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.

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