Are Home Prices Really Falling in Weston?
Are prices rising or falling in Fairfield County?
Let's just take a look at Weston CT.
If we look at the Average Sales Prices of homes for sale in Weston from 2002-2012 we see the market has begun to make a bit of a recovery despite a dip this quarter. But is looking just at the Average Sales Price deceptive?
In the first quarter of 2012 there have been 19 homes sold in Weston. The average sold price is $628,697. However if you look closely you will see that 1 of those homes that were sold was 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 $599,736. While it is not an enormous difference in 2012, take a look at 2011. The average sales price was $820,718 while the average sale price of homes under a million was $629,639 - a difference of almost $200,000 because in the first quarter of 2011 there were 5 homes over a million dollars that were sold.
Also while the overall average sales prices of homes in Weston over the last 3 years appears to have dropped considerably, the average price of homes under a million is holding relatively steady.
Take a look at these charts that compare the average sold prices in Weston with and without the million dollar market - you will see that it pays to go the extra mile to find out what the average price numbers really means.
