After a disappointing spring, single family homes sales, in Westport Connecticut, provided an encouraging note, for the housing market. When compared with the previous year, July sales posted gains in average sold price, median sold price and overall dollar volume. Number of transactions was flat, with 38 units sold in July 2008, compared with 39, in 2007. During the previous four months, unit sales had posted losses between 44 and 57 percent.
While the increased number of monthly transactions was good news, it does not necessarily mean that the market has rebounded. One possible explanation for the surge in sales may have to do with the psychology of the market.
During the traditionally strong spring months, March through June, the public was being told about the fantastic opportunities in the "buyer's market." There were reports of sales at 30, 40 or even higher percentages off asking price. These reports, however, reflected national averages. In Westport, there was some softening, but average sales price never collapsed. Buyers stayed on the sidelines, waiting for prices to come down. As the summer approached, those families that wanted to be in place, before the new school year, realized that prices were remaining fairly steady and it was time to pull the trigger.
It will be interesting to see if Westport can continue to match last year's pace, in the coming months.
Copyright © 2008 Marilyn Katz, All Rights Reserved, Westport, CT- July home sales - Best month year-to-date
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