Westport, Connecticut Moves

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Half Year Market Report for Westport, CT -

According to anecdotal evidence, there were lots of consumers house hunting, in Westport, CT, during the spring market of 2008.   However, half-year sales statistics do not reflect that activity.  Perhaps, expectations were too high.  Buyers, armed with media stories of puchases, 25, 30 or more percent, off asking price, came ready to buy their Westport dream homes, at bargain prices.  Instead they found moderating prices but no huge discounts.  Others could not move forward, on their purchase, because their current home had not sold.

Prices remained stable, when compared with the comparable period, a year ago.  Average sale price of a single family home rose less than one percent in 2008, to $1,690,810, compared with $1,677,291 for the first half of 2007.  Median sold price also remained flat, down less than one percent, during the first half of the 2008, at $1,339,000 vs. $1,350,000 in 2007,

Unit sales, however, painted a much different picture.  Only 121 single family homes sold, from January through June 2008.  That represents a 44 percent drop, compared with the first six months of 2007.  There are currently 357 active listings of single family homes, in Westport.  If the current sales rate, persists, that's an eighteen month supply of inventory.  Logically, that should exert pressure on sales price, but we haven't yet seen a precipitous drop.

Westport, Connecticut
     January-June  
      
single family home sales

2008

High

Low

Average

Median

Total

 Avg MT

# Sold

List Price*

 $7,100,000

  $450,000 

 $1,799,208

 $1,325,000 

 $217,704,198

   
Sold Price

  $6,235,000 

   $430,000

 $1,690,810

 $1,339,000 

 $204,588,000

  111

  121

Percentage

 87.8%

95.6%

94.0%  

101.1%

94.0%

   

 

 2007

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

 $6,500,000

  $399,000 

  $1,742,315

 $1,449,000 

 $378,082,275

   
Sold Price

 $6,700,000 

 $385,000

  $1,677,291

 $1,350,000 

 $363,972,040

  106 

  217

Percentage

103.1%

96.5%

96.3%  

93.2%

96.3%

 

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Marilyn Katz

      Marilyn Katz

    Berkshire Hathaway Homes Services New England Properties    
     203-429-1041
  Servings Westport, CT
  and the surrounding communities  

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Copyright © 2013 Marilyn Katz, All Rights Reserved

Comment balloon 7 commentsMarilyn Katz • July 15 2008 09:07PM

Comments

Dear Marilyn,

I agree with you. In the last four or five months I have had buyers make ridiculous low-ball offers between $30K and wait for it..... $100K less than asking price. I am talking about homes priced between $400K-250K, not real expensive properties. This is in a market  (Austin TX) that has held its 'heat' during this weak national housing market. I am always amazed at what some people will ask their Realtor to do. Hang in there it has to get better!

;)

Realtor_Austin@yahoo.com

Posted by Betina Foreman, Realtor, C.N.E., with WJK REALTY (WJK Realty) over 10 years ago

Betina- That's the trouble with national statistics.  I've heard of some incredible deals, in different parts of the country, but it doesn't translate to Westport.  As they say - all Real Estate is local.

Posted by Marilyn Katz, ABR, e-PRO - WestportCTProperties.com (Berkshire Hathaway HomeServices New England Properties) over 10 years ago

Marilyn,

Sounds like you might want to take a vacation here in Tucson!  Monsoon season is spectacular, and you won't be missing much in the way of sales back there.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Mike- Thanks for the invite, but if I need a break, I just head to Long Island Sound. 

The closest I've gotten to Tucson, is Phoenix/Scottsdale.  I must admit, the scenery was spectacular.  I was a bit put off, however, by the signs that read "beware of rattle snakes."

Posted by Marilyn Katz, ABR, e-PRO - WestportCTProperties.com (Berkshire Hathaway HomeServices New England Properties) over 10 years ago

Marilyn-Sounds similar to the market out in Maui. Big drops in volume with modest price changes. I hope you are having a beautiful summer in Connecticut. I grew up in New Canaan and moved away at 13. It has been a long time since I have been back in this neck of the country.

Posted by Pete Jalbert, R(S) (The Maui Real Estate Team, Inc. ) over 10 years ago

Pete- Thanks for stopping by.  Connecticut is great, year round, but living in Westport, during the summer, is like being on vacation.  My guess is Maui's not too bad, either ;-)

Posted by Marilyn Katz, ABR, e-PRO - WestportCTProperties.com (Berkshire Hathaway HomeServices New England Properties) over 10 years ago

Marilyn,

I took this little photo Saturday night.  Come read my post about it, (posted yesterday.)

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

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