Everyone seems to be talking about current value of Real Estate. Will the Fed’s continued rate cuts help surge the housing market? How does this year’s market compare to last year? Are there deals to be had….or…..are homeowners just overpricing their homes, expecting them to still be worth what they were a year ago and sitting with them longer? Certainly market conditions have changed. But, Westport is still a very desirable community. Now, more than ever, pricing correctly can mean the difference between a quick sale and living with a key box on your front door for a long time! So…how did Westport fare in 2008 after all?
Presently there are 290* houses on the market in Westport, with an average list price of $2,349,114 and an average market time of 140 days(which doesn’t mean much, since homes could have be re-listed and the market time than restarts at 0). The most expensive home listed for sale is priced at $37,900,000., and located on Beachside Avenue, offering 3 separate lots on 6.62 acres a 10,500 SF main house with a pool and a pool house, a guest house with its own pool and tennis court and a combined 600 feet of Long Island Sound frontage. It has been on the market for 589 days. The least expensive home on the market in Westport is priced at $449,000., a 3 bedroom 960 square foot home located on Crescent Park Road.
In 2008, 261 homes have closed (sold) with an average market time of 105 days, an average list price of $1,824,992., and an average sales price of $1,712,448. The most expensive home sold in 2008 in Westport closed for $9,825,000 although it was listed for $10,950,000. It is located on Saugatuck Avenue on 2.44 acres with a pool and tennis court, 12,000 square feet located directly on the Sound. The least expensive sale was $397,500., a 1 bedroom 750 SF cottage located on Compo Road South. The most active price range was $1,000,000 to $1,499,999 with 52 homes available, 5 under contract and 46 sold.As of December 16, 2008, the median list price in Westport is $1,242,000. There is a total of $686,643,598 worth of available inventory. Total sales volume in 2008 equals $397,455,350.
In 2007, 395 homes sold in Westport. Average market time was 108 days with an average list price of $1,737,607., and an average sales price of $1,665,730. The most expensive home sold during this time period last year closed for $7,500,000 on Saugatuck Avenue and the least expensive home sold on Crescent Park Road for $384,000.
The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. Our buyers in Westport are well educated. They know the market, and are not willing to overpay. The market will not allow you to under price your home (the price will be bid up by savvy buyers), but the market will allow you to hold on to your overpriced listing for years! Price it right and be ready to negotiate.
*These statistics are based on the homes listed for sale through the Greater-Fairfield County Multiple Listing Service
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