Tag Archive | "westport connecticut real estate"

Westport CT Real Estate Market Update-Active Listings (Single Family and Condominiums)

Here is a quick market update on active single family homes in Westport Connecticut:

There are 307 single family listings on the market with the lowest price at $399,000 on Oakview and a high of $24,950,000 (yes, that is million) on Beachside Avenue. The median listing price is $1,595,000. I always like to use median, which is the “middle of the market” versus averages. The highest “days on market” is 808 days with the median at 126 days.

Here is a snapshot of the active condominium units in Westport Connecticut:

There are 20 condominiums on the market with the low of $294,500 on Hills Lane and the high of $1,495,000 in Regent’s Park. The median listing price is $699,500. The highest “days on market” is 440 days with the median at 109.

Prices are holding steady however, with a slow pipeline of binders and contracts in the hopper compared to last year, there will be pressure on prices in the next few months. I expect that we will be looking at a more aggressively priced market in the Spring.

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Bridging The Real Estate Value Gap In Westport

Bridging The Real Estate Value Gap In Westport

Throughout my 29 years in the business, I have always found the real estate process fascinating, specifically how buyers and sellers react to changes in the market. Leverage between buyers and sellers is continually shifting. Since mid 2006, leverage has been moving toward buyers, resulting in noticeable pressure on pricing for sellers. For many years prior to 2006, sellers enjoyed the leverage and could list at the “high end of the range” and locational and condition issues appeared to be virtually ignored. Lack of quality inventory and high buyer demand increased the odds of multiple offers for sellers. I remember evaluating the statistics during 2006 and noticing some changes leaning toward buyers. The first two signs of the shift: “Days on market” began to extend and the buyers appeared to be pushing back on inspection issues. Resistance in the market was starting to take shape. Subtle changes of signs of things to come and a whole new real estate reality.

In any market, buyers buy from the bottom up and sellers sell from the top down. Buyers want the best value and sellers want to maximize their investment (home). Both have diametrically opposing viewpoints of what value looks like. Since the market slowdown, the value gap in the middle has resulted extended marketing time, and multiple reductions for sellers.

When working with sellers we cover the specifics of the comparable listings, including recent sales, comparable active listings and expired listings (failures in the market). So, in order to price correctly, we evaluate what has happened in the market (solds), what may happen in the market (availables) and what has not happened in the market (expireds.) “Right” pricing early on in the process creates excitement from the buyers who are searching for value. I equate the initial listing period as the “grand opening” of the house. It’s when almost every listing has, at least, a short period of momentum in the market. Regardless of season, or price point, there is some pent up demand from buyers who will pay attention to any new listings. Buyers watch for value and will also keep an eye on a specific home until significant or relevant reductions are made. Because of buyer representation, agents educate their buyers through showings and providing comparable information. Readily accessed information also fine tunes their ability to spot a well-valued home.

Our market is being severely impacted by many variables in the economy including lack of consumer confidence and fear of job loss. In order to get attention from buyers, sellers need to be aggressive with pricing in the hopes of capitalizing on initial buyer enthusiasm because buyers simply will not overpay. Sellers who close the real estate value gap are being rewarded with showings and sales.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Bridging The Real Estate Value Gap In Westport

Buying Versus Renting

Buying Versus Renting

With pressure on pricing in Fairfield County, Connecticut, the question of buying versus renting needs to be asked. Jeff Jensen, our Mortgage Officer from Connecticut Home Mortgage covers some compelling reasons to own:

Every once in a while it is wise to briefly re-visit the age old question, “Is it better to rent or to buy?”  Having just experienced a significant correction in housing prices, now is a good time to compare.  On the surface there are some apparent benefits for each choice.  I have listed a few below.

