Westport CT Real Estate Weekly Market Update January 3, 2012

There are now just 229 homes that are actively on the market. The average list price of the available homes is $2,212,219, and these properties have been listed for sale an average of 152 days. The median price is now $1,322,500.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.

Six new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. One property had a price change.

Three 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 price of these two pending properties was $1,537,500 and they were on the market an average of 225 days.

Closings: Four homes were reported as sold in the last week, and they were listed at an average price of $1,234,700. There were 46 status changes in the last seven days.

Condos: There are thirteen condominiums that are available, and they have been listed an average of 188 days. Their average listing price is $699,446, and the median price is $549,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.

There was virtually no new activity for condos at all this week, except for one closing.
The property was listed at $379,900 and was on the markt 157 days before it sold. 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 61 homes or apartments available. The median price is $3,612 per month and the average price is $5,442 per month. These year round rental opportunities have been on the market an average of 93 days.

There are three seasonal rental opportunities available, and they have been on the market an average of 73 days, with an average price of $29,666. The median price is $22,500. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

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

2012 Westport CT Real Estate Forecast, Advice and 2011 Recap

The year ahead looks quite promising! Historically, presidential elections have brought about increased real estate activity, and coupled with low interest rates and increasing consumer confidence, I expect that 2012 will far surpass 2011's sales in volume, although it does not appear that any major price adjustments are in the midst any time soon.

Anticipate a few minor "bumps" to contend with come Spring and early summer, when it is expected that we will begin to see Westport's shadow inventory coming on to the market,and competing with owners wishing to sell their homes.

The same segments of the market that fared better than others this past year will most likely continue to outperform their much larger and pricier counterparts in the year ahead. National trends are showing that buyers are opting for smaller homes, and locally, 2011 has shown that buyers have gotten much more conservative as well. That trend isn't going away in 2012. The upper end properties are still in danger of continuing their decline in value.

Best bets for selling for top dollar in the year ahead are three and four bedroom homes and homes between 2000-3000 square feet.

Best bets for buyers are where the market has suffered, and they are apt to get a better deal. At the top of the list would be any home over 7,500 square feet, homes with six bedrooms or more, then followed by new construction homes.

Bottom Line: Expect your home to hold its value throughout the year, with only minor price increases or declines in pricing in segmented markets, except for the larger, upper tier properties, where there is a higher risk of continued decline. This past year's activity has defined buyer's conservative sentiment in the marketplace, and is apt to continue in much the same fashion in the year ahead.

2011 Recap:

We had quite an interesting statistical year for real estate in Westport. Looking at raw year over year figures from 2011 to 2010, one might initially think we  suffered a nearly eight percent loss in value last year, but I would argue against that. In my opinion, the average decline in value is much closer to four percent, and this decline was not across the board.

The biggest winners in town were:

+6/1% - four bedroom homes   
+3.7% - 2501-3000 sf homes  
+2.1% - three bedroom homes  
+1.8% - 2001-2500 sf homes   

The homes most affected were:

(-16.0%) - 7501+ sf homes
(-12.5%) - 0-1500 sf homes  
(-7.7%)  - New construction
(-7.6%)  - Homes with six bedrooms or more

In 2011 the average sale price of a single family home was $1,338,229, and in 2010 the average sales price was $1,445,007. Looking at those raw figures and doing the math, it looks like an eight percent drop without delving any further into details, but one particular sale throws the whole equation out of probable proportion.

Westport's total sales volume of just over $460 million was down by 47 million from 2010, however that one sale in 2010 represented over 42 percent of the total difference. The $20 million dollar sale that occurred in October 2010 on 124 Beachside Avenue is really somewhat of an anomaly, being over fifteen times the average sales price, and that must be addressed while gathering information. It should not be used in determining year over year pricing percentages when calculating differences between the two. When we take that home out of the mix, the overall decline is much more like four percent from 2010. Many towns were hit much harder in pricing and in overall volume.

There were 344 single family home sales in 2011 as reported in our local MLS system, and we fell short by the previous year's totals by only seven sales. Let's count our blessings. While it's not as good as beating 2010's totals, our neighboring towns don't even come close. Wilton's unit volume dropped 7.9 percent. Fairfield, Weston and Norwalk all dropped at least 14 percent, and Easton's sales plummeted by 49 percent.

Seven Year Annual Westport  Real Estate Market Recap

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

2011 Year End Estate Westport CT Real Estate Market Stats are in!

2011's final real estate sales figures are here, and we have compiled the Market History for Westport Connecticut with seven years of annual statistics dating back to 2005. Quick recap by year includes number of sales, average sales price and sales to list price ratio.

