Westport CT - Weekly Real Estate Market Statistics October 18, 2011

Homes:  The inventory in town remains exactly as it was the past few weeks with  335 single family homes that are actively on the market. Their average list price is $2,121,039, and these homes have been listed for sale an average of 134 days. The median pricehas dropped slightly to $1,329,500.

Over 48 percent of the  homes available for sale in town have at least five bedrooms.  Those 162 homes have an average list price of $1,458,595, and have been on the market an average of 118 days..

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.

Nine new listings came on the market in the last seven days,  and no homes came back on the market after being under deposit. Fourteen properties had a price change. Five properties have gone under the initial deposit stage, which we call CTS, and five 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 $1,658,400 and their average market time was 73 days.

Closings:  Eight homes were reported as  sold in the last seven days,  their average list price was  $1,319,175 and  these homes were on the market an average of 94 days. There were 54 status changes in the last seven days.
 
Condos: There are 25 condominiums that are available, and they have been  listed an average of 129 days. Their average listing price is $630,904. The median price of a condo remains at  $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.

.No new listings came on the market this week, and one property came back on the market after being under deposit. Two properties had a price change. One property went into CTS  status, and no properties  went into Pending status.

Closings: Two condominiums were reported as closed in the last week, and their average list price was $572,450. These homes were on the market an average of 73 days. There were seven status changes in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished,  there are 81 homes or apartments available. The median price is $3,650 per month and the average price is $5,727 per month. These year round rental opportunities have been on the market an average of 69 days.

As of this morning, there are just three seasonal rental opportunities available and they have been on the market an average of  81 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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