The Trend in Home Sales in Westport MA - Improving, or...?
Home prices in Westport on average are falling! Home prices are down 22.2% since July of 2009.
The current average listing price of homes for sale in Westport MA is $669,879, down just 0.8% from a month ago. Compare this to the current median sales price of $284,750 - where half of sales are above this amount and half below it.
2 and 3 bedroom homes are selling for less than they were. Prices of 2 bedroom homes are down 16.7% from year ago levels while prices of 3 bedroom homes are down 0.9%. Below is a chart of the trend of median prices of homes for sale in Westport MA over the past 5 years through July 2010:
The number of sales for all homes for sale in Westport is down 25.8% from year ago levels:
So what does all this mean? Well, if you're looking for a home in Westport, you can probably find a bargain in 2 and 3 bedroom homes as prices and sales are down. Still, lowball offers won't cut it in a market like this. Sellers aren't in control of the market either, so both buyers & sellers should be reasonable when negotiating.
You can still buy a home with no money down with a VA Loan. With the FHA Mortgage program, you can purchase a home with as little as 3.5% down. With a MassHousing loan, you can purchase a home with as little as 3.0% down. When you're ready to buy a home, find out how much house you can afford to buy in Westport or in the surrounding area.
Be sure to contact me, Lew Corcoran, toll free at 1-800-941-5616, when you're looking to get pre-approved for a purchase of your next home in Westport or in the surrounding area. Otherwise you may end up frustrated, disappointed and, unfortunately, perhaps misled.
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