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Dear Friends,
Did you know that last year at this time, there were 559 homes sold in Westport, and this year, to date, there have been only 394. (The royal blue area in this pie chart represents sold properties. The light gray area represents actively-listed properties.)
Why is this significant ? According to the latest data, the average number of days-on-market is down almost 12%, while the average sale price is up 31% over last year. — with homes selling 4% above list price on average. (For context, last year at this time, when we already thought things were crazy, homes were selling 1% over list price on average). Year to date, the average sale price is $2.443M. year to date, while the average last year was $1.861M. These are pretty dramatic numbers, and while other towns trended similarly, Westport’s numbers are even more dramatic.
As I reported last month, new inventory has still been outpaced by demand, all over Connecticut. Will this continue ?? Well, even though we have felt more of a shift toward stability vs. frenzy, there are still multiple offers in all price ranges and this is STILL a great time to BECOME A SELLER !
HOWEVER, experts are saying this is a window of opportunity for buyers as well – multiple offer situations are still happening but not as intensely as they had been this entire year. With inflationary costs now ebbing for certain materials, and mortgage rates still comparatively low, if you’re tired of getting outbid, this will come as a welcome relief !
See in the green chart below how rates have changed buyer purchasing power – see how borrowing $1M @4.75% compares in payments to borrowing $919,000 @5.5%.
Below is also a link to detailed data reports, and then a sneak peek of a lovely and pristine, recently-built home in one of the most convenient neighborhoods in Fairfield — coming to market in a few weeks.
Call me any time to discuss/strategize anything and everything real estate – I have developed a huge network of colleagues and experts around the US and around the globe – to answer any need/question/concern.
Best regards,
Joni |
