fairfield (+7.8%), down in Norwalk (-11.4%).   Average Sales Price vs. last year; down in Westport (-5.5%), up in Weston (+5.5%), Wilton (+7.2%), Fairfield (+5.2%) and Norwalk (+2.1%). Check out my Market Action Reports for details.  

As much as we would all like to see the market continue a strong recovery it is more important that the trend be sustainable and moderate growth supports that at this stage.  We continue to see pockets of strength and bidding wars are still occurring in the market place. Smart sellers who are pricing their homes at market and making them look their best are still being rewarded. 

Mortgage rates continue to support the buyers by staying at historically low levels. Freddie Mac's survey reported that rates were little changed this past week. We continue to see more flexible products coming from the lenders indicating that they are no longer tightening their processes.

This weekend is the Coldwell Banker Open House Event. On Sunday afternoon there will be 58 open houses in Fairfield, Westport, Weston, Wilton and Norwalk ranging from $329,000 to $3,875,000.   If you have any questions about a particular property, the local market or real estate in general, don't hesitate to get in touch.

I hope you all had a great July 4th weekend, enjoy the remainder of your summer.