The general assumption is that the real estate market slows down as we enter into the summer season. Though spring has been historically known as the busiest selling season, the fact is, the summer months can be just as active.

We continue to see new listing coming to market regardless of the time of year, although the summer months have the reputation of being slower, sales remain an attainable goal for those who price right and look their best.

As May unfolded and June begins we in the market front line are seeing improvement in the market, albeit gradually. The ramp up in the market from 2013-2014 may have been at a pace unsustainable and we are feeling a bit of a pause as buyers & sellers digest current market conditions; not a trend change but a consolidation of activity to a more equal footing.

We are definitely seeing this from Westport and Wilton who had substantial gains in 2013-2014 and sellers started pricing at the high end of their ranges as a result.   This created a better value proposition in the surrounding towns, which is being shown in the positive sell through data.

Nationally, home sales continue to rise and according to the National Association of Realtors®, pending home sales rose for the fourth straight month and reached their highest level in nine years.

Locally, YTD Sales (SF) through May 2015 vs. 2014 were down in Westport (-12.2%), up in Weston (+20.5%), down in Wilton (-8.5%), up in Fairfield (+13.9%) and Norwalk (+5.1%).

YTD Average Sales Price 2015 vs. 2014 was up in Westport (+16.3%), Weston (+1.9%), down in Wilton (-2.7%), up in Fairfield (+0.7%) and Norwalk (+4.3%).

See my comprehensive market action reports for sales, pricing, time on market and trends over the past two years.  

Interest rate hike expectations are being overwhelmingly anticipated by the greater economic pool, so buyers who are delaying decisions will be impacted at some stage, don't forget a 1% increase in mortgage rates can reduce affordability, in other words buying power by 10%.

Freddie Mac, in its Primary Mortgage Market Survey, reported this week that average fixed mortgage rates reached new highs for 2015 with the average 30-year fixed-rate mortgage above four percent for the first time since November 6, 2014 when it averaged 4.02 percent.

This weekend is Coldwell Banker's Open House Event, with 55 homes priced from $564,500 to $2,899,000, something for everyone. If you see something you are interested in and have any questions, please let me know.

I am here to advise and inform you of the local market and answer any questions you may have. Don't hesitate to get in touch.

Steven.

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Visit and follow me on my new business Facebook page. I'll be posting valuable real estate and home information every couple of days, I won't overdo it. Take a look to see what I've posted over the past couple of weeks.