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% |
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
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.
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
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."
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.
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 ;-)
I took this little photo Saturday night. Come read my post about it, (posted yesterday.)
Mike in Tucson