Tag Archive | "real estate market"

Empty (Rental) Shelves

Empty (Rental) Shelves

We are heading toward Thanksgiving and many people think it’s much too early to think about rentals for 2012. But, it’s a great time to prepare to rent your home. We expect a fast rental market due to the empty shelves we are experiencing with quality rentals. The rental market remains active, in part, due to many people being in transition. Lack of quality inventory has been frustrating for tenants who are currently searching. There are limited desirable listings in every price range. If you are a landlord or thinking about renting your home contact us for a free analysis of the current rental market and pricing. If you are tenant, we will turn over every stone to find you a perfect place to live.

Our Westport Rental Group is a team of highly qualified agents who understand the rental process in Fairfield County Connecticut and have extensive resources to assist you, whether you are a landlord or tenant. A member of this team will work with you to deliver the highest customer service to ensure that you understand the rental process and have a positive experience.

Also ask us about our HomeEfficient Services with a single point of contact who can assist you with connections for phone, electricity and home heating. This is a free service that is focused on the client in providing all of the resources you will need to settle into your home. We also provide a list of vetted home improvement vendors that can be utilized. Our team works with you on short-term, long-term, and seasonal rentals. We also have access to listings throughout Fairfield County Connecticut.

Contact us at (203)253-9222 to begin the rental process or for assistance with any questions as a landlord or tenant. We will match you with the perfect agent for you.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Empty (Rental) Shelves

Westport CT, Real Estate Market Overview

Westport, CT

Quarterly reports show that Westport is tracking about 136 solds for the 3rd qtr, which is the most 3rd quarter activity since 2005.  The average DOM is down to 85, which is the lowest its been in any quarter since the 3rd quarter of 2005.  The yearly Average List, Average Sale and Median List prices are at the lowest points since 2004-2005.  The Median Sale is now at 2004 levels.
Price Distribution for Westport continues to show activity at the bottom of the market (Under $600,00), almost 15% of the sales this year (35 of 242) are at that level. There is a hot price point, $1,000,000 – $1,300,000 with 48 sales this year which is 20% of the activity. Nine of the 68 Bindered/Pending properties also fall in the range (another 13+%).
The YTD numbers show that we have continued to lose ground in Average List, Average Sale, Median List & Median Sale for 3 years running. The Median Sale-List % has been dropping for 5 straight years at this point. The good news is that the units sold are up 57% over last year, and the average DOM is also down significantly (-17%), although that could be explained by agents removing and reliisting properties at more accurate price points as new listings. 

Comparing 2010 to the last 5 years (2005-2009), volume is down 6.8%, market time is also down 2.6%.  The Average and Median List and Sale Prices are down from 12.3% to 15.1%. Sale-to-List ratios (Average and Median) are also down showing more negotiability on the sellers part.

So, the advice to sellers is price aggressively from the very beginning. Pressure on pricing still remains as the buyers are driving the bus. It appears that once a property hits the “sweet spot” (according to the buyers), it will get attention and a sale. In some cases, there are multiple offers. Save yourself extended days on market and a load of frustration. If you list too high, you become invisible to the market.

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport CT, Real Estate Market Overview

Westport, CT Average Days On Market 2001-2010

                    Average Market Time  
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total
2010 102 106 85   97
2009 144 113 110 155 128
2008 123 104 93 121 107
2007 119 101 104 118 108
2006 103 87 92 113 97
2005 94 71 77 88 80
2004 109 71 78 91 83
2003 86 78 74 93 82
2002 98 76 62 91 78
2001 106 98 83 99 94

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport, CT Average Days On Market 2001-2010

Westport, CT Number Of Units Sold YTD By Quarter

         # of Units Sold    
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total
2010 54 97 91   242
2009 28 62 84 76 250
2008 47 74 97 53 271
2007 65 152 111 79 407
2006 97 108 122 72 399
2005 99 141 166 82 488
2004 79 164 165 93 501
2003 62 112 142 108 424
2002 91 150 167 88 496
2001 77 112 167 85 441

