Westport CT - Weekly Real Estate Market Statistics August 30, 2011

Homes:  There are 324 single family homes on the market, and their average list price is $2,187,596.  These homes have been listed for sale an average of 131 days, and the median price remaining steady at $1,324,499.

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 60 homes available and an average market time of 105 days.

It was a relatively quiet week for new listings, with just three coming on the market in the last seven days. Three properties had a price change, and two properties have gone under the initial deposit stage, which we call CTS.  Seven 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 77 days.

Closings:  Eight homes were reported as  sold in the last seven days, and their average list price was  $1,710,750 and  these homes were on the market an average of 110 days. There were 39 status changes in the last seven days.
 
Condos: The 25 condominiums that are available have been  listed an average of 112 days, and have an average price of $675,678. 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.

One new listing came on the market this week, and no properties had a price change. Two properties went into CTS  status, and three properties went into Pending status.

Closings: No condominiums closed in the last week. There were six 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 $3,747 per month and the average price is $6,005 per month. These year round rental opportunities have been on the market an average of 51 days.

As of this morning, there are 7 seasonal rental opportunities available and they have been on the market an average of  79 days, and at an average price of $10,628. The median  price of both furnished and unfurnished seasonal rentals is $7,950.

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.

Westport CT - Weekly Real Estate Market Statistics August 16, 2011

Homes:  There are 347 single family homes on the market, and their average list price is $2,139,234.  These homes have been listed for sale an average of 120 days, and the median price remaining steady at $1,324,000.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $294,900.  The biggest price pocket of available homes are in the one to one-and-one-half million dollar range, with 60 homes available and an average market time of 101 days. The second largest price pocket is between one-and-one-half to two million dollars with 56 homes on the market, and they have been listed an average of 80 days.

Eleven new listings came on the market in the last seven days, including two homes that came back on the market after being under deposit. Twelve properties had a price change, and seven properties have gone under the initial deposit stage, which we call CTS. Five properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

Closings:  Eleven homes were reported as  sold in the last seven days, and their average list price was  $1,341,073 and  these homes were on the market an average of just 58 days. There were 58 status changes in the last seven days.
 
Condos: The 27 condominiums that are available have been  listed an average of 104 days, and have an average price of $632,124. The median price of a condo  is $492,450. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.

No new listings came on the market this week, and no properties had a price change. One property went into CTS  status, and three properties went into Pending status.

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

Rentals: If you are looking to rent year round, either furnished or unfurnished,   there are just 68 homes or apartments available. The median price is $4,450 per month and the average price is $6,626 per month. These year round rental opportunities have been on the market an average of 48 days.

As of this morning, there are 12 seasonal rental opportunities available and they have been on the market an average of  74 days, and at an average price of $10,591. The median  price of both furnished and unfurnished seasonal rentals is $7,950.

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.

Westport CT - Weekly Real Estate Market Statistics August 9, 2011

Homes:  There are 347 single family homes on the market, and their average list price is $2,138,652.  These homes have been listed for sale an average of 115 days, and the median price is $1,324,000.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $294,900.  Five bedroom homes comprise roughly 48 percent of the available inventory and their average list price is  $2,926,838.  There are currently 98 four bedroom homes available in town and their average list price is $1,733,857. Lastly, if you are in the market for a three bedroom home, the average list price is $1,041,195 and there are 73 available.

Eleven new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Five properties had a price change, and elevent properties have gone under the initial deposit stage, which we call CTS. Nine properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

Closings:  Seventeen homes were reported as  sold in the last seven days, and their average list price was  $1,311,529 and  these homes were on the market an average of just 66 days. There were 69 status changes in the last seven days.
 
Condos:   The 30 condominiums that are available have been  listed an average of 98 days, and have an average price of $617,561. The median price of a condo  is $492,450. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.

Two new listings came on the market this week, and one property had a price change. No properties went into CTS  status, and two properties went into Pending status.

Closings: One condominium closed in the last week, was listed at $829,000 and took just 35 days to sell. There were six status changes in the last seven days.

Rentals: If you are looking to rent year round, either furnished or unfurnished, the inventory is down by about 20 percent since a few weeks ago and there are just 61 homes or apartments available. The median price is $4,825 per month and the average price is $6,982 per month. These year round rental opportunities have been on the market an average of 61 days.

As of this morning, there are 11 seasonal rental opportunities available and they have been on the market an average of  82 days, and at an average price of $9,122. The median  price of both furnished and unfurnished seasonal rentals is $7,125.

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.

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.

Westport CT - Weekly Real Estate Market Statistics July 26, 2011

Homes:  There are 352 single family homes on the market, and their average list price is $2,138,879.  These homes have been listed for sale an average of 121 days, and the median price is $1,322,000.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $294,900.

Six new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Twelve  properties had a price change, and eight properties have gone under the initial deposit stage, which we call CTS. Seven  properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

Closings:  Ten homes were reported as  sold in the last seven days, and their average list price was  $1,613,290 and  these homes were on the market an average of 165 days. Keeping with last week, there were 63 status changes in the last seven days.
 
Condos:   The 30 condominiums that are available have been  listed an average of 103 days, and have an average price of $614,911. The median price of a condo  is $500,000. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.

One new listing came on the market this week, and two properties had a price change. Three properties went into CTS  status, and two properties went into Pending status.

Closings: No condominiums closed in the last week. There were nine 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 $4,950 per month and the average price is $6,948 per month. These year round rental opportunities have been on the market an average of 44 days.

As of this morning, there are 12 seasonal rental opportunities available and they have been on the market an average of  82 days, and at an average price of $9,737. The median  price of both furnished and unfurnished seasonal rentals is $5,850.

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.