Due to the Thanksgiving holiday, a short work week, there were no closings. However buyers remain active, as 7 properties accepted offers, and 4 sales are pending. Only 2 new listings to the market as most celebrate and begin decorating their homes. About 60% of homes under contact this week are priced below $1M while the other 40% of deposits listed at $1.9M to $1,060,000.

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With just a few weeks remaining in 2011, homeownership is still a #1 goal. This past week 10 properties accepted offers, 6 pending sales, and 6 homes sold. The listings sold received 95% or more of asking price. The newly listed homes priced at $749,000 to $4,495,000 while accepted offers/pending and sold listing price start as low as $310,000 up to $2,500,000.

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Sales reported for the month of October are 20. This is a 20% decline in homes sales compared homes sold in October 2010. The change favoring today’s sellers, new listings to the market drops 20.4%. The change favoring today’s buyers, average sales price is $1,367,000 compared to $2,258,339 last year, 39.5% decrease.

Westport (Single-family residential)

The new listings on the market this past week was higher than this time last month, however a few were relists.  The new listings split equally in price with 50% under 1 Million and 50% over 1 Million.  Homes reported sold closed at 95% of the list price.  As for reductions, listings reduced by 10%+ to help sellers generate offers before the year closes. 

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There has not been that much activity in the Westport market the last week of October. There have been quite a few price changes which shows that some sellers are becoming more motivated. New listings are continuing to come on to the market. Interesting to note that most of these new listings are in a very high price range . The high price range has not done that well this past year

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There were several price reductions at all price points this past week as well as a good number of accepted offers which is good news for the Westport market.

Sellers who are realistic and motivated to move on are working at adjusting their prices to try and achieve that sweet number when a deal can happen. Once the buyers out there feel that they are getting value for their money they are beginning to perform.

Another factor is that there are fewer properties coming on to the market which is probably indicative of the time of year. It is usually much slower as we approach the Holidays.

Inventory levels are still high however.

Westport Weekly Report for 10/23