The Real Estate Chronicle 
August 2016 Edition
 
Steven Thomson
(203) 247-6765 

"The Best Move You
Can Make"

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2015

Top 6% of approximately 87,000 Coldwell Banker sales associates worldwide

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Connecticut Magazine 2012,2013, 2014, 2015 
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August is likely the most predictable month of the year when it comes to gauging market activity. Like previous years, we are seeing slower activity and quieter open houses. Buyers and sellers are taking their vacations, enjoying the lazy days of summer as well as beginning to prepare for the start of school.
 
Inventory of homes on the market generally remains higher, with Westport and Weston coming in at 12.8 and 13 months of inventory respectively. A balanced market would be 6 months. Some of the markets throughout the US are experiencing quite different levels. For example Settle, WA has 1.8 months and Washington DC has 2.5 months. Let's hope for a strong Fall market to sell through this inventory.
 
A new trend seen in our market place has been builders who are now looking for premium lots with less risk exposure as the inventory of luxury new construction is high. Land sales are trending down.
 
We are also seeing higher rental inventories than previous years. Many homes that have rented quickly in past years are on the market longer and in some cases price being reduced to capture a good tenant. The market as a whole is feeling very transitional. Next month will bring with it greater insight as we start our "Fall Market".    
 
Market activity so far this year is as follows: Sales (SF) July 2016 YTD vs. 2015 were down in Westport (-0.9%), Weston (-14.9%), up in Wilton (+2.4%), down in Fairfield (-2.8%), up in Norwalk (+1.3%). 
        
Average Sales Price July 2016 YTD vs. 2015 was down in Westport (-9.5%), Weston (-7.5%), Wilton (-8.2%), Fairfield (-4.9%), up in Norwalk (+5.6%).      
See my comprehensive Market Action Reports for sales, pricing, time on market and trends over the past two years .  
 
Freddie Mac released the results of its Primary Mortgage Market Survey, showing showing average fixed mortgage rates little changed from the previous week and remaining near historic lows.
 
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 

My Featured New Listing
 

10 Burr School Road, Westport, CT 
 
Custom Colonial set on a beautiful level acre with heated in-ground pool. Professionally landscaped to include wonderful stonewalls and mature plantings. The home is approximately 4,400 sq ft with 4 bedrooms and
3 baths with bonus room.
 
Fine appointments throughout include decorative mill work, built-in cabinetry & hardwood floors. The two story foyer adjoins private home office & beautiful formal living room with fireplace. The dining room leads to the gourmet kitchen with white cabinets; granite counters, commercial grade appliances and sunny breakfast nook. The family room has large brick fireplace,
French doors to blue stone patio and sunroom.
 
On the second floor you will find an elegant master suite with fireplace, walk in closet and newly renovated master bath. On this floor there are 3 additional bedrooms with two full baths, bonus room and relaxing balcony
overlooking exceptional rear property and pool.
 
Centrally located to train, town and schools. All this in cosmopolitan Westport.
 
$1,899,000
 
Take a tour at 10BurrSchoolRoad.com
 
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Monthly Market Action Reports

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Looking for market data for your town? 
 
Property sales, price trends, inventory, months supply of inventory, selling price per square foot, selling price vs. listing price ratio.
 
Westport   Weston    Wilton   Fairfield    Norwalk
 


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