Westport Connecticut Real Estate Peaks And Valleys

Westport Connecticut Real Estate Peaks And Valleys

In evaluating the history of Westport Connecticut real estate it shows some interesting peaks and valleys. We have a gut feel for trends in the market because as a real estate company are the entry point to sellers placing their homes on the market and buyers beginning their home search process. So our experience has been that we are close to 2004 pricing with significant leverage shifting away from sellers to buyers since 2008. Our 2000-2011 statistics confirm those hunches. Here are the peaks and valleys in the market in the past decade and what has stood out.

Units sold: Tie between 2002 and 2004 at 408 closings in Westport. To put that number in perspective, in 2011 (through September), we have had 285 closings. So, 2002 and 2004 were brisk markets for closings. 2009 was a deep valley with a total of 174 closings. There was a tremendous amount of uncertainty and fear on both the seller and buyer sides and the closings reflected that.

Average Days On Market: The peak (for sellers) was 2002 with 75 days and the valley was in 2009 with 116. Extended marketing time tends to reflect hesitancy in the market.

Average Listing Price: The peak (for sellers) was 2008 at $1,845,220 while the average list price valley was $926,086 in 2000.

Average Sales Price: This coincided with the peak year in 2008 at $1,732,733 and the valley in 2000 at $893,291.

Median Listing Price: The peak was 2008 at $1,474,500 and the valley was in 2000 at $724,700.

Median Sales Price: The peak was 2007 at $1,400,000 and the valley was in 2000 at $703,000.

Looking at the statistics from 2000-2001, the strongest year for sellers was 2008. And, the most significant positive shift upward for prices was from 2003 into 2004. There are many parallels between 2011 and 2004 for pricing. We often mention to sellers that we are close to “2004 pricing”.

End of the year statistics, most likely, will show a subtle drop from 2010 in average listing price, average sale price, median listing price and median sales price. However, there will continue to be pressure on pricing due to a build-up of inventory in many ranges and a slowdown in binders and contracts. This may lead to more significant declines for sellers in 2012. Time will tell and we will post the year end numbers.

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