Westport CT Housing and Real Estate Market Report Week of1/7/15

There are now 221 homes that are are actively on the market. These currently available properties have been listed for an average of 136 days, with a cumulative market time of 245 days. The average list price is now $2,564,271 and the median price is now $2,149,000.

A four bedroom home on Beachside Avenue with 7.13 acres  is the highest priced home for sale at $25,000,000, and the lowest available priced home is a five bedroom home on 40 Ferry Lane East for $399.900.

Fourteen new listings came on the market in the last seven days, and six properties came back on the market after being under deposit, or temporarily withdrawn. One property had a price change.

Three properties have gone under the initial deposit stage, which we call CTS, and another two properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these two pending properties is $2,542,000. There are currently nine homes in CTS status throughout Westport, and another 38 properties scheduled to close town-wide, with an average price of $2,457,227. Note: One property in pending status for $12,985,000 was excluded from this average, so as not to give an elevated reading on the market.

Closings: There were six single family homes reported as sold in the last week. These homes were listed on average at $1,481,150 and sold with an average market time of 199 days. There were 69 status changes in the last seven days.

Condos: There are three condominiums that are available, and they have been listed an average of 96 days. Their average listing price is $527,267 and the median price is $533,800.

The highest priced condo in town is $699,000 and is a two bedroom home located at Harvest Commons, and the lowest priced unit for sale is a three bedroom home on Hills Lane for $349,000.

There were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. No homes entered into pending status.

There is one property town-wide that is currently in CTS status, and  there are two homes scheduled to close.

One sale was reported during the last week, and was listed at $699,000. There were two status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 50 homes or apartments available. The median price is $4,600 per month and the average price is $5,209 per month. These year round rental opportunities have been on the market an average of 83 days.

There are 15 short-term rental opportunities that are available, and they have been on the market an average of 87 days. Their average price is $5,330 and the median price is $4,500. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

Read our latest column in WestportNow and see the Featured Home of the Week

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 Buying or Selling a Home in Westport?  Contact us!

If you have a question about buying or selling Real Estate in  Westport, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Westport CT Housing and Real Estate Market Report Week of 10/7/13

There are now 288 homes that are actively on the market. The average list price of these available homes is  $2,289,427, and these properties have been listed for average of 112 days, with a cumulative market time of 182 days. The median price is currently at $1,782,500.

The seven bedroom colonial at 2 Manitou Court is the highest listed property in town at $12,985,000, and the lowest available priced home is a two bedroom ranch on Crescent Park for $295,000.

Twenty-two new listings came on the market in the last seven days, and four homes came back on the market after being under deposit. Twelve properties had a price change.

Thirteen properties have gone under the initial deposit stage, which we call CTS, and eight properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these eight pending properties is $1,164,050.  There are currently 27 homes in CTS status  throughout Westport, and another 47 properties scheduled to close town-wide, with an average price of $1,731,338.

Closings:  There were 19 single family homes reported as sold in the last week, were listed on average at $1,801,837, and sold with an average market time of 121 days.  There were 108 status changes in the last seven days.

Condos:  There are six condominiums that are available, and they have been listed an average of 75 days. Their average listing price is $665,667 and the median price is $749,000.

The highest priced condo in town is $899,000 and is a three bedroom home located at Regents Park, and the lowest priced unit for sale is a one bedroom home at Whitney Glen for $299,000.

There were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and no property entered into the initial stage of deposit. No homes entered the pending stage of deposit.

There is one property town-wide that is currently in CTS status, and three homes are scheduled to close that are listed on average  at $447,667.

One sale was reported during the last week, and was listed at $389,000. There were two status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 61 homes or apartments available. The median price is $4,750 per month and the average price is $5,208 per month. These year round rental opportunities have been on the market an average of 52 days.

There are 30 short-term rental opportunities that are available, and they have been on the market an average of 47 days.  Their  average price is $5,708,  and the median price is $4,675. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.

