Real Estate Market News

Monthy Housing Newsletter – December 2009

Westport Sales – Sales in December were 21. This is up 31.3% from 16 in December of 2008. Sales/list price ratio in December moved down to 89.6% from 92.1% in November.

 

Price – Median price in December was $1,212,000. This is up 13.3% from $1,070,000 in December of 2008. Average sale price (most recent 3 months) is $1,524,849, down modestly from $1,610,375 in 2008.

 

Houses for sale in Westport – Inventory is 290, down a little from 292 in 2008. New listings of 35 in December were up moderately from 31 in November and way up from 25 in December of 2008.

 

Market Time - Days on market of 155 in December was down somewhat from 162 in November but up modestly from 141 in December of 2008. Months of supply in December moved down to 13.9 from 16.5 in November.

Fairfield (Single-family residential)
Norwalk (Single-family residential)
Weston (Single-family residential)
Westport (Single-family residential)
Wilton (Single-family residential)

Please feel free to contact us at 203.858.2095 if we can be of any assistance.

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Buying in a Recession – Bill Raveis

There are Buyers Out There

Since mid December, buyers have been out looking at homes with much seriousness. . Though they are waiting for the economic signs that the housing market has bottomed, they want to be ready to act on the home of their choice. The greatest activity has been at newer and “turn key” homes

Buyers are still “sitting on the fence” but there are factors which should knock them off into action. Mortgage rates are very attractive, though down payment and credit requirements are now stricter than in the past. The high inventory will offer buyers more choices and some price negotiability. Low-balling may not be the best route to a purchase. Rely on your buyer agent to give you comparables sold properties for that home you are pursuing.

The most active buyer clients include, buyers who have already sold a primary residence and are now in a rental holding pattern, young families from NYC , returning ex-patriots, and first time buyers. The stock market decline has caused many other buyers to postpone a home purchase

With a new administration in place and more focused efforts to resolve our economic changes we anticipate a thawing spring market. .

A home is an investment you can live in.

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