Wednesday, April 04, 2018

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.

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