The turmoil in the housing market took a bit longer to hit Westport, CT, but by the end of the year, the market downturn had firmly taken hold.  Annual home sales were off by a third, compared with 2007, for both units and dollar volume, with average selling price, essentially flat.  As the year came to a close, the trend was definitively down.  

Quarterly Recap

The Westport housing market held its own, for the first quarter of 2008.  While unit sales dipped 28%, compared with the first quarter of 2007, prices continued to climb.  The average sale price of a single family home, rose 16% to $1,748,446.  Half of the homes sold, during the first three months of the year, sold for more than $1,339,000.

As Westport's moved through the spring market, its traditional insulation from housing downturns was no longer evident.  In the second quarter, unit sales were down a precipitous 69%, compared with the corresponding quarter, a year ago.  Average sold price fell 6%, to $1,654,202 and median sold price went from $1,550,000, in 2007, to $1,295,000.   

The market firmed up, a bit, in the third quarter.  Though still behind last year's pace, the number of homes sold was only off by 13%, compared with 2007.  The median selling price rebounded to $1,500,000, topping the previous quarters by more than 10%.  Homes also sold quicker.  Average time on the market fell to 93 days.

The financial crisis took its toll on the real estate market in the final quarter of the year.  More than one third fewer homes sold, compared with the comparable period, a year ago.  Median selling price also declined, as sales shifted to the lower end of the market.  Total dollar sales volume, for the quarter, dropped 45%.  On the brighter side, mortgage rates dropped alongside prices, offering qualified buyers an opportunity for some of the best deals of the year.

THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING

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Copyright © 2009 Marilyn Katz, WestportCTProperties.com, All Rights Reserved, Westport, CT - Home Sales Market Recap 2008