Renting Advantages

  • No need for large cash to put down
  • No costs to maintain the property
  • No equity losses
  • You can move at the end of the lease without having to wait to sell
  • Do not have to come up with tax payment during the year

Renting Disadvantages

  • No tax benefits
  • No equity gains
  • No control over annual rent increases
  • Possibility of eviction
  • You may be limited in making changes to décor, paint colors, etc.
  • May have to live with other tenants
  • Reliant upon landlord for repairs and upgrades

Buying Advantages

  • Property could build equity and wealth
  • Mortgage interest is tax deductible
  • Property taxes are tax deductible
  • You are free to decorate as you wish
  • You may choose your own exterior plantings and design
  • You don’t have to get approval to make repairs or upgrades
  • Your monthly payment is fixed with a fixed rate loan and will not go up every year

Buying Disadvantages

  • You have to pay the property taxes when due
  • You have to pay for any maintenance and repairs
  • Your insurance will be higher
  • In order to move you will have to go through the process of selling the house or carrying two places to live
  • You are fully at risk for the value of the house.  You could lose equity.

For analysis of renting, one should consider that prior to arriving at the asking price for the monthly rent, a landlord will consider the ongoing costs of the property.  Initially he/she will make sure that the rental income covers the “monthly nut” which typically includes the mortgage payment, monthly property tax and monthly insurance.  Then most landlords add an allowance for maintenance based on their experience with rental units over the years.  The result is that, although the tenant is not paying for the property tax or the homeowners insurance or maintenance and repairs per se, those items are essentially being included in the monthly rent.

Historically property values have risen in this country at a rate far greater than inflation.  Each property is unique and has its own value attributes and shortfalls.  Property values trend differently on particular streets, sections of town, towns and cities and sections of the country.  Despite the recent “bubble”  in housing prices, most homeowners who purchased their homes in 2003 and earlier have built equity in their homes.  For homeowners with modest incomes and without the benefit of substantial savings or investment accounts, home ownership may be their greatest opportunity to build wealth for their families and/or their retirement.  Downsizing is a popular trend which allows homeowners to realize gains in property value providing funds for retirement while reducing their monthly costs.

Now that homes appear to have stopped  losing value in many areas of the country, a great opportunity has been created.  With homes at their lowest values in year and interest rates at their lowest levels ever, the argument for homeownership is compelling.  There are programs available which allow buyers to purchase homes with as little as 3.5% down and even with “0” down for special category loans.  Those who have 20% of more to put down can purchase without the need to pay monthly mortgage insurance.  Look at the comparison below to compare owning and renting a $300,000., 1,400 square foot house.

 

Buy Rent
Monthly Payment $1,146.00 $1,950.00
Monthly Property Tax $450.00 $0
Monthly Insurance $80.00 $40.00
Down payment $60,000 $0
Interest $0 (50)
Net Total Payment $1,676.00 $1,940.00
Amount Deductible $14,923 $0
Net Tax Savings $3,730 $0
Monthly Savings $310.83 $0
Net After Savings $1,465.17 $1,940.00
Extra Monthly Cost $0 $574.83 x 12=$6,897 per year

 

The example above assumes a buyer in the 25% tax bracket.  Thebuy figures do not any allowance for maintenance but an annual savings of over $6,000. should more than cover any maintenance costs encountered.  With home prices as low as they are currently, the argument for buying over renting has never been stronger.

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT Rentals, Wilton ConnecticutComments Off on Buying Versus Renting

Weston Connecticut Real Estate Market Update (Units Sold)

Weston Connecticut Real Estate Market Update (Units Sold)

Even though this blog is dedicated to Westport, I would be remiss by not including some of the market dynamic in the neighboring town of Weston. Weston has an entirely different feel to it from a population size and zoning requirements. It’s a sweet and comfortable small town which has a very tight-knit community as represented by the message from the First Selectman, Gayle Weinstein. “Weston is a community of friends and neighbors dedicated to our families and each other. Weston is committed to quality education in a rural and residental atmostphere.” Needless to say, it’s been a highly desired community for local buyers and buyers looking for more acreage an value.

Let’s delve into what we are seeing from a factual standpoint in the Weston market and target the trend in units sold.

The number of units sold over the past 10 years from January through September in Weston Connecticut:

2011-83

2010-91

2009-63

2008-95

2007-131

2006-111

2005-156

2004-163

2003-159

2002-183

The general feel from many local agents is that the market in Weston has slowed down considerably. In order to finish out 2011 at the same number of closed units, we would need to close 37 more properties between now and the end of December. Looking at the current bindered and pended units (and allowing for a percentage of fall-throughs), we are likely to finish out the year behind the 2010 unit count.

