From Greenwich Realtor Scott Ewell:
For the past couple months I have been talking about the relative levels of inventory between this year and last. Since December 2009, our current year's level of inventory has held lower than the last. This discrepancy has sparked more confidence (from me) in the market turning. Now, in addition, we are starting to see a drop in inventory on an actual basis. Although, I consistently tell people to throw out any assumptions they may be able to draw from the past 20 or so years because those rules and trends do not seem to apply in today's incomprehensible market, I believe this decrease in inventory is due to the cyclical nature of the market.
August and September are funny months because summer ends and school starts. Not many families want to be looking for real estate at this time. Most families are either in contract or have bought their house so their kids are ready for school. Sellers know this, so they try to list their house before this lack of interest in moving comes up. I believe that this is what we are seeing. I'd love to state that we are going to have a run up in prices because of this tick down in inventory, but I believe that this is, in fact, cyclical.
As many of you know, I am now working with an excellent team (Al Filippone Associates - www.afahomes.com ) at William Raveis. This team encompasses all of Fairfield County, with offices in Greenwich, Darien, and Fairfield, CT. I will continue my focus on Greenwich, but now have the ability to access knowledge and experience throughout the county. In the coming months I will be working with Wendy Hinman Ryan to add color on other towns within Fairfield County to my monthly emails.
In an attempt to keep my writings interesting, I am going to start looking at the market from different angles and perspectives. If you have any ideas or requests of what you would like to see me talk about please feel free to email me at scott@elwell.com .
Regards,
Scott
Regards,
Scott
Scott P. Elwell
Cell: 203.940.0444
Al Filippone Associates @
William Raveis Real Estate
William Raveis Real Estate
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