Copy
Weekly market insight for Westport & Weston | 
View this email in your browser
SUNDAY, JANUARY 10, 2021
Hi there!

Good afternoon and thanks for being here. If you read last week's newsletter, it was a bit of a marathon. I reviewed 2020's market for Weston and Westport. The feedback was good, so if you missed it you can revisit it here

This week will be much more concise, I promise! It's my favorite week of the month, as it coincides with Raveis publishing their monthly stats. Starting with Westport, December was a continuation of what we were seeing in earlier months. Inventory continues to be super low (148 homes on the market compared to 278 and 313 in the previous two Decembers) and the median sale price is nudging up. I prefer to look at the price per square foot, since that's more of an equalizer across the different price points. This is up almost 41% from last year. Part of this is sheer price increase, and part is evidence of the movement of more homes in the higher price points. And my beloved Months of Supply is a number I've never seen before: 2.78. Like never before. 
Weston figures tell a similar story. Inventory is down to double digits (53 homes compared to 118 and 123 in previous Decembers). The median sale price is up almost 28% to $232/sqft and the Months of Supply is even lower than Westport at 2.15 months. My question is, is there such a thing as "running out'"??
I was on a webinar this week where the speaker was talking about a 'frozen market' and this was a national speaker. I thought that was a great way to describe it. On one hand, you have plenty of eager buyers (exploiting great rates), and on the other hand, you have reluctant sellers, despite the attractive prices. The most common thing I hear from sellers is, "But where would I go?" Yes, that's a concern, but there are several ways we can address that, including an extended closing date and renting back from the buyers. I know it's a scary leap, but I'm concerned that sellers will be kicking themselves a couple of years down the line when they have missed this market. 

In any case, it's always worth a conversation, right? That's usually my MO. Happy to chat any of this through with you, from either side of the selling table. Until then, stay safe and bundle up! It's pretty brisk out there, if you catch my drift!

All the best,
PS Missing the Property Transfers from the Westport News??? Fear not! They've been here all along! Just check out the Latest Transfers link... all the names and details for all you real-o-stalkers!!
203.451.6807
www.amyswansonhomes.com
amy.swanson@raveis.com
OPEN HOUSES
MOVERS & SHAKERS
LATEST TRANSFERS
CURRENT & SOLD LISTINGS
TESTIMONIALS
MORTGAGE RATES
Facebook
Instagram
LinkedIn
Pinterest
Website
Copyright © 2021 Wm Raveis Real Estate, All rights reserved.


If your home is currently listed, please disregard this notice, as it is not my intention to solicit other brokers' listings. This information deemed reliable but not guaranteed.

unsubscribe from this list    update subscription preferences 

Email Marketing Powered by Mailchimp