Wednesday, April 07, 2010

First Quarter 2010 Westport and Vicinity

The first quarter of 2010 saw a marked improvement over the same period of time in 2009. There were 53 sales in Westport during this time period versus 28 the previous year. This represents an 89% increase. The highest sale was for a property located at 279 North Avenue for $8,187,500. The lowest sale was $358,500 for a home located at 21 Oakview Circle. The average listed price for these properties was $1,430,574 and the average sales price was $1,331,806, representing 93% of the asking price.

The average sales price actually decreased this quarter from the same period of time last year, which as $1,457,906. However, new inventory of properties in 2010 now represents 7.6 months of inventory, whereas the inventory of homes in the first quarter of 2009 represented 17.7 months of inventory. These two figures are based upon the number of sales in the previous year. That is to say that the health of the market is considerably better in 2010 than it was in 2009. In addition, the average days on market (number of days before a property goes to contract) decreased by 38 days to 104 days, a 26.8% decrease. Moreover, there are currently 62 single family homes under contract versus 36 at this time last year. The average listed price of these homes is $1,562,948 indicating a shift towards higher priced properties in the second quarter.

Condominium sales were relatively soft in the first quarter with only 3 sales registered, but there are currently 7 condominium properties under contract. The average list price of these units is $444,557, indicating an early trend toward the lower end of the condominium market. There are currently excellent opportunities in the higher end of the condo market, so we may see a shift later on in the year based on pent up demand.

Neighboring towns Weston and Wilton have also seen marked improvement during the first quarter of 2010. Weston had sales of 25 homes during the first quarter versus only 9 during the same period in 2009. Wilton had 22 sales vs. 14 in 2009. There are currently 31 homes under contract in Weston and 33 in Wilton, both signs of an increasingly healthy real estate market.


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