Well the results are in and it appears our "Fall Market" is off to a tepid start.  Attitudes are positive but performance is on the quieter side.  The greater Realtor pool in my area is disappointed with current Fall activity. 

Sales pace has continued to slow in comparison to 2013, however prices are up within the towns I cover.  

YTD Sales (SF) through September 2014 vs. 2013 were down in Westport (-19.6%), Weston (-12.3%), Wilton (-13%), Fairfield (-8.1%) and Norwalk (-7.1%). Average Sales Price vs. last year was up in Westport (+2%), Weston (+1.8%), Wilton (+5%), Fairfield (+1.5%), Norwalk (+0.5%). 

Check out my detailed Market Action Reports for additional data. If you would like a custom report for you neighborhood, price range let me know.  

Nationally, according to the latest report from the National Association of Realtors®, home prices have continued to rise.  The median sale price for an existing home climbed 4.8 percent to $219,000 in August.  August was the 30th consecutive month that saw year-over-year price gains.

The buyer pool is being very selective and continues to strive for a strong value proposition. The new listed inventory has been on the leaner side further complicating the process for those buyers looking to complete the home buying process.  Sellers need to understand that buyers do not want to do any work, so properties must show their best or be prepared to do extra days on the market.

Homeowners need to be realistic when setting the asking price and take into account other for-sale properties that are competing for the same group of buyers and whether home sales activity is tapering off. Buyers must organize their pre-approvals early so when that perfect property shows itself they will be able to perform. 

On a brighter side, interest rates continue to be very accommodating reaching some of their best levels of the year this past week.  Freddie Mac reports  that mortgage have hit new 2014 lows, with the 30 year fixed averaging below 4%. 

This Sunday is Coldwell Banker "Fall in Love with the American Dream" event, over 50 homes will be on open house this Sunday, ranging from $295,000 to $3,875,000, something for everyone. Take a look here and if you see something of interest, let me know, and I can give you some additional insight and if you would like we can tour together.    

Have a safe and Happy Halloween!