The Westport real estate market ended 2008 on a stagnant note, posting weak unit and dollar sales . As we begin 2009, there are currently 252 single family homes actively listed (not including 7 with agreed to offers.) This equates to eleven months of inventory, based on 2008 sales data. Most of the listings are not new offerings. The average time on market for these listings is 149 days, or approximately five months. This figure is understated, as it does not take into account the days on market, for those homes that were previously listed. During 2008, inventory averaged over 300 homes, with 281 active listings, in January 2008.
In the final month of 2008, approximately half of the single family, unit sales were for homes that sold for $1 million or less. Yet, in the current inventory, only 30% of the listings are in that price point. Clearly, the makeup of the market is out of synch with the current buyer.
What does this mean for the consumer?
For homeowners, now may be a good time to list your home. Inventory is the lowest it's been, in a year. Make sure your home is competitively priced. Pricing just under comparable properties may be all it takes to get you offers. Clearly, a two and a half million dollar home is not going to be sold for a million, but perhaps, your asking price may have to come down to $2.4 million or even $2.3 million. You may also consider offering buyer incentives, such as purchasing a home warranty or allowing a credit towards closing costs.
For buyers, the ball is in your court. Mortgage rates are at historical lows but they won't stay there forever. First, find out the price home for which you qualify. Don't be afraid to make an aggressive offer but remember you are not just buying an investment, you are buying a place to live. If the house is well priced, and it meets all or most of your wish list, there is nothing wrong with paying at or near asking.
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
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Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Looking Ahead to 2009
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