First Quarter Results/Westport

 Activity Up / Inventory Down

Through the first quarter of 2018, 75 single family home sales have been recorded town-wide, representing an 18% increase compared to the same period in 2017 when 61 homes sold.  Some of these early sales may have been spurred by a reduction in allowable mortgage deductions ($750,000) brought about by the new tax cuts.

The median price of $1,405,000 compared to a first quarter ’17 median price of $1,535,000.  In the coastal areas, the 2018 median price thus far is $1,775,000 compared to first quarter ’17 results.  There have been 25 sales in Greens Farms/Compo Beach/Saugatuck Shores area, a 44% increase from the first quarter of 2017.  At the same time, the inventory of homes is currently down 15% compared to the same time period in 2017. In addition there are 88 homes which have either accepted offers or are under contract.

A closer look reveals that:  9 homes have sold in the Compo Beach area ($1,775,000 median price), 11 homes have sold in Greens Farms ($1,817,000 median price) and 5 homes have sold in Saugatuck Shores ($1,500,000 median price) including the highest sale town-wide thus far at 3 Charmer’s Landing for $5,362,000.  Typically, market inventory sees a zenith in mid to late May, though new listings come on throughout the year.

For a FREE Comparative Market Analysis, to find out how much your home is worth in the current market, please give Rob a call.

Why Some Buyers Don't want to Buy your house

Today’s buyers are more and more savvy about what is going on in the real estate market, most specifically about how long a house has been on the market, what it was originally listed for, and what it has sold for in the past. Thanks to websites like Zillow and Trulia much of this information is readily available.                                                                

Last year in Westport there were 433 single family home sales-a very respectable number.  What is often not realized is that in 2017 there were 215 single family listings that Expired before sale (with a median price of $1,495,000).  In addition, there were 249 Cancellation of listings (with a median price of $1,679,000). 

Looking at the pricing breakdown in more detail offers some interesting insights.  In the past 12 months there have been 176 properties sold that were listed under $1,000,000, and a total of 126 Expireds and Cancellations.  In other words almost 60% of the properties sold.

In the range of $1,000,000-1,500,000 there were 113 solds and 112 expireds and cancellations, or about 50% sold.

For properties listed between $1,500,000 and $2 million there were 94 solds and 85 expireds/canc. meaning that the odds of a house in this price range selling (53%) was actually higher than those listed between $1 million-1.5 million.

Between $2m and $2.5million, the percentages dropped slightly with 43 sales and 46 expireds and cancellations. That represents a 48% sales rate.

For homes listed between $2.5 million up to $3 million, ther were 24 sales and 42 expireds/cancellations, representing roughly a 35% success rate.

Not surprisingly,(because the buyer pool is smaller)  the success rate drops for homes listed at over $3 million.  There were 28 homes listed for over $3 million that sold last year and 72 expireds/cancellations representing a 28% success rate.

Many of these listings will come back to the market as new listings, and some are currently among the 242 current active listings.  The reason that the majority of these homes did not sell is due to several factors, though it usually boils down to two.  The first is presentation-whether the home compares favorably to similar homes on the market.  The second is price.

For those that would like to learn more I give a class at Staples high School twice a year re; How to Avoid the Costly Pitfalls when selling your home, in the spring and fall, or give me a call directly and I would be happy to look at your home and give you a free consultation.  

2017 Update through November 2017

                                 Westport Totals Provide Mixed Picture of Success

2017 single family home sales are nearly complete.  Comparing year to date totals with 2016 equivalents, real estate activity continued throughout the course of the year, including a more active 4^th quarter in 2017 than the previous year..  Total single family home sales stand at 391 compared to 329 during the same time period in 2016, a 15% increase. 14 additional homes are also under contract.   2017’s median price of $1,325,000 represents a 2.8% increase over the $1,289,000 median price at this time last year.

Greens Farms saw a drop of single family homes from 45 in 2016 to 36 in 2017; but saw a median price increase from $1,447,500 to $1,512,500. 

Compo Beach continued to see price and volume increases, with 39 homes sold in 2017, an increase of about 14%, with the median price rising from $1,555,000 to $1,647,500.

Saugatuck Shores & Island saw a solid single family home sale’s increase from 12 in 2017 to 17 in 2017.  The median price lagged slightly from $1,132,000 to $1,167,500.

Town wide, new construction sales increased from 50 in 2016 to 67 in 2017.  

Mid-Fairfield Sales Through Labor Day 2017

Our Mid-Fairfield area, which includes Westport, Weston, Wilton and Fairfield has seen remarkably steady sales in 2017 compared to last year.

