Westport is Alive and Kicking!!!

It has been a tough few years for the Real Estate industry both nationally and locally. Prices are said to be down to 2004 levels, giving buyers more negotiating power and sellers a reality check. But what is really true? What’s happening in Westport right now? Ask most active Realtors and they will truthfully tell you that they are seeing a resurgence in the market.

There are presently 59 homes in Westport with accepted offers, waiting to close! Currently, 374 homes are available for sale, and 181 have already closed this year. Sold properties, in 2009, have an average on market time of 181 days, average listing price of $1,506,198 and average sold price of $1,390,511. These numbers are quite interesting, when you take into account that the average list price of homes still on the market is $2,132,173.

The most lively price range of homes with contracts signed is $1,500,000-$1,999,999, with 5 homes under contract, and 66 actively available. The most vigorous price range for sold properties in 2009 is $1,000,000 - $1,499,000 with 37 closed properties this year, but 67 still available for sale.

It is interesting to follow units closed over the last 6 years, and how we truly compare to 2004!

The bottom line, 2009’s average sales price is indeed fairly close to the average sales price in 2004. If you are a seller, put on your seatbelt and be ready for the ride down to reality pricing. If you are a buyer, enjoy the opportunity to buy your dream house for the best price in years!