My Scoop on The Westport Market

What’s really happening in Westport’s Real Estate market so far this year? Buyers seem to believe that prices are still going down while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future, however, based on a comparison of 2010 to 2011 sales, the market is certainly stable, with great values for buyers. Current values are estimated to be close to those in 2003. Anyone who purchased a home after 2003 who is selling now should expect to lose money on the sale side, but hopefully recoup the loss when they buy another home. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 345* houses on the market in Westport, with an average list price of $2,141,534, and an average market time of 113 days (which doesn’t mean everything, since homes could have be re-listed and the market time then restarts at 0). The most expensive home listed for sale is priced at $24,950,000., located on Beachside Avenue, offering 4 acres, a 10,000 square foot house, included are a 2 bedroom guest house and a 2 bedroom gate house, garage space for 9 cars and 215 feet of direct waterfront access. The least expensive home on the market in Westport is a1920’s home priced at $294,900. on Saugatuck Avenue with 3 bedrooms, 1 full and 1 half baths in 1449 square feet.

The average list price for a 3 bedroom home is $1,036,351 (72 on the market), a 4 bedroom home is $1,738,494 (98 on market) and a 5 bedrooms or more home is $2,943,745 (166 on market). Interestingly though, over the last 6 months, the list and sold prices of those homes that actually sold in that period are dramatically lower. The average list/sold price of a 3 bedroom home was $816,535/$777,718 (48 sold), a 4 bedroom home was $1,338,033/$1,221,850 968 sold) and for a 5 bedroom or more home $2,063,119/$1,924,370 (72 sold). These figures suggest that many overpriced homes that are not negotiating prices and are remaining on the market unsold.

In 2011, 221 homes have closed (sold) year to date, with an average market time of 108 days, an average list price of $1,480,735., and an average sales price of $1,382,860. The most expensive home sold in 2011 in Westport closed for $6,300,000. It is located on Bluewater Hill on 1 acre, offering 7500 square feet and water views. The least expensive sale was $215,000., located on Crescent Park Road. There are currently an additional 51 homes that are considered “pending”, which means contracts are executed and they are awaiting closure.

In 2010, during the same time period, 207 homes sold in Westport. Average market time was 100 days with an average list price of $1,476,716., and an average sales price of $1,381,378. The most expensive home sold last year during the same time period closed for $8,167,500 on North Avenue and the least expensive home sold on Oakview Circle for $358,500.

The bottom line, the Westport Market is alive! Properties at all price points are selling when priced correctly. 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 2, 2011.