SOURCE: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

"When You Deserve the Best, You Deserve Judy"

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 The Featured Home of the Week is a 3 bedroom, 2 bath ranch home at 20 Hickory Drive, Westport  for just $550,000. See the virtual tour HERE 

 .....or better yet, call Judy to schedule an appointment to see it!

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 Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like: Find out more about Judy here

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Westport CT - Weekly Real Estate Market Statistics October 11, 2011

Homes:  The inventory in town remains exactly as it was last week with  335 single family homes that are actively on the market. Their average list price is $2,136,776, and these homes have been listed for sale an average of 133 days. The median price remains fairly constant at $1,339,500.

The biggest price pocket are listed  between $1 -1.5 million dollars, and the next biggest price pocket in town is between $1.5 - 2 million dollars and  these homes comprise over 38 percent of the available inventory.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000. 

Single Family Home Inventory based upon current absorption rate: 9.79 months, adn is relatively unchanged since last week. We look to about a six month figure  for a neutral market.

Six new listings came on the market in the last seven days,  and no homes came back on the market after being under deposit. Eleven properties had a price change. One property has gone under the initial deposit stage, which we call CTS, and six properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close. The average listing price for these Pending properties was $1,625,833 and their average market time was 108 days.

Closings:  Eight homes were reported as  sold in the last seven days,  their average list price was  $1,881,812 and  these homes were on the market an average of 112 days. There were 36 status changes in the last seven days.
 
Condos: There are 26 condominiums that are available, and they have been  listed an average of 119 days. Their average price is $624,903. The median price of a condo is $484,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $279,000.

Condominium  Inventory based upon current absorption rate: 11.14 months.

It still remains somewhat quiet for condo activity. No new listings came on the market this week, and no properties had a price change. One property went into CTS  status, and no properties  went into Pending status.

Closings: No condominiums were reported as closed in the last week,There were four status changes in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished,  there are 83 homes or apartments available. The median price is $3,650 per month and the average price is $5,547 per month. These year round rental opportunities have been on the market an average of 62 days.

As of this morning, there are just three seasonal rental opportunities available and they have been on the market an average of  75 days, and at an average price of $15,833. The median  price of both furnished and unfurnished seasonal rentals is $11,250.

Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

If you have a question about buying or selling Real Estate in Westport, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :)   - Judy

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Westport CT Real Estate Market Overview, Conditions and Forecast- October 2011

Westport, Connecticut  is an upscale coastal town of 20 square miles and approximately 27,000 residents living in  9,800 households. Incorporated in 1835, just over 31 percent of the current housing stock was built prior to 1950. Approximately 82 percent of the homes are owner occupied.

I am pleased to present to you my real estate market predictions and buying and selling advice for Westport, CT. My experience spans over 26 years, and I have seen hot markets come and go, and bad markets come and go. I always find it funny how the media predicts that the real estate market is going up or down in the state, but you know as well as I do, that  each city has its own type of market, and within the city, there are areas that sell faster than others, and homes on particular streets that sell  slower than others. You really cannot generalize the market in a rational way. Deciphering the real estate market, is, and has to be, local and historical.

With that being said, I offer my opinions on the market for the coming months. Everyone's particular situation is different, and  if you need to buy or sell in Westport at a particular time, then you should do it. You should also contact me to assist you! (OK, Shameless plug) You know people have been asking me for years, "what do you think is going to happen in the real estate market?" and I say, "Well, if I knew that, I probably wouldn't be selling real estate, because I would have some type of amazing talent that NO ONE has ever possessed" That being said, I AM very good at numbers, statistics, and forecasting, so after doing extensive research, calculations, and taking into account the current economic climate, I present to you the following:
 
State of the Market: Current home sales averages at just over 30 per month and average prices increased in the second quarter, but came back down to last year's average pricing at this same time by the third. The third quarter was not as brisk as the second quarter, although that is to be expected, and is not cause for any worries. As a matter of fact, prior 7-12 months sales are about equal to just the last three months, so in fact, our market is much better than it was at this time last year. There is about 10 months worth of inventory as of this writing for single family homes, which is MUCH BETTER than it was in the third and fourth quarter of last year, when there was over 17 months of inventory. I don't foresee any big price increases in the next few months, but expect a seasonal slide in sales until January/February with maybe a small upsurge for December closings.

