Westport had a good Spring market and as you can see from all the green above, the market is strengthening and moving towards a Seller’s Market. It is still a Buyer’s Market with 11.3 months of inventory on the market (the 12 month figure is used for the absorption analysis), but the trend is towards a balanced market as the 3 month figure is 6.8 (6 months is a balanced market). The three month trend prices are lower than the six month trend prices, but still higher than a year ago.
Westport appears to have hit bottom in Q1 2012 and is in recovery.
What homes are most in demand by buyer in Westport? The sweet spot in the market is for 4 bedroom homes with a list price of $1.2-1.3 million. They tend to be on the market only 103 days and sell for 95% of list price.