Current Market Conditions

What’s really happened in Westport’s Real Estate market in 2012? Buyers finally seem to believe that prices are steady 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 2011 to 2012 sales, the market is certainly stronger than a year ago, with some great values still available for buyers. Current prices 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, but the time period to receive a mortgage commitment from a bank is considerably longer than in the past, often taking a few months instead of a few weeks.

Presently there are 216* houses on the market in Westport, with an average list price of $1,318,909. In January of 2012 there were 293 homes on the market. The most expensive home currently listed for sale is priced at $27,500,000., located on Beachside Avenue, owned by two of Westport’s most famous residents, offering 6.56 acres, a 8716 square foot main house plus a free standing gym on over 2 acres and 420 feet of direct waterfront access and has been on the market since May 2012. The least expensive home currently on the market in Westport is listed for $360,000. on Crescent Park Road with 3 bedrooms, 2 baths, and a fireplace in 1152 square feet on .12 acre .

In 2012, 361 homes have closed (sold), with a median sales price of $1,205,000. and an average sales price of $1,401,041. Total sales volume for 2012 was $505,775,846. The most expensive home sold in 2012 in Westport closed for $5,250,000. It is new construction located on Minute Man Hill on 1.23 acre, offering 7600 square feet, an in-ground pool and walking distance to the beach. The least expensive sale was $308,000. located on Hiawatha Lane.  

In 2011, 344 homes also sold in Westport. With a median sales price of $1,085,625 . and an average sales price of$1,338,230.  Total sales volume for 2011 was $460,351,097. The most expensive home sold last year closed for $6,300,000 on Bluewater Hill Road. The home featured sweeping views of the sound, a pool, 7500 square foot house on 1 acre with tennis courts as part of the Bluewater Hill association. The least expensive sale was on Crescent Park Road for $215,000

Typically, the most closings happen in May, June, July and August , and in 2012 it was no different. During May 32 homes closed, June 54, July 49, August 39 however, at year end, sales spiked again with 32 closings in November and 31 in December. These stats are similar to 2011, when in May 42 homes closed, June 54, July 36, August 43 however, in 2011 November and December sales were not as high, at 18 and 19 respectively.

The bottom line, the Westport Market is alive and kicking! Properties are selling fast when priced correctly. Our buyers in Westport are well educated. They know the market, and are not willing to overpay. However, homes sales are steadily increasing and buyers will need to act faster this year than they have in the past few years. Price your house right and be ready to negotiate. 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!  

*These statistics are based on the homes listed for sale through the Greater-Fairfield County Multiple Listing Service as of January 15, 2013.