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.

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

Sales
Sales in December were 16. This is down 30.4% from 23 in December of 2007. Sales/list price ratio in December moved up to 92.5% from 92.5% in November. Continue Reading…