Westport, which tends to be locomotive for sales in the 4 towns has had the best year statistically, with 308 sales thus far this year compared to 276 sales in 2016 through Labor day.  The median price has gone up incrementally from $1,289,000 in 2016 to $1,325,000 currently. Approximately 1/3 (96) of the 2017 sales have been under $1 million.  The highest sales price recorded in 2017 has been at 75 Beachside Ave., $6,575,000.  There were 53 new home sales with a median price of $2,115,000.

Weston has been a study in regularity.  2017 sales have totaled 120 compared to 118 in 2016.  The 2017 median price dipped a little over 1% to $789,000. There have been 31 sales over $1 million in Weston, with 4 of those over $2,000,000.  There have been 7 new homes sold year-to-date in Weston.

Wilton too is a near reflection of its neighbor. The 164 sales year to date compares to 163 in 2016, and the median prices have dropped from $808,000 to $765,000, a 5% difference.  34 of these sales have been over $1 million and only 3 have been over $2 million.

Fairfield, with the largest population of the four towns, continues to sell at a steady pace: 573 sales in 2017 compared to 571 in 2016. The median price has inched up from $590,000 in 2016 to $599,000 this year.  There have been 59 new home sales in 2017 with a median price of $1,045,000 compared to 46 last year with a median price of $1,061,300.  The highest sales price in Fairfield in 2017 was at 375 Sasco Hill road  which sold for $3,637,500.

For those who may be looking to purchase and wish to see Rob's Picks of the Week,
email westportagent@hotmail.com and indicate town and price range and I will get back
to you with the home(s) that I feel represent the best value on the market.

Westport Condo and New Construction Update

The condominium market makes up about 8 per cent of the overall sales in Westport. Year to date there have been 26 condo sales with a median price of  $500,500.  Of those 26 properties, 6 have been in the Greens Farms area (Regent’s Park) with a median sales price of $802,500.  There are currently only 11 active condominium listings (2 in Greens Farms) with 4 properties under contract.  The total sales numbers have been remarkably consistent.  At this time in 2006, for example, there had also been exactly 26 sales through the end of September. 

Sales of newly constructed homes have been on the rise over the past year. There have been 58 sales of new homes thus far this year compared to 52 at this time last year, and there are an additional 11 new homes that are under contract.  The median price of these sales has been $ 2,050,000.  There are currently 60 new homes that are on the market at a median list price of $2,400,000.  They vary in price from $1,399,000 to $11, 975,000.

Town-wide sales of single family homes as of September were up over 10% to 332 compared to 287 at this time last year.  The median sales price of $1,325,000 is up from $1,295,000 at this time last year.

For Rob's Pick of the week, please email westportagent@hotmail.com and indicate town and price point.

Westport Coastal Real Estate Activity

We had previously looked at Greens Farms and Compo Beach real estate. Henceforth we will be including the Saugatuck Shores area to include all of the coastline in Westport.
Coastal activity in the Compo Beach area and Saugatuck Shores has increased from 2016 levels. There have been 29 sales in the Compo Beach area as of the writing of this article, with a median sales price of $2,000,000, compared to 23 sales in 2016 with a median price $2,125,000. There are 5 additional properties in the Compo Beach area that are under contract, and 46 active listings with a median list price of $2,292,000.
The Saugatuck Shores area has had 12 sold properties year to date with a median price of $1,035,000. This compares favorably to 6 properties sold at this time last year with a median price of $1,132,000. There are 2 additional properties under contract and 20 active listings with a median list price of $2,495,000.
In Greens Farms, including both coastal and inland properties, there have been 22 sales this year for a median sales price of $1,707,000, and 8 additional properties under contract. Last year’s sales at this time of year totaled 27 with a median price of $1,585,000. There are currently 40 active listings in Greens Farms with a median list price of $1,999,000.

The Luxury Market: Buyers vs.Sellers

The definition of a luxury house has changed over the years, but for the sake of our purposes in Westport, we generally refer to homes selling for over $2 million as falling into that category. Of the 382 single family properties currently on the market, half of the homes are listed at $ 2 m + and 71 are asking $3 million or more, with 37% of them in the Greens Farms/Compo area.
For those readers who may be thinking of selling in the near future, here are some things to keep in mind when listing your home.
Today’s buyers have access to much more information than you may have had when you bought your home. They will likely establish a list of homes that fit their ‘must-haves’ and then try to see as many of these homes as possible.
Many of these buyers are very comfortable with an Excel spreadsheet and they will then break them down by categories beyond the basic bedrooms, baths, and square footage, into subcategories such as yard features, curb appeal, special features, privacy, sports features, lower level amenities, etc. Emotional buying is being replaced by value buying.
Many of us focus on the interior changes that we’ve made to our homes. Don’t overlook the first things that potential buyers may see. Repair any cracks in driveways or broken Belgian blocks. Power wash walkways, patios and decks, mulch the flower beds, and make sure that exterior paint looks fresh.



