Local Real Estate Market Information©
(Through June, 2010 as of July 12, 2010)
Westport Connecticut and surrounding towns Real Estate Market performance Through June, 2010:
Westport
Median Selling Price: The median selling price for 2010 YTD thorough June was the same as same period in 2009 ($940,000)
Properties sold: The number of properties sold for 2010 YTD thorough June was up significantly from same period in 2009 (115 vs 65 for 75% increase).
Average days on Market: The average days on market was down slightly in 2010 YTD (110 vs 126).
Westport and surrounding towns ( Westport , Wilton , Weston, Norwalk , Fairfield , Easton , Ridgefield , Redding and Bridgeport )
Median Selling Price: The median selling price for 2010 YTD thorough June was up 5% from the same as same period in 2009 ($395,000 vs. $347,000)
Properties sold: The number of properties sold for 2010 YTD thorough June was up significantly from same period in 2009 (1826 vs 1244 for 54% increase).
Average days on Market: The average days on market was same in 2010 YTD (106 vs 106).
You can see trends at this link
And, detail by town at this link:
Inventory of Properties for Sale in Westport and surrounding towns
The number of properties for sale had been increasing since November, 2009 but it took a sharp reduction in 2010.
You can see detail by town and tredn at the following linls:
Inventory of properties for sale
The accuracy of this information relies on the source which is CMLS.
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Sales of single family homes in Fairfield County towns at the following link.
http://higginsgroup.com/stats.asp
Scroll down if you don't see the reports after selecting the town.
Repossession Activity by town
Repossession activity is driving down the price of houses. After a home has been repossessed the owner and the bank have taken large losses on the property and when it comes back on the market the price is typically way under market.
The following chart shows repossession acitivty by town as of June 9, 2010.
The Wall Street Journal Reported on Monday 10/12/09 that "Foreclosures Grow in Housing Market Top Tiers" and this trend continues.
Repossession by town chart shows that most towns in upper Fairfield County had an increase in the number of repossessions.
Trends for Condos in Norwalk, Wilton, Westport, Weston and Fairfield through May, 2010
Units Sold, Median Selling Price and Average days on market at this link
All good news about Condo sales in Westport and neighboring towns, Unit sales is imoroving in 2010, median selling price is improving in 2010 and avergae days on market continues to increase but almost flat in 2010.