Westport, CT – 1st Quarter Market Stats 2013
Westport single-family home sales posted its best 1st quarter market results since 2006.There were seventy-nine closed transactions during the quarter, representing a thirty percent gain over 1st quarter 2012.
Prices were fairly flat, for the 1st quarter. Although moving to the up side, median sold price only showed a one percent gain, compared with a year ago. However, on a positive note for the trend, this was the second year that the 1st quarter median sales price was higher than the overall median sale price for the preceding year. Prior to 2012, that hadn’t happened since 2006. During 2012, each quarter posted a higher median price than the corresponding quarter, 2011.
While unit and dollar sales both trended up, transactions took longer to close. Sold listings remained on the market for an average of 136 days, the longest 1st quarter market time since 2009.
Sales to List Price
Continuing the encouraging results for 1st quarter market stats, the ratio of median sale price to median list price showed improvement over 2012.
Sale to List Ratio
The year started with roughly seven and a half months of inventory, for single-family homes. As activity picked up, there was also an increase in listings. As of May 1, inventory levels moved up to 8.3 months. While the market continues to favor buyers, anecdotal evidence points to a more competitive environment, with well priced houses receiving multiple bids and selling quickly.