As the start to our spring market unfolds, April feels a lot like our previous years where winter took its toll and delayed a more robust opening. This being said, agents for the most part have been positioning their listings as they receive them rather than waiting out the weather for a more opportune grand opening.
 

The data point that supports this strategy has been the continued low sales inventory. The national statistics are stating that the number of homes for sale is lower than it's been in over a decade. Local agents are anticipating a ramp up in new listings in the next weeks but time will tell. The pent up buyer pool is definitely outpacing the supply of good homes.

New is still in vogue, as buyers have been focused on new construction as a first choice. If their budget does not meet what is needed for a new home, then they are opting for the existing inventory. There continues to be an overhang of inventory at the upper end of the market place throughout our towns, with the exception of water properties. 

The price point below the average selling price within our towns is a very hot price category. Showing us that the first time buyers are back and want to take advantage of the continued low interest rates with the anticipation of higher rates to come, as well as being tired of paying the premium that landlords are receiving in rent.      

The data points are mixed in the towns I follow, sales through March 2015 vs. 2014 were down in Westport (-3.2%), up in Weston (+23.5%), down in Wilton (-14.7%), up in Fairfield (+9.9%) and Norwalk (+6.9%). Pleases see my comprehensive market action reports for sales, pricing, time on market and trends over the past two years.
 

Freddie Mac, in its Primary Mortgage Market Survey, reported this week that average fixed mortgage rates moved lower following a weaker than expected jobs report for March. and remain lower than a year ago at this time. 

This weekend is Coldwell Banker's Open House Event, with 36 houses priced from $445,000 to $2,949,000, something for everyone. If you see something you are interested in and have any questions, please let me know.
 

Steven