WESTPORT
Market Trends Report
January 2012
The Westport, Connecticut real estate market is still declining. The slowdown earlier in the year can be attributed in part to the power outages and flooding that accompanied Tropical Storm Irene and the freak October snowstorm that caused power outages. However, the 3 month comparison shows that despite the mild winter both the number of sales and market prices have continued to decline.
The amount of inventory that the market can absorb is down as well. We look at the absorption rate over a 12 month period (see chart above), which means that it would take about 10-11 months to sell every home currently on the market in Westport.
Although it is still a Buyers Market in Westport, it is in line with many other Fairfield County towns. With low interest rates and an improving economy, we are expecting a good Spring market. Let's hope the weather stays mild and the Spring market begins early this year!
If you are thinking of buying or selling in Westport, please call Gail Robinson, REALTOR, at 203-521-0768 for a consultation.
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