The Scoop on the Westport Market - August 2009

The Scoop on The Westport Market

Everyone seems to be talking about current value of Real Estate. Will the Fed’s continued low rates help surge the housing market? How does this year’s market compare to last year? Are there deals to be had….or…..are homeowners just overpricing their homes, expecting them to still be worth what they were two years ago and sitting with them longer? Certainly market conditions have changed. But, Westport is still a very desirable community. Now, more than ever, pricing correctly can mean the difference between a quick sale and living with a key box on your front door for a long time! So…how is Westport faring in 2009 after all?


Presently there are 372* houses on the market in Westport, with an average list price of $2,235,650 and an average market time of 132 days (which doesn’t mean much, since homes could have be re-listed and the market time than restarts at 0). The most expensive home listed for sale is priced at $30,000,000., and located on Beachside Avenue, offering 4 acres, a 10,000 square foot 6 bedroom main house, a 2 bedroom guest house and a 2 bedroom gate house. There is space for 9 cars in the garages and 215 feet of direct beachfront property. The least expensive home on the market in Westport is priced at $358,000., a 2 bedroom 1485 square foot cape located on Newtown Turnpike.

Year to date, 134 homes have closed (sold) with an average market time of 118 days, an average list price of $1,525,168., and an average sales price of $1,401,203. The most expensive home sold in 2009 in Westport closed for $6,500,000 although it was originally listed for $14,000,000. It is located on Beachside Avenue on 2 acres with a pool and tennis court, 12,000 square feet located across the street from the Sound. The least expensive sale was $340,000., a 2 bedroom 1320 SF home located on Cedar Road.

In 2008, during the same time period, 174 homes sold in Westport. Average market time was 104 days with an average list price of $1,857,487., and an average sales price of $1,743,563. The most expensive home sold during this time period last year closed for $5,700,000 on Greenbrier Road and the least expensive home sold on Compo Road South for $397,500.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. I am concerned that while the average list price is $2,235,650, our average sale price is $1,401,203. Something has to give! Our buyers in Westport are well educated. They know the market, and are not willing to overpay. The market will not allow you to under price your home (the price will be bid up by savvy buyers), but the market will allow you to hold on to your overpriced listing for years! Price it right and be ready to negotiate.

*These statistics are based on the homes listed for sale through the Greater-Fairfield County Multiple Listing Service as of August 17, 2009.