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|
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.