Monday, February 25, 2008

2007 Year End Westport Statistics and Overview

When trying to understand the trends in the Mid-Fairfield area Westport tends to be the best guide because of its consistency. For example, 2006 single family home sales totalled 400 and in 2007 that total was 403. While the numbers of sale was almost identical, the average sales price went up 5.86% to $1,692,006 with an average listing price of $1, 760,315. Homes sold at 96.61% which was actually slightly better than the 95.61% of 2006. Of note is the fact that the marketing time increased from 97 in 2006 to 108 days in 2007. What is not calculated in those figures are the homes that did not sell. In 2006 there were 254 expired listings and almost the same figure reappeared in 2007 with 254.

There has been a definite trend in terms of the aforementioned expired listings. From 2003 until 2007 this was the progression: 185, 164, 218, 258, 254. This does not include other listings which may have been cancelled. What these figures do not indicate are the trend of what is selling. The tendency there is for homes that are in 'move in' condition to be much more likely to sell than those that are in need of updating.

The other trend is that the 'higher end' of the market is selling more than the 'lower end'. In 2007 more than two thirds (273) of the homes in Westport sold for over $1 million. 79 of these homes were sold for over $ 2 million, and more than half (42) sold for over $ 3 million. Under $1 million there were 130 sales. It is noteworthy that a number of these homes under $1 million sold at prices that were below what their value would have been in say 2005.

There are currently 285 homes on the market in Westport which is approximately 30% above the ten year average for this time of year, but below levels of the past couple of years. This seems to indicate that sellers are less likely to sell their homes than at the height of the market. There are only 68 homes under $1 million currently for sale.


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