Market Activity Comparison For Westport Connecticut Real Estate

Market Activity Comparison For Westport Connecticut Real Estate

It’s important to evaluate the market from a few different angles. I like to look at actives (listings), CTS (continue to show or bindered) and pendings (under contract). Obviously, the CTS and pending numbers are an indication of what is expected in the market in the next few months.

Actives as of:

4/11/11-279

5/4/11-318

6/15/11-355

7/6/11-342

8/17/11-321

So, inventory is up from April by 15%, but not at its highest this year. The peak was in June, during the summer doldrums. We would assume that if the market has the same amount of buyers that leverage is shifting more to their side. Actually, it has felt that way in the past few weeks, however we do have signs of seller leverage in some popular price points.

Binders numbers for the same times during the year are 29, 32, 30, 28, and 24 so they are relatively flat.

Where we are seeing a significant dropoff in numbers since April are in contracts.

4/11/11-76

5/4/11-75

6/15/11-73

7/6/11-63

8/17/11-41

Here is my assessment: It could be a function of a more challenging environment for transactions as a whole. We are seeing more unresolved issues on inspections, disclosures and mortgage challenges. It’s taking longer to get a transaction to the contract phase¬†and a ton more negotiation on everyone’s part.

It will be telling to see where the closing numbers net out over the next few months. As of the end of the second quarter, Westport had closed 20.5% MORE than in the same time frame from 2010. So, from a seller’s perspective it’s still possible to sell your home. Superb condition and aggressive pricing will place you in the best position with any potential buyers.

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