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Westport Connecticut Real Estate Update

by Cheryl Scott-Daniels

January through November 2011, 324 single family homes sold in Westport Connecticut versus 325 units sold during the same time in 2010. More proof that the real estate market in Westport is stabilizing! Consumer confidence is up, interest rates are down, and homes are being priced right; all factors contributing to market stabilization. Unit sales year-to-date are up by 41% over 2009 and down by 15% from 2007.

Westport CT Single Family Unit sales YTD 2006 to 2011

The median sales price continues to lag slightly behind last year. From January to November 2011 the median sales price of single family homes in Westport was $1,101,500 versus a median sales price of $1,125,000 during this same time frame in 2010. Although the median sales price in Westport has been falling since 2008, the rate of decrease has slowed down dramatically year over year. Homes sold between January and November of 2009 had a median sales price 12.8% lower than homes sold in the same time frame in 2008. From 2009 to 2010 they were down only 4.5% and so far this year, prices are down only 2% from the same time frame last year.

Westport CT Unit Sales Price YTD 2006 to 2011

We will continue to keep a close eye on the real estate market in all of Fairfield County and report select town statistics each month in our monthly newsletter. Visit http://www.yourfairfieldcountyhomes.com/Newsletter to sign up to receive these stats via email.  If you have an interest in a specific town or neighborhood, contact us for details that meet your needs.

 

*Source:  Greater Fairfield County Consolidated Multiple Listing Service

What Not To Do When Buying a Home

by Cheryl Scott-Daniels

Cheryl Scott-Daniels - Accredited Buyer's RepresentativeWith historically low interest rates and an ample supply of homes on the market, now is a great time to buy a home! Whether you are a first-time home buyer, relocating to a new area, or downsizing, there are some mistakes you do not want to make when buying a home. Here is a list of the top three:

1. Don’t start your search blind

Have a clear view of your needs and wants before you start looking. Keep a list of ‘must haves’ and ‘would like to haves’. Take this list with you when you go to see each home. Although this list may change slightly after you have viewed a few homes, it will give you a basis from which to start your search  and also keep you on target. 

This brings me to the next item on my list:

2. Don’t buy the first home you see

Although you may end up purchasing the first home you see, take the opportunity to see a few homes before you make your decision. There are a lot of homes currently on the market to choose from and each has its own  advantages and disadvantages.   Shop around to compare homes and values.  This is where a thorough, skilled, knowledgeable and trustworthy Realtor can be a huge time saver.  Which brings me to the last item on my list:

3. Don’t go it alone

There are numerous advantages to working with a qualified Buyer’s Agent. Local REALTORS® know the market. They have seen multiple homes in your price range and can help you to determine value. They have experience negotiating purchases and can advise you on which homes may have the best re-sale value, helping you when it comes time to move again.

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Photo of Cheryl Scott-Daniels  Real Estate
Cheryl Scott-Daniels
CSD Select Homes
991 Post Rd East
Westport CT 06880
203-341-0100
203-200-0065
Fax: 866-806-6909