Latest Market Statistics From Westport Connecticut

Latest Market Statistics From Westport Connecticut

It’s been a very strange market in Westport, Connecticut.  I was talking with an attorney yesterday regarding what he is seeing. We are all experiencing more pitfalls along the way from binder to closing than ever before. Stricter lender guidelines and appraisals are taking center stage in the transactions, impacting buyers and sellers. Despite the bumps and buyers generally having the leverage in the market, there are still price ranges that are readily selling and in some cases, in multiple offer situations. Well-priced, well-conditioned homes are being sought after by buyers where the inventory has been picked over.

Properties under $700,000 are selling within a reasonable time frame with a healthy balance of 6 months of supply. For some reason, $700,000-$749,000 is sluggish with 72 months of inventory. $750,000-$899,900 is balanced but the brakes get slammed on sellers between $900,000-$999,000 with over 42 months of inventory. This could be the glut of listings that were initially above $1 million but are now reduced. $1 million-$1,399,900 is somewhat balanced at 10 months. Historically, this would be considered an oversupply, but it appears to be closer to the new norm. $1.4-$1.499,900 is another slow moving price range with 33 months of supply. $1.5-$1,899,900 is being absorbed along with an average of  9.5 months of supply and $1.9 and above is seeing extended days on market supply ranging from 14 months to 54 months.

Despite some of the inventory numbers, the average “days on market” is 121 which is not far from what we have experienced historically. The median list price is $1,199,000 and the median sale price is $1,081,250. The median price on active listings is $1,630,000, the median on bindered properties is $1,186,500 and the median pended (contracts) price is $1,299,000. The median price of sold properties in the past six months is $1,199,000. As we know, the median is the middle of the market, so right now, it’s more favored toward the lower end.

The best advice for sellers is to price aggressively against the comparable homes. And, for buyers to be prepared to move fast in the the lower price points, especially with well-priced, and well-conditioned gems. There is still opportunity for both buyers and sellers, but it’s important to know the details of the market.

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