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The R Report: The Heat is On for Cheaper Homes

Westport is seeing home sales on the rise but at cheaper prices.

The temperature is not the only thing rising in Westport. 

This has been a very busy summer in real estate with the number of home sales up markedly from last year.  The volume is close to what it was in 2007 so far this summer, which is good news for sellers and Realtors. 

Here are the number of homes sold in Westport between June 1 - July 16:

Year          Homes Sold

2006                 61

2007                 78

2008                 48

2009                 41

2010                  72

 

Prices are stabilizing and are flat to down, which is similar to the prices last year at this time. That is good news, however, prices have not rebounded from the highs of 2007.

Since the peak in 2007, the average sale price in Westport has dropped from $1,642,000 to $1,416,000 — a drop of 13 percent. Given the increase in the number of sales and the low number of foreclosures in our town, it appears that the worst could be behind us.

If you are thinking of listing your home for sale and think that you have to wait until next spring, you could be wrong.  Buyers are still out looking — even in this heat!

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