Westport CT - Weekly Real Estate Market Statistics October 4, 2011

Homes:  There are 335 single family homes that are actively on the market. Their average list price is $2,132,086, and these homes have been listed for sale an average of 130 days. The median price remains fairly constant at $1,338,500.

The biggest price pocket is between $1 -1.5 million dollars, and these homes comprise over twenty percent of the available inventory, and have been on the market an average of 119 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: 9.76 months.


Fourteen 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. Three 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 listing price for these Pending properties was $1,575,679 and their average market time was 119 days.

Closings:  Four homes were reported as  sold in the last seven days,  their average list price was  $1,513,250 and  these homes were on the market an average of 86 days. There were 63 status changes in the last seven days.
 
Condos: There are 28 condominiums that are available, and they have been  listed an average of 107 days. Their average price is $632,196. The median price of a condo is $532,500. 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: 12 months, which is hs decreased by over four months over last week.

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

Closings: Two condominiums closed in the last week, and their average listing price was $567,250. Average market time for both homes was 91 days. 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 77 homes or apartments available. The median price is $3,590 per month and the average price is $5,627 per month. These year round rental opportunities have been on the market an average of 58 days.

As of this morning, there are just three seasonal rental opportunities available and they have been on the market an average of  67 days, and at an average price of $17,500. 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

Westport CT Real Estate Market Overview, Conditions and Forecast- October 2011

Westport, Connecticut  is an upscale coastal town of 20 square miles and approximately 27,000 residents living in  9,800 households. Incorporated in 1835, just over 31 percent of the current housing stock was built prior to 1950. Approximately 82 percent of the homes are owner occupied.

I am pleased to present to you my real estate market predictions and buying and selling advice for Westport, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that  each city has its own type of market, and within the city, there are areas that sell faster than others, and homes on particular streets that sell  slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.

With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and  if you need to buy or sell in Westport at a particular time, then you should do it. You should also contact me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
 
State of the Market: Current home sales averages at just over 30 per month and average prices increased in the second quarter, but came back down to last year's average pricing at this same time by the third. The third quarter was not as brisk as the second quarter, although that is to be expected, and is not cause for any worries. As a matter of fact, prior 7-12 months sales are about equal to just the last three months, so in fact, our market is much better than it was at this time last year. There is about 10 months worth of inventory as of this writing for single family homes, which is MUCH BETTER than it was in the third and fourth quarter of last year, when there was over 17 months of inventory. I don't foresee any big price increases in the next few months, but expect a seasonal slide in sales until January/February with maybe a small upsurge for December closings.

Condos average about 2-3 sales  per month over the last six months and we currently have about a years worth of supply. Sales prices have stayed fairly consistent all year, and I don't believe that they will make any major adjustments one way or the other anytime soon. Sales were the best during the second quarter, and that is normal market behavior. I do expect that sales  will drop slightly for the end of the year, before starting their move upward again in February.

What's Ahead in General: No big price changes are anticipated one way or the other. Market time has  lessened on the whole, and that's a good indicator. I do think that's largely in part of sellers becoming more educated and pricing their homes properly. Although I have been somewhat concerned about Westport's condo market in the past, right now I do not see anything that gives me pause about either buying or selling a condo in town.
 
ADVICE FOR SELLERS: Is there a better time to sell your home in Westport? You're  probably among  some of the luckiest  homeowners in Fairfield County. Any time is good, now is fine.  While I wouldn't price  your home out of the realm of reasonability,  you have a good chance to sell it, whether it's right now, or in the very near future.  I believe prices will remain level at least until the beginning of the year, but you may end up selling your home faster during the next few months. Inventory is lower than it has been, and you don't have as much competition. Come the "Spring Market",  there will be a lot more inventory out there, and a lot more reasons why a buyer chooses another house over yours. Time it right.  I wouldn't delay too long, nor would I press you to start this very instant. Just do it when you're ready.

