Thursday, August 24, 2017

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.

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