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Westport Real Estate Market Statistics - 2008

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The following tables represent monthly sales of single family homes

December continued to produce gloomy result for the Westport real estate market.  Unit sales inched up, by two, compared with November but were off 30% versus December 2007.  The bigger story was in the shifting profile of the market.  Just under half of the homes, sold for $1 million or less.  This helped bring the total dollar volume down a whopping 50%, compared with the corresponding period, last year.

December 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$4,800,000

  $699,000 

 $1,644,181

 $1,209,500

 $26,306,900

 

 

Sold Price

 $4,600,000 

  $650,000

 $1,521,625

  $1,070,000

 $24,346,000

140

16

Percentage

95.8%

93.0%

92.5%

88.5%

2.5%

December 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$9,000,000

  $469,000 

 $2,142,682

 $1,665,000

 $49,281,699

 

 

Sold Price

 $10,400,000 

  $447,500

 $2,126,869

  $1,702,000

 $48,918,000

123

23

Percentage

115.5%

95.4%

99.3%

102.2%

99.3%

The seasonal slowdown, alone, cannot account for the drop in single family home sales during the month of November.  Unit sales were off 44%, compared with a year ago and down 39% from the previous month.  In 2007, November sales fell 22% vs. October.  In contrast to the weak sales number, median price, at $1,500,000 matched September and registered the highest price, since July.

November 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$10,950,000

  $749,900 

 $2,269,342

 $1,597,450

 $31,770,800

 

 

Sold Price

 $9,825,000 

  $750,000

 $2,099,000

  $1,500,000

 $29,386,000

113

14

Percentage

89.7%

100.0%

92.5%

93.9%

92.5%

November 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$7,995,000

  $394,900 

 $1,813,568

 $1,099,000

 $45,339,200

 

 

Sold Price

 $7,500,000 

  $384,000

 $1,712,748

  $1,099,000

 $42,818,700

106

25

Percentage

93.8%

97.2%

94.4%

100.0%

94.4%

The number of single family homes sold in Westport, during October, held steady with the previous month, but fell 28% behind October 2007.  Median sold price, however, took a nosedive, falling to $1,110,000, the lowest monthly figure, posted this year.  The overall effect, saw monthly, dollar volume drop 47%, compared with the comparable period, a year ago.

October 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$3,995,000

  $500,000 

 $1,440,483

 $1,169,000

 $33,131,116

 

 

Sold Price

 $4,000,000 

  $470,000

 $1,374,689

  $1,110,000

 $31,617,850

114

23

Percentage

100.1%

94.0%

95.4%

95.0%

95.4%

 October 2007 

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$5,950,000

  $449,000 

 $1,931,309

 $1,384,500

 $61,801,900

 

 

Sold Price

 $5,600,000 

  $440,000

 $1,864,125

  $1,338,750

 $59,652,000

122

32

Percentage

94.1%

98.0%

96.5%

96.7.3%

96.5%

September unit sales held steady with a year ago.  Prices appeared to have softened, when compared with last September, but outpaced most months, this year. The median sale price of a single family home was $1,500,000.  Market time posted the shortest time frame, this month, at 84 days on market.

September 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$3,995,000

  $399,000 

 $1,587,256

 $1,595,000

 $36,506,899

 

 

Sold Price

 $3,995,000 

  $385,000

 $1,506,086

  $1,500,000

 $34,640,000

84

23

Percentage

100.0%

96.5%

94.9%

94.0%

94.9%

September 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$3,395,000

  $749,000 

 $1,723,688

 $1,637,000

 $44,815,900

 

 

Sold Price

 $3,200,000 

  $700,000

 $1,638,096

  $1,576,250

 $42,590,500

105

26

Percentage

94.3%

93.5%

95.0%

96.3%

95.0%

The positive sales statisitcs of the previous month may have been an anomaly, as number of single family homes sold fell 22%, this August compared with August 2007.  Prices also showed some softening.  Median sold price was down more than $80,000 compared with the previous month, but edged ahead of the corresponding period, a year ago.    