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport, CT Number Of Units Sold YTD By Quarter

Westport, CT Real Estate-Average Days On Market 2001-2010

                    Average Market Time  
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total
2010 102 106     105
2009 144 113 110 155 128
2008 123 104 93 121 107
2007 119 101 104 118 108
2006 103 87 92 113 97
2005 94 71 77 88 80
2004 109 71 78 91 83
2003 86 78 74 93 82
2002 98 76 62 91 78
2001 106 98 83 99 94

Please leave your comments about your hyper local real estate market.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport, CT Real Estate-Average Days On Market 2001-2010

Westport, CT Real Estate-Number of Units Sold 2001-2010

         # of Units Sold    
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total
2010 54 96     150
2009 28 62 84 76 250
2008 47 74 97 53 271
2007 65 152 111 79 407
2006 97 108 122 72 399
2005 99 141 166 82 488
2004 79 164 165 93 501
2003 62 112 142 108 424
2002 91 150 167 88 496
2001 77 112 167 85 441

Please leave your comments on units sold in your hyper local real estate market.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport, CT Real Estate-Number of Units Sold 2001-2010

Westport and Weston CT Market-Last 6 Months

Westport, CT Market From Last 6 months (Sept 09-Feb 10)
           
  # Sold Ave DOM Median List Median Sale % Med Sale/List
9/1/09 – 2/28/10 130 138 $1,189,500 $1,102,500 92.69%
9/1/08 – 2/28/09 92 115 $1,312,450 $1,200,000 91.43%
9/1/07 – 2/29/08 138 121 $1,499,000 $1,406,500 93.83%
9/1/06 – 2/28/07 146 109 $1,259,500 $1,183,750 93.99%
9/1/05 – 2/28/06 188 96 $1,307,500 $1,267,500 96.94%
9/1/04 – 2/28/05 195 92 $1,159,000 $1,120,000 96.64%
9/1/03 – 2/29/04 197 92 $939,000 $905,000 96.38%
           
Weston, CT Market From Last 6 months (Sept 09-Feb 10)
           
  Units Sold Ave DOM Median List Median Sale % Med Sale/List
9/1/09 – 2/28/10 53 148 $819,900 $772,500 94.22%
9/1/08 – 2/28/09 34 135 $744,000 $725,000 97.45%
9/1/07 – 2/29/08 37 85 $1,250,000 $1,150,000 92.00%
9/1/06 – 2/28/07 43 112 $939,000 $939,000 100.00%
9/1/05 – 2/28/06 62 105 $1,087,000 $1,035,000 95.22%
9/1/04 – 2/28/05 80 113 $854,450 $840,000 98.31%
9/1/03 – 2/29/04 72 111 $844,000 $825,250 97.78%

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport and Weston CT Market-Last 6 Months

Connecticut By County, Number of Sales By County 2008-2009

County      
       
  2008 Sales 2009 Sales         Change            
Fairfield 5361 5153 -3.9%
Hartford 6164 6189 0.4%
Litchfield 1370 1304 -4.8%
Middlesex 1302 1311 0.7%
New Haven 5054 5238 3.6%
New London 1915 1989 3.9%
Tolland 1006 1062 5.6%
Windham 872 967 10.9%
       
State of CT 23044 23213 0.7%

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on Connecticut By County, Number of Sales By County 2008-2009

Connecticut Single Family Median Sales Price and % By County 2008-2009

County Year 2008 Year 2009  
  Median SP Median SP % Change
       
Fairfield $515,000.00 $440,000.00 -14.6%
Hartford $242,950.00 $225,000.00 -7.4%
Litchfield $265,000.00 $232,500.00 -12.3%
Middlesex $300,000.00 $267,500.00 -10.8%
New Haven $255,000.00 $225,000.00 -11.8%
New London $249,000.00 $220,000.00 -11.6%
Tolland $241,700.00 $237,250.00 -1.8%
Windham $195,000.00 $175,000.00 -10.3%
       
State of CT $280,000 $250,000 -10.7%

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Connecticut Single Family Median Sales Price and % By County 2008-2009

