The Westport housing market ended on a ho-hum note. On an annual basis, single-family home sales were off two percent (2%) compared with 2010. While unit sales remained comfortably ahead of 2008 and 2009, they were well off the highs posted in the previous decade.
Prices continued to soften. The median sold price of a single-family home, for 2011, was $1,085,625. This represented a five percent (5%) decline from the 2010 median sold price of $1,145,000. The bulk of the sales were for homes selling between one and two million dollars. This segment represented forty percent (40%) of total units sold, for both years. However, the shape of the market changed at the extreme ends. Only half as many homes sold for $4 million or more, in 2011, compared with a year ago (7 vs. 14.) At the same time, two and a half times as many homes sold under $400,000, this year.
Despite devastating snowstorms that brought activity to a halt, previously negotiated transactions managed to close during the first quarter of 2011 and units sales of single-family homes remained flat compared with 1Q10. Pent up demand took hold during the second quarter of the year. Units sold surged thirty-two percent (32%) vs the comparable period, a year ago. The second half of the year was a disappointment. Seventeen percent (17%) fewer homes sold during the third quarter, while fourth quarter totals fell twenty-two percent (22%.) As a percentage of total single-family homes sold, the fourth quarter of 2011 posted the smallest contribution to annual sales since 2005.
Single-Family Home Sales - 2011 Statistics
Unit sold - 344
Average Sold Price - $1,338,229
Median Sold Price - $1,085,625
Highest Sold Price - $6,300,000
Lowest Sold Price - $215,000
Average Days on Market - 105
This data is compiled from the Consolidated Multiple Listing Service and may not always be accurate. No warranty is made as to the accuracy of this information. You should verify any information that is important to your buying.
Servings Westport, CT
and the surrounding communities
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