Condos average about 2-3 sales  per month over the last six months and we currently have about a years worth of supply. Sales prices have stayed fairly consistent all year, and I don't believe that they will make any major adjustments one way or the other anytime soon. Sales were the best during the second quarter, and that is normal market behavior. I do expect that sales  will drop slightly for the end of the year, before starting their move upward again in February.

What's Ahead in General: No big price changes are anticipated one way or the other. Market time has  lessened on the whole, and that's a good indicator. I do think that's largely in part of sellers becoming more educated and pricing their homes properly. Although I have been somewhat concerned about Westport's condo market in the past, right now I do not see anything that gives me pause about either buying or selling a condo in town.
 
ADVICE FOR SELLERS: Is there a better time to sell your home in Westport? You're  probably among  some of the luckiest  homeowners in Fairfield County. Any time is good, now is fine.  While I wouldn't price  your home out of the realm of reasonability,  you have a good chance to sell it, whether it's right now, or in the very near future.  I believe prices will remain level at least until the beginning of the year, but you may end up selling your home faster during the next few months. Inventory is lower than it has been, and you don't have as much competition. Come the "Spring Market",  there will be a lot more inventory out there, and a lot more reasons why a buyer chooses another house over yours. Time it right.  I wouldn't delay too long, nor would I press you to start this very instant. Just do it when you're ready.

Condo homeowners really need to price their homes "for" the market.  It is not going to get significantly better any time soon. Waiting for the beginning of Spring Market is not  a great idea. There will be more competition, and who knows where the rates are going to be at that time. If you were thinking about selling your condo and waiting around, stop. Just do it now,  

ADVICE FOR BUYERS:.If you are looking to buy in Westport CT, just do it!  I believe prices will remain level at least until the beginning of the year.  That goes for condos as well as  single family homes. The interest rates are very good right now- take advantage of that.

BEST BETS FOR BUYERS AND SELLERS: Four and five bedroom homes, and/or homes priced within the $1,000,000-$2,000,000 range. Two bedroom condos, and/or condos priced between $500,000-$600,000.

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Westport CT Real Estate Market Statistics Weekly Report - 6/21/2011

Homes:  There are 383 single family homes on the market and their average list price is $2,090,846. The median list price is steady at $1,297,000.  These homes have been listed for sale an average of 101 days. Almost 46 percent of all the inventory in town are homes with five bedrooms or more.  The highest asking price for all homes available is $24,950,000, and the lowest  priced home on the market  is $239,900.

Consistent with last week's reporting, nine new listings came on the market in the last seven days, and one came back on the market after being under deposit. Twenty properties had a price change, and 13 properties have gone under the initial deposit stage, which we call CTS. Eight properties went into Pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

Closings: Sixteen properties sold this past week and that is twice as many as in the last seven days. They had an average list price of $1,660,668 and  were on the market an average of 109 days.  There were 75 status changes in the last week.

Condos:   The 29 condominiums that are available have been  listed an average of 104 days, and have an average price of $608,958, and the median price of a condo in Westport is  $487,000. There are only five three-bedroom condominiums available at this time. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $239,900. Two new listings came on the market this week, and no homes came back on the market after being under deposit. Two properties went into pending status.

Closings: Two condominiums closed in the last week, and their average list price was $597,000. They were on the market an average of 108 days. There were nine status changes in the last seven days.

Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 68 homes or apartments available. The median price is $4,225 per month and the average price is $6,786 per month. These year round rental opportunities have been on the market an average of 45 days.

There still is a variety of  seasonal rentals to choose from throughout town. As of this morning, there are 30  opportunities available and they have been on the market an average of  63 days, and at an average price of $11,313. The median  price of both furnished and unfurnished seasonal rentals is $8,200.

Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

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