The Current State of the Westport Condo Market (cont'd)

(Terra Nova, the priciest condos in Westport)

Now that we've been through the current active condos in Westport, let's take a minute to go through what has sold recently.

Over the last 6 months (8/7/08-2/3/09), a total of 5 condos have sold. Those condos averaged 115 days on the market and were at a median price of $891,500. The price range of the condos was $675,000-$1,020,000, bringing the average price to $859,800. The total dollar volume for the condos was $4,299,000.



Over the last 12 months, a total of 16 condos have sold. These condos averaged 112 days on the market and were at a median price of $776,250. The price range of the condos was $315,000-$1,235,000, bringing the average price to $748,343. The total dollar volume for the condos was $11,973,500.



I decided to go back and run the same numbers for 1/1/07-1/1/08. During that time period 43 condos sold. Those condos averaged 96 days on the market and were at a median price of $795,000. The price range of the condos was $310,000-$1,450,000, bringing the average price to $750,133. The total dollar volume for the condos was $32,255,750.



Now I want to point out a few interesting things about these numbers. Everyone seems to be on high alert regarding the doom and gloom of the real estate market. And it's easy to see it that way when you only focus on the negative numbers. I want to focus in on a few numbers to show you why the condo market in Westport is doing fine. Let's look at the median price range for condos in the last 12 months compared to the median numbers for all of 2007. Last 12 months $776,250. For 2007 $795,000. That's only about a 2% drop off. Now let's look at average price. Last 12 months $748,343. For 2007 $750,133. That's only a 0.23% drop off. Now I'm not going to leave out the blaring number that people will point out. Yes, overall listings sold has dropped significantly. There were 16 in the last 12 months compared with 43 for 2007. That's about a 60% drop off. So the bottom line is yes the amount of condo inventory in Westport being moved has slowed dramatically, BUT and it's a big BUT, the median price for condos and average price that condos have sold at has only gone down 2%.

STAY POSITIVE EVERYONE!

The median price for condos sold in Westport has gone UP 23% since 2005. Stay tuned for the next post where I lay out the numbers...