Even though homes are closing (albeit a slower rate), inventory is building and their are still signs of overpricing by sellers in the market. Buyers are still armed with tons of leverage in the market and are using it to their advantage. Check back in for more posts on details of the Weston Connecticut market.

 

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Westport CT Real Estate Listing Averages

Westport CT Real Estate Listing Averages

Here are some quick statistics on the state of real estate listings in Westport Connecticut according to our local MLS (Consolidated MLS). There are currently 298 active listings, with an average listing price of $2,229,367 with a low of $399,900 on George Street and a high of $24,950,000 on Beachside Avenue. The average marketing time is 137, which has snuck up from 91 days, the same time in 2010. The average listing price in 2010 was $1,472,237.

Under the “CTS” or Continue To Show (bindered) heading, looks somewhat light in comparison to previous years with 13 listings. The average listing price is $1,164,846 and days on market of 87. The low listing price is $380,000 on Oakview and the high is on Sturges Hollow at $3,379,000.

Pended listings are those under contract.  There are 31 pended listings with an average listing price of $1,590,442. The low listing price is $294,900 on Saugatuck Avenue and the high pended listing is $5,800,000 on Hillspoint Road. The listing on Hillspoint bindered with 17 days of marketing time.

The expired group looks dismal with 32 expired from September 1 through October 4, 2011. The average listing price was $2,046,634 and with marketing time of 142 days. Expireds represent the failure in the market and typically have extended days on market as buyers clearly have rejected those listings at their listing price. The low was on Clinton Avenue at $460,000 and the high was on Charmers Landing at $12,995,000. Expired listings are sometimes relisted for sale on the market so they may eventually fall into the active listing group, “CTS” and pending group.

Rentals are very popular in Westport. There are 100 on the market, with an average days on market of 55. The average listing price is $5857 with a low of $1000 for a studio apartment on Greens Farm to a high of $30,000 per month for a season rental on Hillspoint. The feeling about rentals is that they either go quickly with mulitple offers or tenants outright reject them in the market. Like buyers, tenants are showing some of the same behavior in the market.

Overall, the market continues to be active, allthough pressure on pricing is the theme with aggressively priced and well-condtioned homes being perceived positively in the market.

Check back in for more statistics on Westport Connecticut or request any information that you would find helpful in the sale of your home, in purchasing a home or renting a home.

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Westport CT Real Estate Listing Averages

Why Are Rates So Low?

Why Are Rates So Low?

Jeff Jensen is our local Connecticut Home Mortgage Officer who has years of experience in evaluating the mortgage markets. This is an interesting guest post from him:

It seems one cannot go anywhere today without hearing how mortgage interest rates are at their all-time lows.  “What controls interest rates?”, one might ask.  Some might answer the Fed keeps interest rates low and has pledged to continue doing so until 2013.   While is true that the Fed has kept the Fed rate low and has indicated a willingness to keep it low for months to come, that does not directly affect mortgage rates.  The Fed rate is the rate at which banks can borrow from one another.  The Fed rate is currently .25%.  The rationale for keeping the Fed rate so low is that banks will be encouraged to lend money and thus the economy will be stimulated.  Normally the prime rate is three points above the Fed rate.  Correspondingly if the rate at which a bank’s best customers can borrow (prime rate) is only 3.25%, small business should be encouraged to borrow money and expand.  Let us take a brief look at what does make interest rates move in one direction or another.

Mortgage interest rates are affected by geo-political events, economic reports and technical levels created by prior market history.  All these elements, sometimes in concert and sometimes individually affect the underlying bonds which actually determine interest rates.  The bonds are called mortgage backed securities (MBS).  They are securities because they are comprised of individual mortgages that have been securitized (bundled together and sold as bonds by Wall Street firms).  We normally follow bonds with coupon rates about 75 basis points (.75%) less than the prevailing interest rate for 30 year conforming bonds as that is the fee firms charge to package the securities.  Currently with the 30 year mortgage available around 4.25%, we are watching the 3.5% coupon bond.  Each 50 basis point move in the price of a mortgage backed security equates to a .125% change in the interest rate one might attain.  Because these bonds are traded in a live market similar to the way stocks are traded, a rate quoted at any particular moment is live and, as such, subject to change at any time.

