Westport CT Real Estate Market Overview, Conditions and Forecast- October 2011

Westport, Connecticut  is an upscale coastal town of 20 square miles and approximately 27,000 residents living in  9,800 households. Incorporated in 1835, just over 31 percent of the current housing stock was built prior to 1950. Approximately 82 percent of the homes are owner occupied.

I am pleased to present to you my real estate market predictions and buying and selling advice for Westport, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that  each city has its own type of market, and within the city, there are areas that sell faster than others, and homes on particular streets that sell  slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.

With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and  if you need to buy or sell in Westport at a particular time, then you should do it. You should also contact me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
 
State of the Market: Current home sales averages at just over 30 per month and average prices increased in the second quarter, but came back down to last year's average pricing at this same time by the third. The third quarter was not as brisk as the second quarter, although that is to be expected, and is not cause for any worries. As a matter of fact, prior 7-12 months sales are about equal to just the last three months, so in fact, our market is much better than it was at this time last year. There is about 10 months worth of inventory as of this writing for single family homes, which is MUCH BETTER than it was in the third and fourth quarter of last year, when there was over 17 months of inventory. I don't foresee any big price increases in the next few months, but expect a seasonal slide in sales until January/February with maybe a small upsurge for December closings.

Condos average about 2-3 sales  per month over the last six months and we currently have about a years worth of supply. Sales prices have stayed fairly consistent all year, and I don't believe that they will make any major adjustments one way or the other anytime soon. Sales were the best during the second quarter, and that is normal market behavior. I do expect that sales  will drop slightly for the end of the year, before starting their move upward again in February.

What's Ahead in General: No big price changes are anticipated one way or the other. Market time has  lessened on the whole, and that's a good indicator. I do think that's largely in part of sellers becoming more educated and pricing their homes properly. Although I have been somewhat concerned about Westport's condo market in the past, right now I do not see anything that gives me pause about either buying or selling a condo in town.
 
ADVICE FOR SELLERS: Is there a better time to sell your home in Westport? You're  probably among  some of the luckiest  homeowners in Fairfield County. Any time is good, now is fine.  While I wouldn't price  your home out of the realm of reasonability,  you have a good chance to sell it, whether it's right now, or in the very near future.  I believe prices will remain level at least until the beginning of the year, but you may end up selling your home faster during the next few months. Inventory is lower than it has been, and you don't have as much competition. Come the "Spring Market",  there will be a lot more inventory out there, and a lot more reasons why a buyer chooses another house over yours. Time it right.  I wouldn't delay too long, nor would I press you to start this very instant. Just do it when you're ready.

Condo homeowners really need to price their homes "for" the market.  It is not going to get significantly better any time soon. Waiting for the beginning of Spring Market is not  a great idea. There will be more competition, and who knows where the rates are going to be at that time. If you were thinking about selling your condo and waiting around, stop. Just do it now,  

ADVICE FOR BUYERS:.If you are looking to buy in Westport CT, just do it!  I believe prices will remain level at least until the beginning of the year.  That goes for condos as well as  single family homes. The interest rates are very good right now- take advantage of that.

BEST BETS FOR BUYERS AND SELLERS: Four and five bedroom homes, and/or homes priced within the $1,000,000-$2,000,000 range. Two bedroom condos, and/or condos priced between $500,000-$600,000.

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