August 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$7,779,000

  $515,000 

 $1,937,755

 $1,549,000 

 $69,759,200

   
Sold Price

 $7,125,000 

  $480,000

 $1,806,083

 $1,455,000 

 $65,019,000

103

36

Percentage

91.6%

93.2%

93.2%

93.9%

93.2%

August 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$2,899,000

  $590,000 

 $1,572,380

 $1,424,500 

 $72,329,525

   
Sold Price

 $2,775,000 

  $591,500

 $1,513,913

 $1,370,000 

 $69,640,015

105

46

Percentage

95.7%

100.3%

96.3%

96.2%

96.3%

After a disappointing first half year, single family homes sales, in Westport, posted its best month, of the year. When compared with the corresponding month, in 2007, July sales showed gains in average sale price, median sale price and overall dollar volume.  Unit sales were flat, at 38 comapred with 39, a year ago.

July 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$5,300,000

  $399,000 

 $2,060,202

 $1,724,000 

 $78,287,700

   
Sold Price

 $5,000,000 

  $397,500

 $1,933,921

 $1,538,750 

 $73,489,000

88

38

Percentage

94.3%

99.6%

93.9%

89.3%

93.9%

July 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$6,500,000

  $599,000 

 $1,787,035

 $1,325,000 

 $69,694,376

   
Sold Price

 $5,000,000 

  $600,000

 $1,682,885

 $1,350,000 

 $65,632,534

104

39

Percentage

76.9%

100.2%

94.2%

101.9%

94.2%

With prices continuing to outpace levels of a year ago, buyers remained on the sidelines.  Monthly units sales, for single family homes, posted a 52% drop, over the June 2007. 
** The higher sold to list price, in June 2007, reflected additional property, sold on a $4,500,000 listing.

June 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$6,250,000

  $529,900 

 $1,694,041

 $1,544,000 

 $52,515,299

   
Sold Price

 $6,150,000 

  $487,000

 $1,620,629

 $1,470,000 

 $50,239,500

107

31

Percentage

98.4%

91.9%

95.7%

95.2%

95.7%

June 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$5,495,000

  $473,000 

 $1,663,140

 $1,324,000 

 $106,440,975

   
Sold Price

 $6,700,000 

  $445,000

 $1,634,094

 $1,260,250 

 $104,582,040

90

64

Percentage

121.9%**

94.1%

98.3%

95.2%

98.3%

Prices rebounded, in May, but number of homes sold, continued to paint a bleak picture, for the spring real estate market.  Median sold price was $1,845,000, a 16% increase. over May 2007, while units sold were off by by 57%.

May 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$6,250,000

  $659,000 

 $1,848,770

 $1,572,500

 $44,370,499

   
Sold Price

 $5,700,000 

  $632,000

 $1,726,000

 $1,540,000 

 $41,424,000

87

24

Percentage

91.2%

95.9%

93.3%

97.9%

93.4%

May 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$6,500,000

  $549,000 

 $1,956,150

 $1,645,000 

 $105,632,075

   
Sold Price

 $5,900,000 

  $520,000

 $1,881,049

 $1,595,000 

 $101,576,650

105

54

Percentage

90.8%

94.7%

96.2%

97.0%

96.2%

April sales continued to track well below a year ago.  Unit sales, at 19, were off by 44% and median sold price dropped by more than half a miilion dollars, to $1,160,050, the lowest level, year to date.

April 2008

  

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$6,000,000

  $483,900 

 $1,742,363

 $1,249,000 

 $33,104,900

   
Sold Price

 $5,800,000 

  $430,000

 $1,618,289

 $1,160,050 

 $30,747,500

117

19

Percentage

96.7%

88.9%

92.9%

92.9%

92.9%

April 2007

  

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$5,100,000

  $399,000 

 $1,846,618

 $1,749,500 

 $62,785,025

   
Sold Price

 $5,000,000 

  $385,000

 $1,763,915

 $1,710,050 

 $59,973,100

113

34 

Percentage

98.0%

96.5%

95.5%

97.7%

95.5%

The weak housing market came to Westport with a vengeance, in March.  Only 15 single family homes sold this month vs. 30 in March 2007.  Days on the market, at 85, dropped significantly,
to less than half the market time, of the previous month and well off a year ago's pace. This,
plus the high sale to list percentage, may well be reflective of a market in which the more conservatively priced properties are the ones selling.

