Here we are 1 week away from Rowayton's official 'summer kick-off' weekend and it is 48 degrees??!! I'm thinking that usually, by now, we are in skirts and flip flops...
Well, this slow-to-pick-up weather may be contributing to a slower than usual Spring market, but as we're sure you know, it's mainly because we're still trying to fight our way out of this recession.
With that being said, we were looking at the inventory yesterday and it is just shocking how many homes are on the market- in my 8+ years selling here, I've never seen this many homes for sale! 87 homes are being marketed for sale right now and in a healthier market, we'd really like to see somewhere between 55-65. For a small village like Rowayton, that roughly 30 more homes available makes a dramatic difference. To break it down even further, so you may see where we've had some pockets of activity, we have about 5 homes under $1M that have taken offers, 2 homes between $1M-1.5M that have accepted offers, 1 home between $1.5M-2M and NOTHING over $2M is moving... This is what we'd expect, though disappointing, for a real estate market that is supposedly on the verge of 'recovery' mode. The lower price ranges are starting to see some more solid (albeit slow,) activity, which then eventually trickles up to the higher ranges... I guess what we are saying here today, is that PATIENCE is the name of this game...
Onto more fun stuff- Joe and I are having our annual Memorial Day party in Rowayton this coming Sunday. There is no place like Rowayton on Memorial Day weekend... truly! Come watch the parade make way through town and then stop over to our house on McKinley for some drinks, dogs & live music!