Westport market snapshot:  Ending June 30, 2017

 The Westport real estate market closed June with a YTD increase of 9.7% in 203 sales.  The market’s strength was based in the $1-2 million price range, which produced 92 sales for a YTD increase of 22.6%.

Listing inventory totaled 421 active properties, which is a 4.5% decrease from 2016 and similar to level from 2 years ago (422).   A stable rate of sales and reduction in inventory dropped the absorption rate from 9 (May) to 8 months (which is the same total as June 2016).

Pricing indexes were up with the median at $1,425,000 (+9.6) and the average at $1,642,161 (+4.7%).

The Westport market boasts a strong pipeline with 92 sales, up from 72 in 2016.  35 are CTS (binder) and 62 pending (contract).  Among these 46 are $1-2 million, 15 are $2-3 million, 3 are $3-4 million and 1 is over $4 million. July 2016 generated 33 sales, with 62 sales in contract; the Westport market is poised for a step forward this month.

 

Number of sales:

 

Month Sales, Number of 2015 Sales, Number of 2016 Sales, Number of 2017
Jan 18 20 24
Feb 17 24 17
Mar 26 17 26
Apr 21 35 37
May 33 34 47
Jun 44 55 52
Jul 62 33
Aug 40 49
Sep 36 24
Oct 37 26
Nov 22 20
Dec 28 28

 

 Year:            All $        $0-1 mil       $1-2 mil    $2-3 mil    $3-4 mil   $4 mil +

 2016:            185             64                   75                  33                 10                  3

2017:            203              61                   92                  33                 10                  7    

Number of listings: 

Month Active Listings, Number of 2015 Active Listings, Number of 2016 Active Listings, Number of 2017
Jan 267 295 300
Feb 294 328 347
Mar 331 379 392
Apr 395 427 405
May 432 437 417
Jun 422 441 421
Jul 410 409
Aug 381 389
Sep 398 386
Oct 374 358
Nov 337 332
Dec 279 298

 

 Months of inventory (absorption rate): 

Month Months of Inventory 2015 Months of Inventory 2016 Months of Inventory 2017
Jan 15 15 13
Feb 17 14 20
Mar 13 22 15
Apr 19 12 11
May 13 13 9
Jun 10 8 8
Jul 7 12
Aug 10 8
Sep 11 16
Oct 10 14
Nov 15 17
Dec 10 11

 

 


Median sales price: 

2016:          $1,300,000

2017:         $1,425,000

 

Average sales price:

 2016:          $1,568,000

2017:          $1,642,161