Normally, but not always, bonds trade in the opposite direction from stocks.  Bonds tend react well to bad news while stocks react well to good news.  One of the reasons that bonds have done so well recently is due to the financial unrest regarding European sovereign debt and fears that a recession in Europe could cause a second recession here.  This is bad news and creates what stock traders hate; uncertainty.  As a result, this creates a safe haven trade during which money flows out of stocks and into the perceived safety of American Treasuries and mortgage backed securities.  We saw this exact reaction in early August as 30 year rates were as low as 3.875% for a few minutes.

Alternatively positive earnings rates from American companies or a positive jobs report might cause money to flow out of bonds and into the stock market.  This happens frequently and, although the pricing on mortgage backed securities is rarely available in the news, if you hear that stocks are up or that Treasury bonds are down, most times this will mean that MBS bonds to will be down and correspondingly interest rates will be rising.  Sometimes there is no economic or geo-political event to influence a market place.  During these times, markets react to historical levels we call technicals.  Market watchers keep track of trends called moving averages.  Charting the market normally involves watching the 25, 50, 100 and 200 day moving averages.  One average might act as a support level below which a bond may not fall without outside influence.  Another moving average might act as resistance preventing a bond price from advancing higher.  Stochastics are measurements of a market being overbought or oversold and Japanese candlesticks provide analysts with information on the direction in which markets are trending.

All of these influences and tools are utilized in pricing and predicting what our interest rates will be.  Those in the market for real estate today are fortunate indeed to have such low interest rates available at the same time as homes are available at a deep discount.

Contact Jeff Jensen for additional information:

Jeffrey M. Jensen
Certified Mortgage Planner-NMLS # 109616

Connecticut Home Mortgage
NMLS # 15831

Mortgage Bankers

Mobile (203) 981-8282
Email jjensen@cthm.com

Posted in CT Real Estate, Fairfield County Real Estate, Weston Connecticut Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Wilton ConnecticutComments Off on Why Are Rates So Low?

The Core Of “The Big Apple” Real Estate

The Core Of “The Big Apple” Real Estate

Fairfield County Connecticut real estate, specifically, Westport real estate is inextricably linked to New York City. Many of our residents work in New York City and our economies are directly tied. While the real estate in New York is wildly different from Fairfield County, we are seeing some of the same trends and buyer and seller mentality. I thought it would be interesting to include a guest post from a long-time friend and super broker in NYC. Michael Shapot is a SVP at the preeminent NYC broker, Prudential Douglas Elliman. He is sharing his long-time, practical experience and real estate savvy on http://www.michaelshapot.blogspot.com Feel free to follow and add your insights or questions.

Posted in Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on The Core Of “The Big Apple” Real Estate

Sellers Fairing Well In Lower Price Ranges in Westport Connecticut

A price distribution report for Westport Connecticut shows us how quickly our inventory is being absorbed into the market (through sales). Despite popular belief, some price ranges are either geared toward sellers or are balanced between buyers and sellers. Lower price points have been more well-balanced in the past year. However, $700,000-$749,900 is oddly at 2 years of supply. This could be a result of this being a popular price point in contiguous, more well-valued towns such as Fairfield. Any supply time of 6 months or less is encouraging to sellers with the prospect of a buyer coming in and beginning the negotiation process. We have some very consistent, fast-moving price ranges, particularly in the middle of the market: $1,200,000-$1,299,000. Inventory in this price point tends to fly of the shelves and condition is not as important of a consideration to a buyer. The brakes get slammed on at $1,400,000 and buyers are showing considerable resistence. For the most part, luxury buyers are relunctant and extremely discriminating when it comes to placing offers and making purchases. In some cases, we will be trying to rid the market of a severe over supply of listings in the upper end for many years.

