All real estate is local.
We've all heard that expression, time and time again. While national statistics released this week appear to spell more doom and gloom for the housing market, Westport results belie that notion.
Nationally, new homes sales data, released this morning, showed a 12.4% drop for July, versus the previous month. July was also touted as falling to its slowest pace on record (since 1963.) Earlier this week, July existing home sales were reported at a 15 year low, according to the National Association of REALTORS.
Westport statistics, however, continue to fly in the face of national reports. July single family home sales (new and existing) edged out June totals by 4% and posted a whopping 52% increase, compared with July 2009. In fact, the number of Westport homes sold in July was the highest since July 2005. With almost a week to go, August has already edged ahead of August 2009 sales.
This encouraging summer sales data extends a trend set earlier this year. Sales for the 1st and 2nd quarters of 2010 outpaced the corresponding periods in 2009, by 93% and 52%, respectively. Although sales are still 20-30% off the pace of 2005-2007, the current results suggest a positive trend for the Westport market.
What does this mean for the local home buyer? With prices well off the highs of a couple of years ago and interest rates at historic lows, there is active buyer interest, in Westport. Anecdotal reports indicate an increase in multiple offers. After standing on the sidelines, last year, it appears that Westport buyers have decided it's the right time to make a move.
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