Mid Year Sluggishness

Early indications of sales volume increases in Westport were not realized as the season reached the midway mark.  Total closed single family home sales were down 2%, from a total of 205 in 2017 through June 30, to 201 in 2018.  The 2017 median sales price through June stood at $1,436,000.  It is currently at $1,236,000. The decrease is likely being influenced by a greater number of sales under $1 million, 68 this year compared to 60 at the same time last year. There are currently 96 single family homes listed under $1 million.  My suspicion is that the limits imposed by the new tax laws in terms of allowable mortgage deductions and real estate taxes is playing a role in the lower median sales values.

The sales break down for some popular areas of town were as follows for 2018:

18 sales at Compo Beach compared to 25 in 2017.  Paradoxically, the median sales price increased from $1,737,000 in 2017 to $2,200,000 in 2018.

28 Sales in Greens Farms compared to 17 in 2017, a healthy increase, though the median price decreased from $1,867,500 to $1,512,500 through June.

Lastly, Saugatuck Shores sales are down from 11 in 2017 to 8 in 2018. The median sales price has been $1,025,000 compared to $925,000 in 2017, though these figures are not representative because summer sales are common in this part of town, and these numbers are likely to change significantly by year's end.