Westport CT - Weekly Real Estate Market Statistics September 28, 2011

Homes:  There was a nice upsurge in inventory this week to 342 single family homes that are actively on the market. Their average list price is $2,135,681, and these homes have been listed for sale an average of 131 days. The median price remains fairly constant at $1,348,500.

Single Family Home Inventory based upon current absorption rate: 8.69 months, and is up slightly from last week's 8.31.

Homes with five bedrooms or more comprise over 47 percent of the inventory, and their average price is $2,976,073 and they have been on the market an average of 136 days. There are 103 four bedroom homes on the market that  listed at an average price of $1,681,168 and they have been on the market an average of 128 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.  

Fifteen new listings came on the market in the last seven days,  and one home came back on the market after being under deposit. Eleven properties had a price change. Four properties have gone under the initial deposit stage, which we call CTS, and two properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. The average market time for these Pending properties was 127 days.

Closings:  Ten homes were reported as  sold in the last seven days,  their average list price was  $1,048,200 and  these homes were on the market an average of 89 days. There were 55 status changes in the last seven days.
 
Condos: There are 27 condominiums that are available, and they have been  listed an average of 104 days. Their average price is $640,274. The median price of a condo is $537,450. 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: 16.20 months, which is a sharp increase over last week.

It is still somewhat quiet for condo activity. Four new listings came on the market this week, and one property had a price change. No properties went into CTS  status. One property went into Pending status, and  its market time was 132 days.

Closings: One condominium closed in the last week, and was listed at $227,351. This home was on the market  for 78 days. There were nine status changes in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished,  there are 76 homes or apartments available. The median price is $3,900 per month and the average price is $5,971 per month. These year round rental opportunities have been on the market an average of 61 days.

As of this morning, there are just three seasonal rental opportunities available and they have been on the market an average of  76 days, and at an average price of $14,166. The median  price of both furnished and unfurnished seasonal rentals is $8,750.

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.

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