Market Trends Report
The Weston, Connecticut real estate market is still trending down. The slowdown earlier in the year can be attributed in part to the power outages that accompanied Tropical Storm Irene and the freak October snowstorm. However, the 3 month comparison shows that both the number of sales and sale prices are still declining.
The amount of inventory that the market can absorb was down significantly in the second half of the year, likely due to the power outages from Tropical Storm Irene and the October snow storm, which kept buyers away. We use the 12 month absorption rate (see chart above) to determine inventory absorption, which means that it would take about 13-14 months to sell every home currently on the market in Weston. This is slightly higher than most other Fairfield County towns.
Although it is still a Buyers Market in Weston, with low interest rates and an improving economy, we are expecting a good Spring market. Let's hope the weather stays mild and the Spring market begins early this year!
If you are thinking of buying or selling in Weston, Connecticut, please call Gail Robinson, REALTOR, at 203-521-0768 for a consultation.