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Median selling is down $9,112.00 YTD, whilst Average selling is down $48,343.00
Nobody said it was end of the world devastation with double digit drops, but it's pretty ugly for Fairfield County Real Estate. Let's hope the Q3 has greener results, it should with Spring closings.
Please post it when you receive it. Thanks
As CTartist showed in her example, the average can get skewed by a few sales. That’s why median is more often used and quoted. Since the actual numbers are so close to last year and key indicators like days on the market and new listings are down, I would hardly call it ugly. JMHO, Jay
9,100 sq ft on 3 acres, sold new for $3.15m in 2006. In foreclosure and now asking $1.75m. That is a 44.5% drop over 13 years, assuming it sells for the asking. The house has lost $2,000 in value a week,every week for the past 13 years.
Can we please dispel any myths that FFC real estate is a normal market, at least at the upper end. You’d be hard pressed to find any market in the U.S. that has sucked so badly over the past decade. Plenty more examples out there and even worse if we look at towns off the New Haven line like Weston or New Canaan. Some Weston houses have asking prices below mid-1990’s levels now.
9,100 sq ft on 3 acres, sold new for $3.15m in 2006. In foreclosure and now asking $1.75m. That is a 44.5% drop over 13 years, assuming it sells for the asking. The house has lost $2,000 in value a week,every week for the past 13 years.
Can we please dispel any myths that FFC real estate is a normal market, at least at the upper end. You’d be hard pressed to find any market in the U.S. that has sucked so badly over the past decade. Plenty more examples out there and even worse if we look at towns off the New Haven line like Weston or New Canaan. Some Weston houses have asking prices below mid-1990’s levels now.
You can’t judge a real estate market by what happens in foreclosures. There are foreclosures all over the country and homes in foreclosure almost always sell at steep discounts.
Based on data from the second quarter of this year shows the number of home sales in Westport is basically the same as last year and the Sold Price is up slightly. Also the number of new listing is down which is good. The Days on Market however is up but overall the Westport Real Estate Market looks to be the same as last year which is hardly bad. Jay
As of July 2019, average price down 23% year on year, median price down 24.2% year on year, average price per sq ft down 18%, units sold down 22% and, most telling of all, monthly inventory up 92%.
These trends are consistent with my own observations of local prices. This is a distressed market.
As of July 2019, average price down 23% year on year, median price down 24.2% year on year, average price per sq ft down 18%, units sold down 22% and, most telling of all, monthly inventory up 92%.
These trends are consistent with my own observations of local prices. This is a distressed market.
He is looking at the Berkshire Hathaway Market Report which is distributed via email by realtors on a quarterly basis.
I used to get them from one such realtor until I moved her to the spam folder.
Some individuals have been known to be wary or skeptical of this report so I have heard. (I don't know, don't shoot the messenger)
He is looking at the Berkshire Hathaway Market Report which is distributed via email by realtors on a quarterly basis.
I used to get them from one such realtor until I moved her to the spam folder.
Some individuals have been known to be wary or skeptical of this report so I have heard. (I don't know, don't shoot the messenger)
There was a realtor handing out market bulletins at the Westport train station a couple of weeks ago. I didn't keep a copy but from memory it showed 20% level drops in both median and average prices y/o/y. I thought it was sobering that a realtor would put that in black-and-white since they are notorious for always trying to talk up the market and downplay negative news!
As of July 2019, average price down 23% year on year, median price down 24.2% year on year, average price per sq ft down 18%, units sold down 22% and, most telling of all, monthly inventory up 92%.
These trends are consistent with my own observations of local prices. This is a distressed market.
This is when numbers and stats can deceive the human mind. Think outside the numbers. One reason for the Avg Sale price drop could be because higher end homes aren't selling or maybe they are lowering their price substantially. I'm willing to bet homes in the $300,000-700,000 price range have not dropped that much since last year.
This is when numbers and stats can deceive the human mind. Think outside the numbers. One reason for the Avg Sale price drop could be because higher end homes aren't selling or maybe they are lowering their price substantially. I'm willing to bet homes in the $300,000-700,000 price range have not dropped that much since last year.
Absolutely the lower price ranges have fared better. Since Westport has a large proportion of $1m+ homes I used it to illustrate how poorly the upper end is doing. The lower end is not immune though; price falls at the top ultimately suppress all that is below.
9,100 sq ft on 3 acres, sold new for $3.15m in 2006. In foreclosure and now asking $1.75m. That is a 44.5% drop over 13 years, assuming it sells for the asking. The house has lost $2,000 in value a week,every week for the past 13 years.
Can we please dispel any myths that FFC real estate is a normal market, at least at the upper end. You’d be hard pressed to find any market in the U.S. that has sucked so badly over the past decade. Plenty more examples out there and even worse if we look at towns off the New Haven line like Weston or New Canaan. Some Weston houses have asking prices below mid-1990’s levels now.
Thanks for this. This is very interesting. Milford has surpassed Trumbull, Weston, Easton etc. in true worth. Price per square foot really tells the story of what is going on. If I was an investor I would probably go with Milford.
My dad had a business but he also invested in real estate. He would say these things about real estate to me. 1) Location, location, location (near the water in a nice town) & 2) see what the price per square foot is doing. My dad would be very impressed with Milford.
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