2010 Third Quarter Snapshot-Westport, CT and Surrounding Areas

There is a little good news if anyone lives in or works Weston and/or Easton. They appear to be the only local towns showing positive moves in both average and median sale prices. As “secondary markets”, they may have bottomed out before everyone else. The average sale in Weston is almost identical to 2009 and Easton is UP 9.79%. The Median Sale in Weston is UP 15.57% over the year end median for 2009 and Easton has increased a modest 1.3%. Most other towns are still down 4-10% under 2009 year-end numbers. Time will tell as is a little shocking, given the feel of both Easton and Weston markets on a day-to-day basis.

Westport, which historically has faired well, isn’t doing quite as well as Weston or Easton. While units sold have increased and we are tracking toward a year-end total around 360 (at the current pace which may not happen with 22 CTS and 38 Pending), the average and median sale prices aren’t rebounding just yet. The average sale is down 2.59% (from 2009) which is still an improvement over the 16.93% drop from 2008 to 2009, and the median is also down 4.92% compared to 2009. While the numbers are still off, the decline appears to be slowing. Maybe there is hope for a strong Spring 2011!

As for the Price Distribution Report in Westport: There is a mini glut of inventory from $2.25-$3.0 million, while there is a hot spot from $1.9-$2.0. Our $2.25-$3 million range is usually gobbled up in anticipation of Wall Street bonuses. Anyone that has a listing in the low $2,000,000s should really consider a price reduction to get under $2,000,000 at this point. The other well performing range is from $1.0 -$1.3 and the current listings appeared to be “picked over”.

An interesting side note: Fairfiield’s average sale price is down 3.03%, median sale price is down 5.05% and units sold are up 3.01% (tracking 639 at the current rate – I’m guessing/hoping for around 600 even). So, even brisk activity doesn’t necessarily ensure that prices will hold. Sellers and buyers are coming together, but probably not at what sellers have expected or wanted.

So, there are bright spots in the market, but working with a knowledgeable agent who knows the dynamics of the market is absolutely crucial now. Your agent will need to provide this detailed information and sometimes, the tough news about what is working and not working in the market. It will save you tons of time on the market and frustration.

More specific, interesting statistics to follow soon!

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