July 21st, 2009
Sales
Sales in June were 10. This is down 37.5% from 16 in June of 2008. Sales/list price ratio in June moved up to 92.2% from 90.3% in May.
Prices
Median price in June was $782,500. This is down 37.9% from $1,260,000 in June of 2008. Average sale price (most recent 3 months) is $1,115,310, down somewhat from $1,382,065 in 2008.
Inventory
Inventory is 195, down a little from 196 in 2008. New listings of 41 in June were way up from 32 in May and up substantially from 33 in June of 2008.
Market Time
Days on market of 112 in June was down considerably from 142 in May and down somewhat from 128 in June of 2008. Months of supply in June moved up to 23.6 from 21.7 in May.
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July 21st, 2009
Sales
Sales in June were 60. This is down 10.4% from 67 in June of 2008. Sales/list price ratio in June moved up to 93.5% from 90.9% in May.
Prices
Median price in June was $658,750. This is down 7.2% from $710,000 in June of 2008. Average sale price (most recent 3 months) is $723,608, down somewhat from $799,191 in 2008.
Inventory
Inventory is 602, up just slightly from 588 in 2008. New listings of 117 in June were down considerably from 133 in May and down marginally from 119 in June of 2008.
Market Time
Days on market of 102 in June was down moderately from 115 in May but very slightly up from 99 in June of 2008. Months of supply in June moved down to 15.7 from 16.1 in May.
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July 21st, 2009
Sales
Sales in June were 33. This is down 36.5% from 52 in June of 2008. Sales/list price ratio in June moved down to 84.2% from 87.8% in May.
Prices
Median price in June was $1,550,000. This is down 26.2% from $2,100,000 in June of 2008. Average sale price (most recent 3 months) is $2,275,213, down considerably from $2,884,273 in 2008.
Inventory
nventory is 804, up substantially from 637 in 2008. New listings of 94 in June were down considerably from 127 in May but up somewhat from 79 in June of 2008.
Market Time
Days on market of 160 in June was down just slightly from 162 in May but up a bit from 146 in June of 2008. Months of supply in June moved up to 72.8 from 68.7 in May.
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July 20th, 2009
Is now the right time to buy real estate in Westport, CT? Well, the only time to know when the market has bottomed-out, is when it has already started to increase. When buying in Westport, CT, you are not just buying a house, you are buying a lifestyle. Westport offers a great community, great beaches, a wonderful school system, an easy commute to NYC, and a community that truly cares about itself and its residents. Westport currently has a relatively high number of homes for sale, giving buyers a lot to choose from. Buyers in Westport are now coming out and making offers on properties. Of course, most opening offers are considerably lower than the asking price, but remember, a house is only worth what someone is willing to pay for it. Buyers want value, especially in today’s real estate market.
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July 17th, 2009
What is a short sale in real estate?
Very simply, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.
In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship. The homeowner sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Sometimes, but not always this is in full satisfaction of the debt. The lender has the right to approve or disapprove of a proposed sale.
A short sale is generally executed to prevent foreclosure. The decision to proceed with a short sale is determined by the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe it will result in a smaller financial loss than foreclosing on the property because there are substantial carrying costs associated with foreclosure.
In the current Westport real estate market, we are seeing many short sales. The buyers would still present their offer to their real estate agent, and the buyers agent presents the offer to the seller’s agent. The seller’s agnet then presents the offer to the bank, because it is the bank, not the homeowner, that makes the decision on whether to accept the offer or not.
For the homeowner, a short sale can avoid a foreclosure on their credit history.
In this tough economic climate, all throughout Fairfield County, real estate agents are now being confronted with many situations that have not been so common in the past, including short sales.
I personally believe that a buyer can take advantage of a short sale and get a good deal because I believe that banks, in general, don’t want to own homes and would rather negotiate and accept less and avoid foreclosure.
Look out for short sale opportunities in Westport, CT.
Posted in Uncategorized | 3 Comments »
July 17th, 2009
The Athletic Director at Westport’s Staples High School, Marty Lisevick, has appointed Cecily Cowburn to be the new Varsity Field Hockey Coach. Renee Gould will continue as the JV Coach and a new Freshman coach will be announced prior to the beginning of the season. Cowburn has been teaching in the Westport School District for seven years. She was a scholar athlete and senior captain for Division 1, Syracuse University from 1997-2000, and currently plays in a highly competitive club hockey league in the metro NY area. Last year Cowburn coached the Freshman team and they had a very impressive season.
A special Body Blast for Varsity field hockey will take plave each day during the week of August 24th, 2009 and all players are strongly encouraged to attend. Try-outs start the following week on August 31st.
Posted in Staples High School, Westport Town News | No Comments »
July 17th, 2009
Last weekend, Westport Sidewalk Sales were in full force. The weather cooperated, with sunshine on Friday, Saturday, and Sunday and the crowds came out for a bargain. Starting tomorrow, Friday July 17th, the Sidewalk Sales move into Greenwich, CT. After that the Sidewalk Sales move on to New Canaan, CT. With stores closing in many of these Fairfield County towns, residents are looking for bargains, or at least a good deal. Enjoy the sunshine, take a stroll, and check out the Sidewalk Sales in these great Fairfield County towns.
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June 30th, 2009
The market is NOW. Buyers looking to buy now may want to get into their new home before the start of the school year. Therefore, sellers must price their homes realistically in today’s market. Buyers need to perceive VALUE.
By over-pricing your home, you are just helping another house to get sold.
Be smart and price your home to sell. If your price is not attractive, you won’t get showings, and if you don’t have showing, you won’t get offers.
Don’t just put your home on the market, be in the market, and get it sold.
Posted in Westport Real Estate | No Comments »
June 30th, 2009
Sales
Sales in May were 16. This is down 33.3% from 24 in May of 2008. Sales/list price ratio in May moved down to 89.3% from 90.8% in April.
Prices
Median price in May was $810,000. This is down 47.4% from $1,540,000 in May of 2008. Average sale price (most recent 3 months) is $1,148,944, down substantially from $1,618,655 in 2008.
Inventory
Inventory is 440, up moderately from 405 in 2008. New listings of 66 in May were down substantially from 103 in April and down considerably from 87 in May of 2008.
Market Time
Days on market of 133 in May was up somewhat from 114 in April and up substantially from 89 in May of 2008. Months of supply in May moved up to 21.8 from 20.5 in April.
Posted in Uncategorized, Westport Housing Data, Westport Real Estate | 1 Comment »
June 30th, 2009
Sales
Sales in May were 7. This is up 75.0% from 4 in May of 2008. Sales/list price ratio in May moved down to 90.3% from 94.4% in April.
Prices
Median price in May was $900,000. This is up 29.5% from $695,000 in May of 2008. Average sale price (most recent 3 months) is $1,230,539, up considerably from $1,069,488 in 2008.
Inventory
Inventory is 190, down moderately from 200 in 2008. New listings of 32 in May were down considerably from 39 in April and down substantially from 43 in May of 2008.
Market Time
Days on market of 142 in May was way up from 81 in April but down considerably from 168 in May of 2008. Months of supply in May moved down to 21.7 from 21.8 in April.
Posted in Uncategorized, Westport Housing Data, Westport Real Estate | 3 Comments »