Median Sales Price and % Change By Quarter from 2001-2009 in Westport, Connecticut

           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Med
           
2009 $1,275,000 $930,000 $1,300,000 $1,199,000 $1,199,000
2008 $1,339,000 $1,295,000 $1,500,000 $1,179,000 $1,350,000
2007 $1,255,000 $1,550,000 $1,430,000 $1,365,000 $1,400,000
2006 $1,260,000 $1,323,000 $1,307,500 $1,173,750 $1,289,000
2005 $1,150,000 $1,219,000 $1,312,500 $1,231,000 $1,247,500
2004 $857,500 $1,108,500 $1,180,000 $1,150,000 $1,100,000
2003 $885,000 $899,500 $965,125 $985,000 $925,000
2002 $755,000 $750,000 $899,000 $812,500 $805,000
2001 $682,000 $798,750 $730,000 $725,000 $729,000
     

% Change Median Sale $

 
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Med
           
2009 -4.78% -28.19% -13.33% 1.70% -11.19%
2008 6.69% -16.45% 4.90% -13.63% -3.57%
2007 -0.40% 17.16% 9.37% 16.29% 8.61%
2006 9.57% 8.53% -0.38% -4.65% 3.33%
2005 34.11% 9.97% 11.23% 7.04% 13.41%
2004 -3.11% 23.24% 22.26% 16.75% 18.92%
2003 17.22% 19.93% 7.36% 21.23% 14.91%
2002 10.70% -6.10% 23.15% 12.07% 10.43%
2001 -5.54% 19.22% 2.82% -1.93% 2.39%

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport ConnecticutComments Off on Median Sales Price and % Change By Quarter from 2001-2009 in Westport, Connecticut

Median List Price and % Change By Quarter 2001-2009 in Westport, Connecticut

           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Med
           
2009 $1,549,450 $989,000 $1,399,000 $1,249,000 $1,275,000
2008 $1,387,000 $1,312,000 $1,599,000 $1,219,000 $1,395,000
2007 $1,299,000 $1,584,500 $1,450,000 $1,400,000 $1,450,000
2006 $1,315,000 $1,370,000 $1,349,500 $1,259,500 $1,350,000
2005 $1,165,000 $1,219,000 $1,348,250 $1,299,000 $1,295,000
2004 $899,000 $1,137,500 $1,200,000 $1,195,000 $1,150,000
2003 $899,450 $919,000 $974,250 $1,000,250 $949,000
2002 $795,000 $764,450 $899,000 $849,000 $819,000
2001 $699,000 $822,000 $750,000 $720,000 $749,000

 

    % Change Median List $  
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Med
           
2009 11.71% -24.62% -12.51% 2.46% -8.60%
2008 6.77% -17.20% 10.28% -12.93% -3.79%
2007 -1.22% 15.66% 7.45% 11.16% 7.41%
2006 12.88% 12.39% 0.09% -3.04% 4.25%
2005 29.59% 7.16% 12.35% 8.70% 12.61%
2004 -0.05% 23.78% 23.17% 19.47% 21.18%
2003 13.14% 20.22% 8.37% 17.82% 15.87%
2002 13.73% -7.00% 19.87% 17.92% 9.35%
2001 -1.55% 19.23% 2.74% -3.87% 2.74%

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on Median List Price and % Change By Quarter 2001-2009 in Westport, Connecticut

Average Marketing Time-2009 Westport, CT By Quarter from 2001-2009

   
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total
           
2009 144 113 110 155 128
2008 123 104 93 121 107
2007 119 101 104 118 108
2006 103 87 92 113 97
2005 94 71 77 88 80
2004 109 71 78 91 83
2003 86 78 74 93 82
2002 98 76 62 91 78
2001 106 98 83 99 94

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on Average Marketing Time-2009 Westport, CT By Quarter from 2001-2009