 

 

 

 

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real Estate, Westport CT RentalsComments Off on Sellers Fairing Well In Lower Price Ranges in Westport Connecticut

Snapshot of Westport CT Real Estate Prices 2007-2011

Snapshot of Westport CT Real Estate Prices 2007-2011

Interesting things are happening with pricing in the Westport Connecticut market. Looking at the numbers since 2000, Westport CT median prices peaked in 2007 at $1,400,000 and started sliding in 2008, down to $1,251,000. 2009 took a toll on the overall market and the median price to $930,000. In 2010, it flattened out at $938,900 and 2011 is showing some signs of life at $1,139,500. Remember, the median is the middle of the market. It simply represents the “mix” in the market. So, in 2011, we are seeing the “mix” increase. The lower end of the market is still moving and  the number of units sold are at 128 versus 102 sold through May 2010. Encouraging news for sellers, however, “right pricing” and perceived value are key to attracting buyers. They are still in drivers seat and there is continued pressure on pricing. Check back in for additional details of the market including average “days on market”, and average list prices.

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Attention: Buyers, Sellers and Realtors!

Attention: Buyers, Sellers and Realtors!

Our state lawmakers continue to come back to the well to solve the budget problems through anti-housing legislation. They unfairly burden Connecticut buyers and sellers with taxes. Here is the latest challenge that will severely impact the housing market and potentially cripple the real estate industry. We need your action to prevent this bill from being passed.

An alert from the Connecticut Association of Realtors:

The General Assembly is considering ANOTHER increase in real estate conveyance taxes – this time on homebuyers!

Senate Bill 1019 calls for a new, 1% tax on the purchase price of property in excess of $150,000. [$8,500 tax on a $1,000,000 home – due at closing!] Governor Malloy and the General Assembly have already imposed a 50% increase in the conveyance tax on sellers in the budget signed on May 4.

We encourage you to call your state Senator and Representative and tell them that:

  • Real estate conveyance taxes target the few (home buyers) for the benefit of all, regardless of ability to pay.
  • A tax on buyers could put the price of a new home out of reach for first time buyers.
  • Taxing home purchases is contrary to the efforts to improve the economy and create jobs.
  • If economic recovery is truly our goal, Connecticut’s elected leaders should be making it easier for citizens to buy a home, not more difficult.
  • Tell your elected officials to reject new taxes on home and real estate sales!

This bill will be moving to the Office of Legislative Research and Office of Fiscal Analysis, and next week, to the Finance Committee. Connecticut Association of Realtors Leadership agrees that this is a particularly onerous and regressive tax and will forcefully attempt to prevent it from being enacted. 

Don’t hesitate – go to http://www.cga.ct.gov find and contact your elected officials today!

Posted in CT Real EstateComments Off on Attention: Buyers, Sellers and Realtors!

Westport Real Estate is “Hyper Local”

Westport Real Estate is “Hyper Local”

The real estate market has become very “hyper local”. I frequently hear people making comments about how bad the market is, or how good the market is. The best characterization of the market is “it depends”. It depends if you are a buyer or seller and what price range you are referring to.

So, you have to dig into the market to truly understand what is happening.  When we break down the price ranges, we identify where buyers have leverage and where (believe it or not) sellers have leverage. This analysis is a reflection of available inventory and running sales rate in the price range. Read more on my article on the Westport Patch.com http://westport.patch.com/articles/westport-real-estate-is-hyperlocal

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QR Codes And The Future Of Real Estate Marketing

QR Codes And The Future Of Real Estate Marketing

Prudential CT Realty, Connecticut’s largest and most successful real estate company, has introduced QR (Quick Response) barcodes to its marketing efforts. Now consumers, with a smart phone, can read the codes and either be sent to a property page or agent bio. I think QR codes will play an interesting role in real estate, especially because they utilize mobile technology and bring information rapidly to the user. Since we are all focused on getting content online, being able to direct a consumer from a small printed QR code to an online presence is fascinating. QR codes allow the consumer to view much more information, such as what can be found on a website. Since a website is more fluid and “24-7” than print, it should prove to meet the needs of those searching for listing information, multiple photos and community information.

