2016 Westport New Construction Sales and Pending Sales

     Sold Price                        Address                                      Acres

$2,767,000                    14 Adams Farms                                 1.00                                                  

$2,895,000                     15 Apple Tree Trail                                .21

$1,400,000                       5 Barbara Place                                    .33

 PEND                                    14 Bauer Pl                                    .27

 PEND                                35 Bauer Pl Ext.                                .30

$3,175,000                     165 Bayberry lane                               1.20

$2,675,000                  16 Blue Ribbon Dr.                                 1.00

 $3,400,000                    10 Broadview                                       1.00

$2,400,000                         6 Burr Farms                                     1.13

$3,750,000                  14 Charcoal Hill Road                             2.32

$1,575,000               18 Church Street South                                 .26

$1,542,000                       9 Colonial Road                                    .29

PEND                           142 Compo Road North                           .50

$2,880,000                     163 Compo Road South                          .82

$2,925,000                        4 Crooked Mile                                  1.00

$1,825,000                         87 Cross Hwy                                    1.03

$2,050,000                          18 Dover Road                                   .62

$3,300,000                      33 Edgewater Hillside                            .25

$1,800,000                          37 Evergreen Parkway                        32

$1,502,000                          34 Grassy Plains                                  .20

$2,800,000                           6 Green Acre Lane                              .94

$3,300,000                         12 Greenbrier Road                             1.50

$1,950,000                             122 Harbor Rd.                                  .24

$1,875,000                              126 Harbor Rd.                                  .25

$1,800,000                                  9 Hen Hawk                                   .53

$1,677,500                                 10 Hilltop Trail                                .28

$1,580,000                                 5 Horseshoe Lane                             .30

$2,050,000                                   164 Imperial                                   .43

$2,725,000                                    23 Juniper Road                             .52

$4,235,000                                  3 Kensington Place                         1.25

$1,497,000                                   18 Long Lot Road                           .43

$1,650,000                                    28 Long Lots Road                         .39

$2,750,000                                         4 Loretta Ct                                .51

PEND                                              32 Mayflower Pkwy                      .68

$3,365,000                                         4 Melon Patch                           1.25

$3,814,242                                        18 Moss Ledge                           1.05

$ 2,000,000                                      21 Norwalk Ave.                            .11

$2,400,000                                           131 Old Rd                                 .93

$2,375,000                                  15 Old Orchard Road                          .50

$4,400,000                                     34 Owenoke Park                             .52

$1,700,00                                             4 Partrick Road                         2.04

$3,050,000                                            7 Peach Lot                              1.02

$1,675,000                                             2 Pine Drive                              .30

$1,863,500                                            16 Ridge Drive                           .27

$4,250,000                                             10 Round Pond                        1.03

$3,760,000                                              10 Rustic Ln                            1.02

$2,180,000                                              6 Silent Grove                          1.02

 $2,195,000                                            1 Stonewall Lane                      1.00

$1,395,000                                              14 Sunrise Road                        .27

 $1,685,000                                             1 Teragram Place                       .29

$1,825000                                                   7 Tupelo Rd                         1.53

$2,769,000                                            11 Turkey Hill Rd. So.                .63

 $1,400,000                                         14 Wakenor Road                          .26

$1,675,000                                                27 Westfair Dr.                        .29

$2,500,000                                                36 Whitney St.                        .87  

$2,800,000                                             14 Windy Hill road                   1.16

$2,400,000                                               11 Woodcock Ln.                    1.00                                                 

2016 Greens Farms/ Compo Beach and Westport Overview

2016 was a year of mixed results.  Sales of single family homes in Greens Farms were up 2, to 46, but the median price of $1,420,000 was down 10% from 2015. The reason for the change in median price was due in part to the fact that sales of homes over $2 million fell to 12 from 16 in 2015, including one sale of $16 million on Beachside Avenue. 

In the Compo Beach area sales were at 35 homes compared to 44 in 2015, a drop off of 20%, but the median price of $1,577,500 was off only 1% from the previous year.

Town wide sales were also off slightly.  The median price of $1,279,000 reflected a slight (2%) downward trend.  Sales volume of 352 reflected a loss of 24 single family units, representing a 6% sales decrease.  The highest price home at 55 Beachside Avenue sold for $8,800,000.

Under the Radar

Over the past couple of weeks there has been some real estate activity that has been going under the radar, during these days where most of us seem pre-occupied with the Presidential election and the state of the economy.

In Westport there have been 14 homes that have accepted offers with listings ranging in price from
$419,000 to $1,995,000.  There are also 32 homes that are under contract from $450,000-$4,495,000.

In Weston, the numbers have been proportionately similar. There have been 9 properties that have accepted offers, with homes listed between $619,000 to $1,478,500.  Eleven additional properties are under contract with homes listed between $449,000 to $1,699,000.

Recent activity has been lagging slightly in Wilton, with 9 properties that have bindered in the last 2 weeks,but that includes the highest price listing in Wilton at $5,900,000.  On the contract side there are 24 pending properties, ranging from $349,9000-$2,499,000 asking.

With a population that is double that of Westport, Fairfield's 20 single family homes that have accepted offers in the past two weeks is a little below what might have been expected.  Prices range from $225,000- $1,950,000.  There are also 50 properties under contract listed between $234,900 to
$6,750,000.

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.