Two questions 1) Is this a big deal? and 2) How are prices in Westport and surrounding towns?
1. This may not be a big deal unless the trend continues. For both the top 1 and top 20 markets, median selling prices were down .01% for last month which is not a big number but reverses the trend of improvements. Also, prices were an improvement since last year (+2.6% for top 10 markets and +1.7% for top 20 markets).
The price trend will be determined to a large extent on the number and pace of foreclosures coming on the market. See swreilly.com for repossession activity by town.
2. For Westport, median selling price in September was +11% from last month but -23% since last year. The reason that the Westport market looks different than the top 10 and top 20 Case Shiller markets is that prices in Westport peaked in 2008 when prices for Case Shiller Markets peaked in 2006.
3. For Westport surrounding towns, median selling price in September was -18% from last month but +12% since last year. The reason that the market looks different than the top 10 and top 20 Case Shiller markets is that prices in surrounding towns peaked in 2007 when prices for Case Shiller Markets peaked in 2006.
Regards, Steve
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Stephen Reilly
Higgins Group
Best Practice Real Estate
278 Post Road East
Westport, CT 06880
203-246-7372
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