We are finding so many different ways to utilize them including business cards, advertising, and direct mail. So, if you are new to QR codes and would like to test them out: Google “QR Code Readers” for the smart phone you are currently using. Download the “app” for it. It will appear as an icon. Find a QR code in print, and click on your QR code icon, snap the photo and wait a few seconds. You will be directed to the website for that QR code.

For those of us who grew up in the sixties, it may be a reminder of all of the futurist things that George and Judy Jetson had. Maybe, we are actually living in the times that generations before us could only dream of and that technology is moving at light speed. For information on how Prudential’s QR codes can help you, read more on http://www.prudentialct.com/qr-popup.htm

Posted in MarketingComments Off on QR Codes And The Future Of Real Estate Marketing

Westport, CT Real Estate Market-Median Sales Prices from 2001-2010

Median sales prices are, most likely, a more accurate indication of the market. Based upon our statistics on medians, the height of the Westport, CT market was 2007-2008. Looking at the last column, which shows the change from the previous year, it shows a rise in median sales price from 2001 to 2008, when it flattens out. From 2008 to 2010, we have seen a backslide in median sales prices from the previous years. 2009 in particular was a gamer changer for sellers. Buyers were beginning to push back on pricing, negotiating stronger and coming back to sellers on inspection issues. Overall, comparing 2010 to the previous years, we are back to 2004 pricing. This becomes a critical fact to consider if you have purchased in Westport in the past 6 years and you are planning on listing your home for sale.

 

1/1 – 12/1
Units Sold
Ave DOM
Median     List $
Median    Sale $
Med Sale % Change
2010
328
102
$1,199,000
$1,140,000
-4.08%
2009
230
127
$1,282,500
$1,188,500
-11.96%
2008
257
106
$1,395,000
$1,350,000
0.00%
2007
386
107
$1,418,750
$1,350,000
4.41%
2006
376
97
$1,349,500
$1,293,000
4.19%
2005
462
81
$1,287,000
$1,241,000
12.82%
2004
470
82
$1,125,000
$1,100,000
20.09%
2003
392
81
$943,500
$916,000
13.79%
2002
467
78
$819,000
$805,000
10.01%
2001
416
93
$759,000
$731,750
4.54%
2000
459
85
$724,500
$700,000
n/a

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Westport, CT Real Estate Market-Average Days on Market Comparison 2001-2010

Average Days on Market shows how long the properties stay on the market before closing. It includes time from last list to close, so it doesn’t capture true marketing time as properties are pulled off of the market and relisted for numerous reasons. However, we can make the assumption that this tactic has been consistently used each year. So, here’s my point: It is an apple to apple comparison. 2010 has not been as sluggish as many would believe even though we aren’t seeing the same numbers as any year prior to 2006. Those of us in the market in 2006 definitely felt the beginning of the shift and began coaching sellers to change strategy and be more aggressive with their pricing and aware of competing properties.  Buyers began putting on the brakes and the pinch was on for sellers and it continues in 2010. This has been good news in some price points for buyers. Check back in for info on median price and how it ties in with the number of units sold and days on market.

                    Average Market Time  
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total
2010 102 106 91 119 102
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

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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!

Posted in CT Real Estate, Fairfield County Real Estate, Westport Connecticut, Westport Connecticut Real EstateComments Off on 2010 Third Quarter Snapshot-Westport, CT and Surrounding Areas

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


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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Do you think online marketing makes a difference in exposing your home to the market?

According to the National Association of Realtors, 91% of all buyers begin their search on the internet. As a seller, having a definitive online strategy creates a differentiation to maximize your exposure to the right target market. I offer 31 years of real estate experience with a strong technology twist and focus on utilizing Google to attract attention to your listing. Find out how we can create an advantage for you.

Investors from New York Searching In Fairfield County

Are you an investor from New York looking for well-valued properties in Fairfield County? We will pair you with an experienced agent who can assist you in your search. Melissa Riley (203)253-9222. Berkshire Hathaway HomeServices-New England Properties

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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