Initial numbers show 2011's average sales price at $1,338,229 while 2010  average sales price was at $1,445,007 which appears to be about an eight percent drop in value BUT don't be quick to jump on that bandwagon- 2010's figures need to be adjusted due to some sales anomalies and  the overall decrease in value appears to be more like four percent. We still have to review the numbers and statistics to give a final analysis.

It is VERY important to note that when you look at year over year figures, amount of sales, and average sales prices, that it does not necessarily mean that prices have fallen significantly or risen at all, for that matter. For example, a 20M sale recorded in 2010 is somewhat of an anomaly and should not be taken into complete account comparing year over year average prices. Something else to note is that Westport was only shy seven sales from 2010, while most towns were down significantly year over year.

There are certain adjustments that will need to be made, and pricing anomalies that have to be addressed before any percentage of gain or loss is calculated. Certain sales can skew statistics out of probable proportion, and have to be looked at and analyzed quite closely before a true overview and forecast can be given.  What I am saying is don't get too excited just yet.

Click to view Westport CT 7 year Real Estate  Recap and Reports

PRICE RANGE RECAP: statistics for single family homes with sales data sorted by incremental price ranges and this report includes market time, median, high and low sales prices, plus total dollar volume in sales.

BEDROOM COUNT RECAP: Sales statistics for single family homes and rentals sorted by bedroom count. This report includes number of sales, average sale prices, sale to list price ratio, and multi family home sales are included for your convenience.

Remember, these are raw statistics at this point, and need expert interpretation before you can start celebrating the market change, or remain conservative. We will be posting  our opinions on the Westport market within the next few weeks, so stay tuned.

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


 

Westport CT Real Estate Weekly Market Update December 27, 2011

Westport's single family home inventory has dropped over eleven percent in just one week! There are now just 245 homes that are actively on the market. At the same time, the average list price of the available homes has increased by over sixty thousand dollars to $2,200,269. These properties have been listed for sale an average of 157 days. The median price has also risen from last week by over twenty-seven thousand dollars to $1,312,500.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.

Four new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. One property had a price change.

Six properties have 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 price of these six pending properties was $1,014,833 and they were on the market an average of 123 days.

Closings: Seven homes were reported as sold in the last week, and they were listed at an average price of $1,118,143. There were 43 status changes in the last seven days.


Condos: There are fifteen condominiums that are available, and they have been listed an average of 179 days. Their average listing price is $697,453, and the median price is $562,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.

There was virtually no new activity for condos at all this week. No new listings came on the market, no properties came back on the market after being under deposit, no price changes,  no status changes to Pending, and no closings. There was just one status change in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 64 homes or apartments available. The median price is $3,500 per month and the average price is $5,230 per month. These year round rental opportunities have been on the market an average of 102 days.

There are two seasonal rental opportunities available, and they have been on the market an average of 103 days, with both an average and median price of $34,500. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

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

Westport CT Real Estate Weekly Market Update December 20, 2011

WESTPORT HOMES: There was a 6.5 percent drop an inventory last week alone, and there are now just 258 single family homes that are actively on the market. The average list price of the available homes is $2,172,539, and these properties have been listed for sale an average of 156 days. The median price is now $1,300,500.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.

Three new listings came on the market in the last seven days, and one home came back on the market after being under deposit. One property had a price change.

Four properties have gone under the initial deposit stage, which we call CTS, and seven properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these seven pending properties was $931,686 and they were on the market an average of 168 days.

Closings: Three homes were reported as sold in the last seven days, and they were listed at an average price of $1,165,667, and their average market time was 90 days. There were 43 status changes in the last seven days.


Condos: There are 15 condominiums that are available, and they have been listed an average of 173 days. Their average listing price is $697,453, and the median price is $562,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.

It was a very slow week for Westport condominium activity. No new listings came on the market this week, and no properties came back on the market after being under deposit. One property had a price change, and one property went into CTS status. No properties went into pending status.

Closings: One condominium was reported as closed in the last week, and it waslisted for 179 days before it sold, and was listed at $370,000. There were three status changes in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 65 homes or apartments available. The median price is $3,500 per month and the average price is $5,215 per month. These year round rental opportunities have been on the market an average of 100 days.

There are two seasonal rental opportunities available, and they have been on the market an average of 97 days, and at an average price of $34,500.

The median price of both furnished and unfurnished seasonal rentals is $34,500. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

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