Westport is still a Buyer’s Market with 11.1 months of inventory on the market (the 12 month figure is used for the absorption analysis). The six month trend prices are much lower than the 12 month trend prices, but as you can see from the three month figures, sales have slowed.
Westport appears to have hit bottom in February 2012, but the recovery is mixed. The gains of the Spring market have not been sustained. Prices are lower and days on market are back up to where they were before the Spring market.
Over the past 12 months, the lowest sale price was $265,000. The highest sale price was $5.25 million. The median sale price was $1.2 million. 59 homes have sold for over $2 million in Westport over the past 12 months.
What homes are most in demand by buyers 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 100 days and sell for 95% of list price.