Number of Units Sold (By Quarter) from 2001-2009 in Westport, CT

           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total  
             
2009 28 62 84 75 249  
2008 47 74 97 53 271  
2007 65 152 111 79 407  
2006 97 108 122 72 399  
2005 99 141 166 82 488  
2004 79 164 165 93 501  
2003 62 112 142 108 424  
2002 91 150 167 88 496  
2001 77 112 167 85 441  
                   

Posted in CT Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on Number of Units Sold (By Quarter) from 2001-2009 in Westport, CT

2009 Wrap Up of Westport, Weston, Fairfield and Easton Connecticut Real Estate Markets

It’s been an interesting year in real estate in Fairfield County. It was the year of the educated buyer and seller. Pricing was a struggle for both camps and it resembled a moving target for brokers and appraisers. Lack of comparables in some areas created confusion and challenges for all parties. There were significant drops in some price points, but other price points held their own. Buyers in active price ranges who were looking for sellers to take drastic reductions were slightly disappointed.  And, sellers, who were not aggressively priced, in sluggish price ranges were left behind. Here are is the “wrap up” of the four markets in Fairfield County, Connecticut. These include Westport, Weston, Fairfield and Easton. Check back  with the week here on HyperLocalRealEstate for more detail.  Each market will be broken down according to average sales prices, days on market and months supply.

 

Westport 

  • Volume down about 8%
  • DOM up nearly 20%
  • Ave. Sale down almost 17%
  • Median Sale down just over 11%

 Weston

  • Volume down almost 22%
  • DOM up nearly 18%
  • Ave Sale down almost 22%
  • Median Sale down about 12%

Fairfield 

  • Volume down over 11%
  • DOM almost unchanged (up 1%)
  • Both Average and Median sale dropped about 9.5%

Easton 

  • Volume down nearly 13%
  • DOM down almost 13%
  • Ave Sale down over 26%
  • Median Sale down more than 22% 

Posted in Westport ConnecticutComments Off on 2009 Wrap Up of Westport, Weston, Fairfield and Easton Connecticut Real Estate Markets

Quick Snapshot: Fairfield, Connecticut Market

  • Every price range under $700,000 is averaging at least 2 or more sales per month, 167 total transactions (27.8/month). 
  • From $700,00 – $1.4 there have been 94 transactions (15.67/month)
  • At $1.4 and above there have only been 18 transactions in the past 6 months (3 per month) and there isn’t a single range that has averaged 1.25 sales per month (1.17 is the highest).

The Fairfield market appears to be moving from the bottom up! Buyers are seeing value in this community that is within commuting distance to New York City.

Posted in Westport ConnecticutComments Off on Quick Snapshot: Fairfield, Connecticut Market

Price Distribution & Absorption by Price Range~Westport, CT Real Estate

Price Range Active Listings CTS Pending Average  Sales + Contracts/ Month Supply Time by Sales + Contracts/ Months
 $0-$499.9 8 0 1 1.00 8.0
 $500-$599.9 16 1 3 2.17 7.4
 $600-$649.9 7 1 3 1.67 4.2
 $650-$699.9 6 0 0 1.33 4.5
 $700-$749.9 5 1 1 0.33 15.0
 $750-$799.9 13 0 4 1.67 7.8
 $800-$849.9 9 0 1 0.83 10.8
 $850-$899.9 10 3 3 1.50 6.7
 $900-$949.9 2 2 0 0.50 4.0
 $950-$999.9 7 0 2 1.33 5.3
 $1.0-$1.099M 9 0 1 2.00 4.5
 $1.1-$1.199M 9 1 2 1.17 7.7
 $1.2-$1.299M 10 1 3 1.83 5.5
 $1.3-$1.399M 15 0 1 1.50 10.0
 $1.4-$1.499M 7 2 1 1.17 6.0
 $1.5-$1.599M 10 0 0 0.83 12.0
 $1.6-$1.699M 15 1 2 1.00 15.0
 $1.7-$1.799M 8 1 1 1.33 6.0
 $1.8-$1.899M 7 0 1 0.67 10.5
 $1.9-$1.999M 17 1 1 1.33 12.8
$2.0-$2.249M 12 0 0 0.83 14.4
$2.25-$2.499M 17 1 1 1.67 10.2
$2.5-$2.749M 6 0 1 0.83 7.2
$2.75-$2.999M 11 1 2 1.00 11.0
$3.0-$3.499M 5 1 1 1.50 3.3
 $3.5-$3.999M 15 0 0 0.50 30.0
 $4.0-$4.999M 17 0 2 0.67 25.5
 $5.0-$5.999M 15 0 0 0.00 #DIV/0!
 $6.0-$9.999M 6 1 0 0.50 12.0
 $10M & Up 4 0 0 0.00 #DIV/0!
Totals 298 19 38 32.67 9.1
           
