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Let's dive into the real estate market data for Westport, for a more insightful understanding of the current trends.
Firstly, let's look at the Months Supply of Inventory, which stands at 2.98. This metric indicates how long it would take for all the current homes on the market to be sold, given the current sales pace. A lower number typically signifies a seller's market, where demand outweighs supply.
Next, the 12-Month Change in Months of Inventory is at -29.72%. This significant decrease over the past year shows a trend towards a more competitive market, with homes selling at a faster pace.
The Median Days Homes are On the Market is just 23 days, indicating that properties are being snapped up quickly by eager buyers. This speedy turnaround time suggests a high level of demand in the market.
The List to Sold Price Percentage is at a robust 103.6%, indicating that homes are often selling for above the listing price. This could be due to multiple offers and bidding wars, further highlighting the competitive nature of the current market.
Lastly, the Median Sold Price is $2,175,000, showcasing the value of properties being sold in the market. This high median price point may indicate a luxury market or a desirable location with high demand.
When we consider all these metrics together, it paints a picture of a fast-paced, competitive real estate market with low inventory and high demand. Sellers may find themselves in a favorable position with properties selling quickly and often above asking price, while buyers may need to act swiftly and be prepared to make strong offers in order to secure their desired home.
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