Westport CT Real Estate Market Conditions as of July 2011- The Year in Review

Westport's real estate market has improved over the last year, with just a few minor bumps. The absorption rate  has  increased from this time last year,  and the median price has edged up slightly, and that's all good.

It is important to recognize that a variation of pricing is bound to happen here based upon a number of different price ranges, and their seasonal sales that have their ups and downs. Westport is experiencing a decent real estate  market, even taking into account the state of the overall economy. It's a good time to buy or sell!

There are currently 348 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there have been 127 sales reported during the last three months with a median list price of $1,499,000 and a median sales price of $1,200,000. The sales price to list price ratio is 96.15 percent. The monthly absorption rate is 42.33 and there is an 8.22 month supply of housing inventory. Average Market Time for listings during this period is 89 days, and the average market time for the sales reported during this period was 59 days.

Compared to the prior 4-6 months: There were 364 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there were 70 sales reported during this period with a median list price of $1,440,000 and a median sales price of $1,189,250. The sales price to list price ratio  during this period was 95.04 percent. The monthly absorption rate during this time was 23.33 and there was a 15.60 month supply of housing inventory. Average Market Time for listings during this period is 135 days, and the average market time for the sales reported during this period was 117 days.

The prior 7-12 months statistics show that there were 274 single family homes on the market through our MLS system ( GFC-CMLS  ) According to the MLS, there were 162 sales reported during this period with a median list price of $1,549,499 and a median sales price of $1,150,000. The sales price to list price ratio  during this period was 94.82 percent. The monthly absorption rate during this time was 27 and there was a 10.15 month supply of housing inventory .Average Market Time for listings during this period is 180  days, and the average market time for the sales reported during this period was 83 days.

About the reports. These reports include the same information that home appraisers submit to a bank, and use as an addendum to their reports on individual properties. We have provided this data for you on a townwide basis. Individual property values will be different. Contact an appraiser if you need a specialized report, or contact me for a Market Analysis of your home when you are ready to sell.

Market Conditions: The Listing count is a representation of the last day of a  particular time period
1.Months Supply - The number of months it will take to deplete the inventory at the current rate of sales. In Westport, a neutral market  would  be indicated by anywhere from 5-6 months, dependent upon additional conditions.
2. Absorption - Quoted as a per month figure. The average number of sales in any given time period (e.g., 90 sales in a 3 month period would mean an absorption rate of 30 per month)
3. Sales - The amount of reported  sales in the given time period.

Median Sales Price and List Price-
1. Median List Price compared to Median Sales Price. This may not  coincide with the quoted Sales Price to List Price ratios, as that takes into account average pricing, as opposed to Median List and Sale Pricing.