It seems like the local Real Estate Market decided to go on vacation in August.  Home sales for the month were slower than July and the average sales price dropped a bit below where it was in June.  This isn't unusual for the end of the Summer since so many people plan their moves around the school year and many local schools started before Labor Day this year.  Despite the overall drop in the market there were some towns that had increases in sales prices last month (indicated in blue in the table below).  Here are the overall statistics:

Single Family Home Sales Statistics

 August 2007 - All of Fairfield County
Median Sales Price: $580,000
# of Homes Sold: 912
Average Time on Market: 93 days

Is the Market Starting to Level Off?

The number of homes sold per month (absorption rate) went up to an average of 465 for the year-to-date.  It's still much lower than the first 8 months of 2007 when the average was 674 homes per month.  But it's a good indicator that the local housing market is still following a fairly normal sales pattern with sales increasing through the Summer.

Overall inventory is also down from last month with 5,432 homes actively for sale in the County.  At the current absorption rate, that translates to almost 12 months of inventory, so it's still a Buyers' Market, but there's1 month less of inventory than in July.

What Does This Mean for You?

Fall and Winter are typically slow home buying seasons, so if you are thinking about buying a home, it would be a good time to think about making your move.  You'll still have plenty of homes on the market to see and there will be less competition from other buyers.  Also the Mortgage Rates have started to go down again since the government "take-over" of Fannie Mae and Freddie Mac, making loans more affordable and more loans available.  Lending criteria is still very strict so be sure to talk to a trusted mortgage adviser to be sure that you can qualify for the type and amount of loan you want before you fall in love with a new home.

Town by Town Single Family Home Sales Statistics

*Data compiled from listing information in the Greater Fairfield County CMLS entered as of 9/09/08.  Does not include private sales or sales listed in the Greenwich, Darien or New Canaan MLS services.  Always verify any information that is critical to your buying decision before acting.