4 Hilandale road listed at $2,400,000

Steady as she goes...

As a nautical town, I thought that the above terminology was an apt description of our current real estate market. The current inventory of 375 single family homes would appear on the surface to be slightly above average levels. A closer look shows only 84 of these listings under $1 million. The remaining 291 properties are listed over $1million and 142 of these are over $ 2million. That last sector, in particular, represents an overabundance of inventory.
The Greens Farms/Compo active inventory currently stands at 97, with 45 homes in Greens Farms and 42 in the Compo area, representing approximately 26% of town-wide inventory. Greens Farms has 15 properties under contract and Compo has 14. The current median price of homes under contract in Greens Farms is $1,844,000 while the beach area’s median price under contract in $2.4 million.
There have been 139 overall single family sales in Westport compared to 125 at this time in 2016. The current median price of those sales is at $1,486,000 compared to $1,350,000 at this time last year. Compo sales this year are one above 2016 levels while Greens Farms sales are lagging by 7. As of the writing of this article it is still a bit early to tell whether these trends will hold.



8 Tiffany lane is listed at $3,995,000

The State of New Construction in Fairfield County

Westport has the most active new construction market along the Gold Coast. There are currently 77 new homes on the market in Westport with a median price of $2,995,000. Of those 6 are in Greens Farms and 9 are in the Compo Beach area. 11 new homes are currently under contract and 66 have sold in the past 12 months. The house above is a rendering of a proposed home listed at $11,995,000
at 17 & 20 Owenoke Park.
In Greenwich there are currently 48 new homes for sale, 44 in New Canaan and in Darien only 13. In the past 12 months, 23 new homes have sold in Greenwich, 14 in New Canaan, and 19 in Darien*.
The number of new homes being sold in Westport has been trending upward since the economic upheaval of 2008. In 2013, (a big bounce back year), there were 73 new homes sold, and in 2014, 60. That compares to 57 in 2005, 82 in 2006, and 69 in 2007. Due in part to the high costs of land in Greens Farms and Compo, there have been fewer new homes built in our neighborhoods. The numbers in the Compo Beach area on the MLS do not reflect homes that were completely rebuilt or built new after damage from Sandy or Irene.
*Statistical information taken from the Consolidated Multiple Listing Services and does not include homes not listed on the CMLS.

Booming by the Beach

It was an exciting month for Compo Beach area real estate. Properties at 24 Manitou, 15 Buena Vista, 1 Yankee Hill, and 36 Compo Parkway took accepted offers. These homes are listed from $4,750,000 to $5,985,000. Four other homes in the Compo area listed between $1,300,000 and $1,525,000 have also accepted offers. There are currently only 2 properties in the Compo beach area listed for under $1 million. The number of homes actively listed in Compo area now stands at 38, with a total of 9 homes under binder, and 3 homes under contract.
In Greens Farms, homes at 82 Clapboard Hill, 29 West Parish and 1 Canning lane recently accepted offers. These homes are listed between $1,549,000 and $1,695,000. A home located at 75 Beachside avenue listed at $7,850,000 recently accepted an offer. This is the highest listed home in Westport to have an accepted offer this year. There are currently 46 single family homes actively listed in Greens Farms, 4 that have accepted offers, and 4 homes that are under contract.
In Westport as a whole there are 317 active listings (low for this time of year) with 53 homes that are under binder, 39 that are under contract and 63 that have sold year to date. At this time last year we had 58 homes sold, so despite the later than expected snow we are still ahead of 2016.

Transitional Architectural Style

Trending -Transitional style 

The transitional style of architecture began to surface several years ago, but is now the dominant style in new homes being built in and around Westport. It is by definition a transition between traditional and contemporary architecture-containing some elements of both. The marriage of these elements is often defined by homes with ‘Nantucket’ style exteriors and interiors containing a color palette with variations on the grey scale and ‘open’ floor plans as seen below:  

  
Kitchen located at 9 Rockyfield rd., Westport Listed at  $2,499,000 

 The ‘transitional’ design tends to be have moldings with fewer ‘layers’ and more square lines than traditional crown moldings.  Appliances, tiles, light and plumbing fixtures are daring to use new ‘fresh-looking’ modern designs.