I will start to report this information each month. Outside of today, I will typically provide it as soon as it is available following the previous month. So, consider this a little late, but still relevant. (Since I just started to blog a couple of weeks ago, I am trying to get into a pattern as to what information I should be reporting when.)
Regarding homes for sale for the month of April, there were 27 transactions in Westport, CT. This was down slightly from 29 homes sold in April of 2013. The average sale price was $1,572,515 versus $1,849,866 the previous April, but the median sale price was $1,435,000 versus $1,250,000 last year. As you know, the “average” or “median” doesn’t mean much considering both figures are totally dependent on the actual homes (and corresponding prices) being listed and sold. Thus, we’re not necessarily comparing apples to apples. Case in point, the average list price last month was $2,321,085 and the average list price April of 2013 was $2,048,445. The numbers, as you can tell, are all over the place.
A few other details worth pointing out: There were 10.3 months of supply last month, which was exactly the same as April, last year. Market time of homes on the market was 99 days last month versus 109 days last year, so homes are moving a little faster than last year. A more important and accurate gauge of pricing was the price per square foot, which was $434 this past April and was $427 last year, thus only slightly up.
What does this all tell us? Not much in my opinion. These numbers are simply a few of many, many variables you should consider when buying or selling a home. You should also read my blog from yesterday which will give you a feel for the current Fairfield County real estate market relative to other parts of the country.
The most important thing for a prospective homebuyer to do, again, in my humble opinion, (besides looking at all of the market statistics) is to look at a large number of homes for sale in order to get a feel for current market pricing. There are many home sellers that list their home way too high. You’ll know it’s high if it has been sitting on the market for many months. And there are also some owners that price their home for sale lower than they should. Typically, the seller who does this will get multiple offers and significant interest very quickly after listing their home on the CT MLS. You should look at market comps for recently sold homes. Even if you didn’t get a chance to see those particular homes prior to them being sold, you can still get a feel for the going market rate. However, if you were fortunate enough to see some of those homes that sold, and knowing what those homes sold for, you will then get your best indication for true market rates. Do your homework. Be diligent. If you do so, you will end up paying close to the true current market worth of the home.
Other than the above, as I always say, the most important thing is that you and your family love the home you are buying. If you truly love your home, your neighborhood and the location of your home, you’ll be very happy for a long time to come.
Regarding homes for sale for the month of April, there were 27 transactions in Westport, CT. This was down slightly from 29 homes sold in April of 2013. The average sale price was $1,572,515 versus $1,849,866 the previous April, but the median sale price was $1,435,000 versus $1,250,000 last year. As you know, the “average” or “median” doesn’t mean much considering both figures are totally dependent on the actual homes (and corresponding prices) being listed and sold. Thus, we’re not necessarily comparing apples to apples. Case in point, the average list price last month was $2,321,085 and the average list price April of 2013 was $2,048,445. The numbers, as you can tell, are all over the place.
A few other details worth pointing out: There were 10.3 months of supply last month, which was exactly the same as April, last year. Market time of homes on the market was 99 days last month versus 109 days last year, so homes are moving a little faster than last year. A more important and accurate gauge of pricing was the price per square foot, which was $434 this past April and was $427 last year, thus only slightly up.
What does this all tell us? Not much in my opinion. These numbers are simply a few of many, many variables you should consider when buying or selling a home. You should also read my blog from yesterday which will give you a feel for the current Fairfield County real estate market relative to other parts of the country.
The most important thing for a prospective homebuyer to do, again, in my humble opinion, (besides looking at all of the market statistics) is to look at a large number of homes for sale in order to get a feel for current market pricing. There are many home sellers that list their home way too high. You’ll know it’s high if it has been sitting on the market for many months. And there are also some owners that price their home for sale lower than they should. Typically, the seller who does this will get multiple offers and significant interest very quickly after listing their home on the CT MLS. You should look at market comps for recently sold homes. Even if you didn’t get a chance to see those particular homes prior to them being sold, you can still get a feel for the going market rate. However, if you were fortunate enough to see some of those homes that sold, and knowing what those homes sold for, you will then get your best indication for true market rates. Do your homework. Be diligent. If you do so, you will end up paying close to the true current market worth of the home.
Other than the above, as I always say, the most important thing is that you and your family love the home you are buying. If you truly love your home, your neighborhood and the location of your home, you’ll be very happy for a long time to come.
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