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┬ásize 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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