As August rolls in so do the wagons filled with beach toys and umbrellas as it appears the market has taken summer vacation.  Following a survey of my colleagues they are experiencing the same quiet market.  "Where are the buyers?"  This is not unusual and is better known as the summer doldrums.  Seasonally acceptable for our location, but always a concern since the market likes direction.  

Following Labor Day we will want to see a burst of activity as a sign that we are going to have our Fall Market which typically lasts from September 4th through late November. 

 The latest data shows slower sales, YTD Sales through July 2014 vs. 2013 are down in Westport -16.6% Weston -7.8% Wilton -18.1% Fairfield -6.2 and Norwalk -10.7. While average sales prices vs. the same period last year are down slightly in Westport (-1.5%), up in Weston (+4.6%), Wilton (+4.7%), Fairfield (+1.3%), Norwalk (+2.2%). Check out my Market Action Reports for details. 

Mortgage rates are following a sideways trend which is nice to see especially at these levels.  After interviewing local experts some of the variables mentioned affecting rates are the negative geo-political incidents and recent stock market volatility. Freddie Mac reports in their Market Survey that rates were mixed in the past week remaining near the year's lows. 

 As many economic factors are improving and the housing trend appears to be intact what seems to be happening is a re-positioning of expectations from a very exaggerated move to the upside in 2013, to a more subtle but positive trend in 2014. 

This weekend is the Coldwell Banker Open House Event. On Sunday afternoon there will be 46 open houses ranging in price from $429,000 to $4,200,000.   If you have any questions about a particular property, the local market or real estate in general, don't hesitate to get in touch.

Enjoy the final weeks of summer!