Finally, there is some good news to report on the real estate front.
Sales are up more than 50 percent for the second quarter of this year versus the same time last year. This year, 95 homes changed hands in Westport between April 1 and June 30, compared with 62 homes for the same period last year.
Pent-up demand for homes combined with more confidence in the economy contributed to the jump in home sales for this quarter. Prices seem to be stabilizing.
This year, the average sale price of a home was $1.37 million which is higher than last year's average price of $1.22 million.
The Sale to List Price Ratio is back to 93 percent from 92 percent.
Finally, market time is shortening. Last year, it took an average of 113 days to sell a property while this year, it took 107 days to sell. Are we moving away from a buyer's market towards a seller's market? It's too early to know for sure, however indications are that the market is becoming more balanced.
2009* 2010* Change (%)
Number of Homes Sold 62 95 53%
Avg. List Price $1,334,208 $1,464,245 10%
Avg. Sale Price $1,222,373 $1,368,071 12%
Avg. Sale/List Price Ratio 92% 93% 1%
Avg. Days on Market 113 Days 107 Days (5%)