Real Facts: Westport CT Real Estate Market 2008

January 20th, 2009 by Jillian Klaff

2008 was a real challenge for Westport real estate and the general feeling is that it will take some time to recover. Sales of single family SF homes were 34% lower than 2007. 271 homes were sold in 2008 as compared to 409 in 2007. This is a substantial drop and things have not looked so gloomy for 15 years. Buyers were in a state of paralysis and fear that prices had not hit bottom so did not perform and those who had to move tended to rent instead.

The median price in December 2008 was $1,070,000 compared to $1,702,000 in December 2007, a drop of 37.1% The average sales price (the most recent 3 months) is $1,610,375 compared to $1,892,359 , a drop of 15%. Houses have also been sitting on the market for longer periods of time. The number of days to sell a house in 2008 was 141, up from 124 in 2007.

Inventory of homes has increased by 20%. 294 homes in 2008 compared to 233 in 2007. The months of supply of homes on the market at the end of 2008 was 13, compared to 10.3 months for 2007 although it is interesting to note that months of supply in December 2008 moved down to 13 from 15 in November, 2008. This is actually a great time to buy a home in Westport. Prices are down, mortgage rates are at historic lows and supply is exceeding demand. There are great deals just waiting to happen.

There is actually a buzz in the market despite the frigid ,snowy weather and the number of showings have increased quite substantially in the past few weeks. It feels as though the transactions are just around the corner. Westport with Staples voted as #1 school in CT , its idyllic beaches, town golf course and superior recreational activities is still a jewel of a place to call home!

Local Housing Data

Westport’s Staples High School – Best Overall Academic Performance

Westport’s Staples High School – Rated 10 out of 10

Westport – Best Performing Housing Market in CT for 2008