March 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$4,295,000

  $699,000

 $1,511,300

 $1,387,000

$22,669,500

 

Sold Price

$4,125,000

  $685,000

 $1,447,366

 $1,339,000 

$21,710,500

85

15

Percentage

96.0%

98.0%

95.8%   

96.5%

95.8%

   

March 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$4,975,000

  $495,000

 $1,597,093

 $1,447,000

$47,912,800

 

Sold Price

$4,975,000

  $435,000

 $1,532,583

 $1,370,000 

$45,977,500

118

30

Percentage

100.0%

87.9%

96.0%   

94.7.%

96.0.%

 

The high end of the market helped give February '08 total sales volume a 30% boost over the corresponding month, a year ago.  Unit sales, however, were off 18%.

February 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$7,100,000

  $450,000

 $2,183,614

 $1,637,000

$30,570,600

 

Sold Price

$6,235,000

  $440,000

 $2,025,000

 $1,475,000 

$28,350,000

178

14

Percentage

87.8%

97.8%

92.7%   

90.1%

92.7

   

February 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$3,595,000

  $575,000

 $1,381,111

 $1,299,000

$23,478,900

 

Sold Price

$3,475,000

  $540,000

 $1,329,838

 $1,200,000 

$22,607,250

133

17

Percentage

96.7%

93.9%

 96.3%   

92.4%

96.3%

Despite all the media headlines of doom and gloom, the Westport real estate market held it's own
in January.  Number of single family homes sold kept apace of last year.  Median sales price edged
a bit higher than January 2007 

January 2008

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$5,999,000

  $675,000

 $1,915,188

 $1,299,500

$34,473,400

 

Sold Price

$5,200,000

  $600,000

 $1,784,250

 $1,226,000 

$32,116,500

113

18

Percentage

86.7%

88.9%

93.2%   

94.3%

93.2%

   

January 2007

 

High

Low

Average

Median

Total

Avg MT

# Sold

List Price*

$5,825,000

  $419,000

 $1,768,472

 $1,282,000

$31,832,500

 

Sold Price

$5,565,000

  $410,000

 $1,625,305

 $1,252,500 

$29,255,500

121

18

Percentage

95.5%

97.9%

91.9%   

97.7%

91.9.%

 

 * Reflects the most recent  list price.  Previous price reductions may have been taken   

THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING

 


2008 Quarterly Statistics


The Westport housing market was still holding its own, for the first quarter of 2008.  While unit sales dipped 28%, compared with the first quarter of 2007, prices continued to climb.  The average sale price of a single family home, rose 16% to $1,748,446.  Half of the homes sold, during the first three months of the year, sold for more than $1,339,000.

As Westport's moved through the spring market, its traditional insulation from housing downturns was no longer evident.  In the second quarter, unit sales were down a precipitous 69%, compared with the corresponding quarter, a year ago.  Average sold price fell 6%, to $1654,202 and median sold price went from $1,550,000, in 2007, to $1,295,000.   

The market firmed up, a bit, in the third quarter.  Though still behind last year's pace, the number of homes sold was only off by 13% compared with 2007.  The median selling price rebounded to $1,500,000, topping the previous quarters by more than 10%.  Homes also sold quicker.  Average time on the market fell to 93 days.

The financial crisis took its toll on the real estate market in the final quarter of the year.  One third fewer homes sold, compared with a year ago.  Median selling price also declined, as sales shifted to the lower end of the market (see monthly statistics.)  Total dollar sales volume, for the quarter, dropped 44%.  On the brighter side, mortgage rates dropped alongside prices, offering qualified buyers an opportunity for some of the best deals of the year.


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