First Quarter 2019 Westport Results
Real Estate activity has had a bit of a roller coaster effect this year. We seemed to be having a good start of the year that coincided with unseasonably warm weather in March. Usually, things don't pick up until around February 15th, a date which usually coincides, more or less, with the Superbowl
The weather in mid to late February did not cooperate, and we saw a slowdown for a couple of weeks. In the last couple of weeks the market has picked up again.
Recent activity can be best seen by properties that have accepted offers but have not yet gone to contract. There are currently 39 properties that fit that category, including 28 which are listed for over $1 million. In the early stages of the quarter we were seeing movement in less expensive properties. The properties that are under contract are further along in the process and are more reflective of activity that occurred a little earlier. Of the 42 properties under contract slightly more than half are over $1 million.
It could be that some people who have paid their income taxes are feeling a little better about what they paid. The new mortgage limits and real estate tax deductions had been holding us back on the higher end. That is evident in the number of closed sales in the early months of the year, which reflect activity that occurred two to three months before closing.
Through the first 3 months of the year Westport saw a significant downturn in the number of closed sales from the same three month period in 2018, from 84 in 2018 to 46 in 2019. The median prices of our closings in the first quarter of 2019 seem to reflect an impact of the new tax laws, with a preponderance of properties selling near the $1 million mark. The median price for the 46 sales has been $1,195,000. However, the median price of the homes that have recently accepted offers is $1,495,000. This is practically the same as the median price of first quarter closed sales in 2018, which was $1,400,000.
One should always reserve judgement after the first quarter statistics become known, because the second quarter, from April through June, is usually the busiest time of the year. Special events such as elections can also have an impact on first quarter statistics as can the previously mentioned effects of the weather.
The weather in mid to late February did not cooperate, and we saw a slowdown for a couple of weeks. In the last couple of weeks the market has picked up again.
Recent activity can be best seen by properties that have accepted offers but have not yet gone to contract. There are currently 39 properties that fit that category, including 28 which are listed for over $1 million. In the early stages of the quarter we were seeing movement in less expensive properties. The properties that are under contract are further along in the process and are more reflective of activity that occurred a little earlier. Of the 42 properties under contract slightly more than half are over $1 million.
It could be that some people who have paid their income taxes are feeling a little better about what they paid. The new mortgage limits and real estate tax deductions had been holding us back on the higher end. That is evident in the number of closed sales in the early months of the year, which reflect activity that occurred two to three months before closing.
Through the first 3 months of the year Westport saw a significant downturn in the number of closed sales from the same three month period in 2018, from 84 in 2018 to 46 in 2019. The median prices of our closings in the first quarter of 2019 seem to reflect an impact of the new tax laws, with a preponderance of properties selling near the $1 million mark. The median price for the 46 sales has been $1,195,000. However, the median price of the homes that have recently accepted offers is $1,495,000. This is practically the same as the median price of first quarter closed sales in 2018, which was $1,400,000.
One should always reserve judgement after the first quarter statistics become known, because the second quarter, from April through June, is usually the busiest time of the year. Special events such as elections can also have an impact on first quarter statistics as can the previously mentioned effects of the weather.
Labels: #1 Real Estate agency, #1 Real Estate agency mid-Fairfield, 2019 Fairfield County real estate statistics, 2019 Westport Ct real estate, Spring 2019 Fairfield County real estate market
posted by Rob Grodman at 2:09 PM
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