Active Inventory:  Currently on the Market – (Not CTS)

 

 

 

 

 

CTS: Accepted Offer – Continue to Show – Contracts Not Signed

 

 

 

 

 

Pending: Contracts Signed

 

 

 

 

 

Total Sales by List $ (6 Months):  Closed Transactions May 16, 2009 – November 16, 2009

 

 

 

 

158
Total Sales by Sale $ (6 Months):  Closed Transactions May 16, 2009 – November 16, 2009

 

 

 

 

124
Closed Sales Monthly Average:  Average Closed Transactions on a Monthly Basis

 

 

 

 

$1,629,614
Average (Sales & Contracts) per Month: Monthly Average plus Pending

 

 

 

 

$1,508,647
Supply Time by Sales: Inventory/Average Sales (Monthly Average)

 

 

 

 

$1,299,000
Supply Time by Sales + Contracts: Inventory/(Average Sales+Contracts) (Monthly Average)

 

 

 

 

$1,255,000

Posted in Westport ConnecticutComments Off on Price Distribution & Absorption by Price Range~Westport, CT Real Estate

Quick Snapshot of Westport, CT Market Statistics

Here are the latest overall market statistics for Westport, CT. Price distribution and absorption numbers will follow in the next post.

  • 6 Month Numbers Sold Units-158
  • Average Days on Market-124
  • Average List $-$1,629,614
  • Average Sale $-$1,508,647
  • Median List $-$1,299,000
  • Median Sale $-$1,255,000

Posted in Westport ConnecticutComments Off on Quick Snapshot of Westport, CT Market Statistics

State of CT Real Estate By County-Comparison # of Sales 3rd Q 2008 v 2009

Single-Family      
       
County 1st 9 months 2008 1st 9 months 2009  
  Sales Sales % Change
       
Fairfield 4275 3587 -16.1%
Hartford 4788 4450 -7.1%
Litchfield 1043 924 -11.4%
Middlesex 1024 903 -11.8%
New Haven 3929 3749 -4.6%
New London 1466 1437 -2.0%
Tolland 755 745 -1.3%
Windham 676 706 4.4%
       
State of CT 17956 16501 -8.1%

Posted in Westport ConnecticutComments Off on State of CT Real Estate By County-Comparison # of Sales 3rd Q 2008 v 2009

Buying, Selling Or Renting In Fairfield County Connecticut? Contact Us At (203)253-9222

FreshPickedRealEstate.com is known as "Fairfield County CT's Favorite Real Estate Blog". We feature market statistics, community events and interesting happenings in and around lower Fairfield County Connecticut, including Westport, Weston, Wilton, Norwalk, Fairfield and Easton. Look for real estate tips with a focus on "green living" in the area.
Contact me at MelissaBrownRiley@gmail.com or at (203)253-9222 for info on all real estate services, including buying, selling or renting in Fairfield County, Connecticut or in any other county or state through our national network. We also specialize in buying or selling "short sales" and foreclosures.

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Luxury Rental Listings Are Needed

Fairfield County, including the towns of Westport, Weston, Fairfield, Easton, Wilton and Norwalk are highly desirable towns for rentals.
We are experiencing a lack of quality luxury rental listings in lower Fairfield County. We have tenants looking for rental properties that fit their needs.
We will assist you with establishing the rental value on your home and helping you through rental process. Proper representation is the core of our business and I we zero in on your needs no matter if you are landlord or tenant.

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