Market Report Observations for July 2015

1. Condo sales are down from last year. That’s because there is so little condo inventory. Correction: 14 condos came on the market in June to bring us back up to 38 condos for sale, up from only 24.

2. Sales are up in 2015 because of a strong June and strong 2nd quarter. That’s because winter was late and harsh and it backed up the Spring selling season.

3. Median price has been unchanged since last year. That is consistent with Zillow’s estimate that New Canaan is growing at a 1.5% rate.

4. New Canaan, Darien, Greenwich and Stamford all experienced an uptick in sales volume this year.

Wilton and Rowayton are showing a decrease in sales versus this time last year.

5. Home prices and interest rates are expected to climb in the next year, decreasing purchasing power.  July and August is the time to buy, with record levels of inventory and 30 year mortgage rates at 4.125%