Is this the spring market?

As we approach the end of March, which would traditionally be the beginning of the spring market, the activity certainly has not sprung yet. However, there is some movement with the market, but not the flurry of activity that some of us would like.  The single family home inventory in New Canaan is beginning to climb. As of today there are 237 homes on the market which is up from last month and that is due to the 31 new listings which came on the market this month, which does not include any homes that were relisted.  We have 10 new pending contracts (not terrible) and there were also 9 sales.  The properties that closed were:

110 Forest St $419,000
17 Strawberry Hill $850,000
45 Weeburn Drive $1,050,000
226 Putnam Rd $1,400,000
198 North Wilton Rd $1,450,000
498 Valley Rd $1,637,500
82 Arrowhead Trail $2,275,000
34 Brookwood Lane $3,200,000
945 Oenoke Lane $3,815,000

Of these sales, the average selling price was $1,788,500 with a list to sell ratio of 94.95%. They were on the market for an average of 199 days.

If you are thinking of selling your home this year, act soon before the inventory continues to climb and before any significant mortgage interest rate rises which discourage buyers.  And most importantly, price accordingly. Look at the recent sales, not the prices of homes on the market because the homes on the market are the ones that have not sold.