Westport, Connecticut Moves

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Westport, CT - Looking Ahead to 2009

 

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

To view Connecticut listings Search the MLS/IDX   Only the listings of brokers participating in the Multiple Listing Service/Internet Data Exchange program will be displayed in this search.

Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Looking Ahead to 2009


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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 6 commentsMarilyn Katz • January 05 2009 01:10PM

Comments

Marilyn I hope 09 turns out to be a great year for you. I am expecting much bigger things in 09.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 10 years ago

Thanks, Bill.  From your mouth to.......

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

Pricing is the big element of a down market. When one considers the volume of inventory- the home best priced is the one that moves. Your example of pricing alternatives does not seem extreme. I just previewed a home that was $2.4 million. It's now being short-sold... the expected transacted price will probably be just over $1 million. This is the market snapshot in America's former boom states.

Posted by Chuck Willman UtahHomes.me, Utah Homes (Utah Homes) almost 10 years ago

Chuck-  The challenge is bringing the home sellers around to the reality of the times.  There are still overpriced listings, with hundreds of days on the market.

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

Marilyn, Westport sounds like the place to be on the Seller or Buyer side. Thanks for the positive side to the story, and good luck with all your business.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 9 years ago

Hi Gary-  Buyer activity seems to be picking up.  Hopefully, they're not just kicking the tires.

Posted by Marilyn Katz, ABR, e-PRO - WestportCTProperties.com (Berkshire Hathaway HomeServices New England Properties) over 9 years ago

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