Are prices really on the rise in Fairfield County?
Let's just take a look at Westport CT.
If we look at the Average Sales Prices of homes for sale from 2002-2012 we definitely see that the market seems to be recovering in Westport despite a slight dip this quarter. But is looking just at the Average Sales Price deceptive?
In the first quarter of 2012 there have been 64 homes sold in Westport. The average sold price is $1,343,144. However if you look closely you will see that 34 of those homes that were sold were over $1M. How much does that skew the average sales price? As it turns out - quite a bit!
The average sales price of homes UNDER $1M in Westport is $691,980. That's nearly a 50% drop in average sales prices!
Take a look at these charts that compare the average sold prices in Westport with and without the million dollar market - the million dollar market is strong in Westport, but it also seems to skew the statistics for the rest of the sales.