House values in Westport, CT (Feb 08)

Asked by Thb, Connecticut Wed Feb 18, 2009

What insights can people offer about the true impact of recent economic developments -- layoffs, bonus crunch, etc. -- on house values in Westport, CT? Where does this market stand relative to, say, Q1 2007?

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Marilyn Katz, Agent, Westport, CT
Thu Feb 19, 2009
The median price of a single family home, sold in Westport, during the first quarter of 2007 was $1,255,000. By fourth quarter 2008, that figure dropped 6%, to $1,179,000. There were 53 unit sales in the final quarter of 2008. Since there is a seasonal affect, the more telling comparison would be with 4th quarter 2007, when 80 units sold.

For more detailed quarterly comparisons, see:
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Jack Mulroon…, Agent, Stamford, CT
Wed Feb 18, 2009
Hi Thb, 4th quarter numbers are not out yet but 1st quarter 2007 average price (1,489,900) was up in the 3rd quarther 2008 16.8% (1,785,000). Number of sales for the quarters was up from 63 to 97.

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