As we draw to the end of the first quarter, we continue to see signs of recovery in the Westport housing market. After the December sales surge and the sparse inventory that followed, January saw a slight dip in single-family home sales. Since then, activity has picked up. Year-to-date (3/16/13,) Westport has fifty-nine sales, posting a nine percent gain over the corresponding period, last year. With half the month of March to go, unit sales are only two behind the first quarter of 2012. That number should be easily reached as there are currently fifty-four sales pending and another fifty-one homes with agreed to offers.
Another sign of the rebounding market is the strengthening prices. Year-to-date, the average sold price of a Westport, single-family home was $1,511,217, up $142,463 from $1,368,754 in 2012. The 10 percent jump in price was not skewed by an out-of-bounds sale, but clearly reflects the market, as seen in the corresponding median prices of $1,535,000 vs. $1,212,500.
Short-term, Westport appears to be set for a healthy spring market, as evidenced by an active pipeline (noted above.) While inventory remains low, it has been keeping pace with sales and is slowly inching higher. Prices continue to be buoyed by low mortgage rates.
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