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...

The Current State Of The Westport Condo Market

(Left: Bradley Commons)



Welcome back. Now that you have a general understanding of Westport, let's dive right into the condo market.

There are currently 32 active condo listings in Westport. They encompass a price range of $183,000-$1,299,000, and have an average list price of $759,773. The average time on the market for these listings is 113 days. The condos range from 1-3 bedrooms and 1-3.5 baths, with the majority falling at 2 bedrooms and 2.5 baths. There is also a great range in the age of the different condos currently available, with some being close to 30 years old (Strathmore and Harvest Commons), and others new construction (Bradley Commons). In addition to the 32 condos that are currently for sale, there are also 12 available for rent, (2 of which are also for sale) asking between $2300-$5000/month.

Look for the next addition of Westport Condos when I dive into the various statistics regarding the market in the last 12 months. We will be taking an in-depth look at how many condos have sold during this period, at what price, how long they took to get sold and other important figures. Until next time...