Westport CT - Weekly Real Estate Market Statistics October 11, 2011

Homes:  The inventory in town remains exactly as it was last week with  335 single family homes that are actively on the market. Their average list price is $2,136,776, and these homes have been listed for sale an average of 133 days. The median price remains fairly constant at $1,339,500.

The biggest price pocket are listed  between $1 -1.5 million dollars, and the next biggest price pocket in town is between $1.5 - 2 million dollars and  these homes comprise over 38 percent of the available inventory.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000. 

Single Family Home Inventory based upon current absorption rate: 9.79 months, adn is relatively unchanged since last week. We look to about a six month figure  for a neutral market.

Six new listings came on the market in the last seven days,  and no homes came back on the market after being under deposit. Eleven properties had a price change. One property has gone under the initial deposit stage, which we call CTS, and six properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. The average listing price for these Pending properties was $1,625,833 and their average market time was 108 days.

Closings:  Eight homes were reported as  sold in the last seven days,  their average list price was  $1,881,812 and  these homes were on the market an average of 112 days. There were 36 status changes in the last seven days.
 
Condos: There are 26 condominiums that are available, and they have been  listed an average of 119 days. Their average price is $624,903. The median price of a condo is $484,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $279,000.

Condominium  Inventory based upon current absorption rate: 11.14 months.

It still remains somewhat quiet for condo activity. No new listings came on the market this week, and no properties had a price change. One property went into CTS  status, and no properties  went into Pending status.

Closings: No condominiums were reported as closed in the last week,There were four status changes in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished,  there are 83 homes or apartments available. The median price is $3,650 per month and the average price is $5,547 per month. These year round rental opportunities have been on the market an average of 62 days.

As of this morning, there are just three seasonal rental opportunities available and they have been on the market an average of  75 days, and at an average price of $15,833. The median  price of both furnished and unfurnished seasonal rentals is $11,250.

Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

If you have a question about buying or selling Real Estate in Westport, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

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