A look at Westport: Greens Farms & Compo Beach areas and Town-wide Real Estate market

The number of sales in Westport through the summer months of 2016 is currently identical to that of 2015, with 257 closings.  The median pricing town-wide is also nearly identical.  The median price in 2015 was $1,305,000 at this point in the year compared to $1,295,000 as I write this article. 

Greens Farms has seen 35 sales pass title, year to date, compared to 28 at this time last year.  Some of this increase can be attributed to increased sales under $1 million, 12 compared to 9 last year. On the high end (over $2 million), 2016 sales are 10 compared to 11 last year in Green Farms.  The median price in Greens Farms has dropped to $ 1,307,000 vs. $1,625,000 at this time last year.

The Compo Beach area has seen a drop in sales from 32 last year to 25 at this time of year. The high end sales are down to 12 thus far, compared to 18 last year.  This change is reflected in the median price which now stands at $1,677,500 compared to nearly $ 2.5 million last year.  The 6 sale differential could be seen in the $2-3 million range.  There have actually been 5 sales over $4 million this year compared to 4 last year, but 2015 also saw one nearly $12 million sale.

Mid-Fairfield Sales Activity through Mid-August

Sales volume in Mid-Fairfield is slightly on the upswing compared to sales through August 15, 2015 on the whole.

Fairfield has seen a slight decline in sales from 492 at this time last year to 488 currently, a less than one per cent change thus far.  The median price year to date is up slightly to $600,000 compared to $578,000 at this point last year.

Westport has also seen a differential of 4 units, but to the positive, 237 thus far in 2016 vs. 233 last year.  The median price is basically unchanged at $1,295,000.

Weston sales have been steady, 98 this year compared to 99 last year.  The median price has jumped to $852,000 compared to $815,000 last year, reflecting an increase in sales over $1 million.

Wilton has seen a slight increase in sales to 141 compared to 133 last year, but the median price has not followed suit.  The current median price is $785,000 compared to $870,000 at this point in time last year.

Real Estate investors little secret

As we enter the 'dog days' of summer savvy real estate investors are scouring listings to find those 'diamonds in the rough' that have been lingering on the market.  Often they were originally listed too high and they go through multiple price reductions as new inventory comes to the market-often going unnoticed.  August tends to be a slow month as many people will take advantage of the last weeks of the summer to get away, and others to prepare for the coming school year.  Meanwhile, motivated sellers who want to 'move on' or need to sell will be reducing the prices of their homes (if they haven't already done so) in order to try to sell before the colder winter months are upon us.

For the experienced buyer this  means that there are good deals to be had. Some homes in our area will sell at 10%+ less than they would in the spring market.  This is often a time when 'flippers' will try  to find an older, less updated home, to remodel and sell in time for the spring market.  In our area this is also an excellent opportunity for buyers to purchase new homes that have been sitting on the market due to a current oversupply of inventory.  Nearly 1/3 of our 2015 home sales occured between September and December.

Smart Home Improvements

Should I update my kitchen or bathrooms? Or redo my floors?

It depends if you’re looking for a long term upgrade or planning on selling in the near future.  Although kitchens have become the most central room in the house the styling trends are changing about every 5 years, so if you’re planning on selling in the next 5 years then your kitchen will most likely still be in fashion when you decide to sell. 

When it comes to the biggest bang for your buck, nothing beats painting. Not far behind is redoing floors, but I would recommend waiting until shortly before you sell to do this unless you’re planning on staying put for a while and want to take advantage of a totally different floor stain.

Redoing bathrooms is a lot less costly than redoing a kitchen and the average buyer is less discerning when looking at bathrooms than a kitchen.  A new vanity, mirror and paint can transform a bathroom. Other easy upgrade options are changing vanity countertops to granite or marble if your vanities are still in good shape, and replacing vanity hardware.

Another great idea for freshening up your home is replacing the hardware on your doors, especially if they are worn.

Sluggish start to Summer

The late spring  has seen a slowdown in the real estate market in most parts of Fairfield County.  Maybe it’s time to get the word out to our friends living in different parts of the City, to sing the praises of Westport

.

In the 20 + years that I have lived in Westport the changes that have occurred have been striking. During this time Westport has had both Republican and Democrat First Selectpersons who have contributed to making  the town the vibrant force that it is today.

Let’s consider some of the changes: The Westport Arts Center was reconverted to Greens Farms elementary and huge new additions were added; a new Bedford Middle school was built; renovations were done at Saugatuck elementary and Coleytown Middle School, as well as a huge addition to Staples and major renovations to other parts of the school; the town purchased the Baron’s property and added a Senior center as well as creating a dog area within Winslow park; First Night was added; the Westport Playhouse went through a total renovation; the new Levitt Pavillion was built; a new Boardwalk has been added to Compo; an Ice Skating rink and a tennis pavillion have been added to Longshore; a new YMCA has been built; a new Community Garden was added at Long Lots and Wakeman farm has been revitalized; a new park was created at Old Mill Pond; the Saugatuck area has been totally revitalized with new stores and housing, not to mention the many new stores like Terrain & Crate & Barrel; as well as many new restaurant options, and fitness clubs;

and the entire downtown area will be revitalized when construction is completed.

Now if Metro North can just shorten the time to get into Grand Central  we'd really be in business.

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