What a difference a year makes. In March 2011, 20 single-family homes sold in Westport, CT. The same number sold in March 2012. While monthly unit sales remained the same, median and average sale price soared, up 31% and 32%, respectively. In March 2011, the median sold price was $955,500. This March, the median sold price rose over $400,000 to $1,388,750.

Before we get too excited, and jump to precipitous conclusions, lets examine the statistics closer.  Looking at the actual sales data, it is apparent that the rise in sale price is not an indication of increasing home values, but rather a change in the segment of the market that is selling.

In March 2011, half of the homes sold for less than $1,000,000 and only two sold above $2,000,000. Contrast that with March 2012, with 6 selling under $1 million and 7 selling for $2 million or more. Examining further, last year, five of the sold homes had 5 or more bedrooms, and seven had 10 or more rooms. This March, there were twelve homes sold in these two categories. 

      March 2011     March 2012
     5+ Bedrooms              5            12              
    10+ Rooms              7            12

Comparing apples to apples, prices still appear to be softening. On a positive note, however, confidence seems to be returning to the market, with larger, more expensive homes selling.

 

 

Marilyn Katz

        Marilyn Katz

    Prudential CT Realty   
  203-429-1041
  Servings Westport, CT
  and the surrounding communities  

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Copyright © 2013 Marilyn Katz, All Rights Reserved

 
This post has been included in Connecticut Real Estate News Fairfield County, CT Real Estate News Westport, CT Real Estate News
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Marilyn Katz - ABR, e-PRO - WestportCTProperties.com

Westport, CT

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Prudential Connecticut Realty

Address: Westport, CT, 06880

Office Phone: (203) 429-4188

Cell Phone: (203) 451-1977

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Author Bio: Marilyn Katz writes about real estate and Westport, CT. In her blog she highlights community amenities, events and activities and offers insight into the local real estate market. In her real estate practice she works with buyers, sellers and renters in Westport, CT and the surrounding communities.




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