Condo homeowners really need to price their homes "for" the market.  It is not going to get significantly better any time soon. Waiting for the beginning of Spring Market is not  a great idea. There will be more competition, and who knows where the rates are going to be at that time. If you were thinking about selling your condo and waiting around, stop. Just do it now,  

ADVICE FOR BUYERS:.If you are looking to buy in Westport CT, just do it!  I believe prices will remain level at least until the beginning of the year.  That goes for condos as well as  single family homes. The interest rates are very good right now- take advantage of that.

BEST BETS FOR BUYERS AND SELLERS: Four and five bedroom homes, and/or homes priced within the $1,000,000-$2,000,000 range. Two bedroom condos, and/or condos priced between $500,000-$600,000.

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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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Westport CT - Weekly Real Estate Market Statistics September 21, 2011

Homes:  There are 330 single family homes on the market, and their average list price is $2,155,086.  These homes have been listed for sale an average of 131 days, and the median price has rtisen slightly to $1,377,500.

Single Family Home Inventory based upon current absorption rate: 8.31 months

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000.  The biggest price pocket of available homes is in the one to one-and-one-half million dollar range, with 61 homes available and an average market time of 107 days.There are 50 homes available in the 1.5 to two million dollar range, and they have been on the maret an average of 101 days

Nineteen new listings came on the market in the last seven days,  no homes came back on the market after being under deposit. and eight 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 market time for these Pending properties was 84 days.

Closings:  Thirteen homes were reported as  sold in the last seven days,  their average list price was  $1,259,762 and  these homes were on the market an average of 92 days. There were 69 status changes in the last seven days.
 
Condos: There are 24 condominiums that are available, and they have been  listed an average of 115 days and have an average price of $636,187. The median price of a condo is $488,950. The highest priced condo in town is listed at $1,595,000 and the lowest offering price is $279,000.

Condominium Inventory based upon current absorption rate: 10.29 months

It is still somewhat quiet for condo activity. One  new listing came on the market this week, and three properties had a price change. No properties went into CTS  status,  and one property went into Pending status, and  its market time was just 16 days.

Closings: One condominium closed in the last week, and was listed at $227,352. This home was on the market  for 78 days. There were eight status changes in the last seven days.

Rentals: If you are looking to rent year round, either furnished or unfurnished,   there are 74 homes or apartments available. The median price is $3,650 per month and the average price is $5,930 per month. These year round rental opportunities have been on the market an average of 56 days.

As of this morning, there are just three  seasonal rental opportunities available and they have been on the market an average of  69 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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Westport CT - Weekly Real Estate Market Statistics September 14, 2011

Homes:  There are 325 single family homes on the market, and their average list price is $2,181,859.  These homes have been listed for sale an average of 135 days, and the median price remaining fairly steady at $1,347,499.

Single Family Home Inventory based upon current absorption rate: 7.92 months

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $310,500.  The biggest price pocket of available homes are in the one to one-and-one-half million dollar range, with 58 homes available and an average market time of 111 days.

Ten new listings came on the market in the last seven days, and two came back on the market after being under deposit. Fourteen properties had a price change, and seven properties have gone under the initial deposit stage, which we call CTS.  Three properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. Their average market time was 85 days.

Closings:  Eight homes were reported as  sold in the last seven days, and their average list price was  $1,076,000 and  these homes were on the market an average of 105 days. There were 58 status changes in the last seven days.
 
Condos: The 25 condominiums that are available have been  listed an average of 115 days, and have an average price of $664,438. The median price of a condo  is $547,000. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.

Condominium Inventory based upon current absorption rate: 9.38 months

It was a very quiet week for condo activity. No new listings came on the market this week, and no properties had a price change. No properties went into CTS  status, One property went into Pending status, and  its market time was just 16 days.

Closings: No condominiums closed in the last week. There were sixteen status changes in the last seven days.

Rentals: If you are looking to rent year round, either furnished or unfurnished,   there are 75 homes or apartments available. The median price is $3,650 per month and the average price is $5,985 per month. These year round rental opportunities have been on the market an average of 56 days.

As of this morning, there are just four  seasonal rental opportunities available and they have been on the market an average of  62 days, and at an average price of $11,500. The median  price of both furnished and unfurnished seasonal rentals is $6,750.

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.