Americans Woefully Misinformed About Nation's Housing Market

Daniel DeVise   The Hill  January 23, 2023

A new survey finds Americans are woefully misinformed about the nation’s mercurial housing market, even as millions of them prepare to buy homes.  

Twenty-eight million Americans plan to purchase a home in 2023, according to a survey released Tuesday by NerdWallet, the personal finance company. On average, they hope to spend $269,200. 

But that figure falls more than $100,000 short of the median home price, which was $388,100 in December, according to the real estate brokerage Redfin. Home prices crossed the $269,000 threshold sometime in 2013, Federal Reserve statistics show. 

If prospective homebuyers sound oddly optimistic about prices, that may be because they are pessimistic about the state of the housing market. Two-thirds of Americans surveyed said they expect an imminent crash. 

Real estate economists do not. Lawrence Yun, chief economist for the National Association of Realtors, forecast an average sale price of $385,800 this year, about the same as last year. Redfin predicts a 4 percent drop: bad news for sellers, but hardly a crash.   

“Home prices already have been falling, especially on the West Coast, and prices will fall in some cities in 2023,” said Holden Lewis, a home and mortgages expert for NerdWallet. “But a drop in home prices isn’t necessarily a crash.”  

Another head-scratcher: 61 percent of Americans told pollsters current mortgage rates are unprecedented, meaning that they have never been seen before.  

“We actually defined it,” said Elizabeth Renter, data analyst for NerdWallet. 

The average rate for a 30-year fixed mortgage hit 6.15 percent last week, according to the Fed. That’s higher than most mortgage rates of the past few years, which have ranged below 3 percent at times.  

But it is not unprecedented. Over the last 50 years, NerdWallet reports, 30-year mortgage rates have averaged 7.75 percent. Mortgage rates in the 6 to 7 percent range were common as recently as 2008.  

Homebuyers have basked in a climate of historically low rates for more than a decade. The Fed cut rates dramatically in the Great Recession of 2008 to stimulate the economy, a campaign that continued, on and off, through the COVID-19 pandemic.  

Runaway inflation prompted a dramatic series of hikes in 2022, which pushed mortgage rates back to “normal” levels, at least in a historical sense. 

The new survey of 2,051 American adults, conducted by the Harris Poll for NerdWallet, is the latest iteration of an annual poll. Pollsters have found overconfident home shoppers for several consecutive years.  

“We know from the past five years, roughly 10 percent of Americans say they’re going to purchase a home in the next 12 months, which is wildly optimistic,” Renter said. “Part of it could be that they’re unaware of what’s going on in the housing market.

The survey found more realism when asking respondents how their homebuying plans had panned out in 2022.   

Seventy percent of Americans who had planned to buy a home in 2022 did not succeed. Some of them made offers that were not accepted. Others shelved their plans because they couldn’t find affordable homes.  

Westport Property Transfers April 2019

The April 2019 closings were nearly identical to those of April 2018.  Here are the
properties that closed:

27 Whitney Glen                                              $ 410,000
103 Harvest Commons                                        720,000
4 Davenport Ave.                                                 385,000
6 Abbotts Lane                                                     390,000
7 Fairport Road                                                    526,000
12 Fillow Street                                                    535,500
250 Wilton Road                                                  575,000
11 Fairport Road                                                  612,000
42 Kingshighway South                                       616,875
5 Whitney Street                                                   660,000
4 Robin Hill road                                                  670,000
29 Cross Highway                                                 700,000
5 Davis Lane                                                         740,000
148 Greens Farms Road                                        764,000
15 Silver Brook Road                                            775,000
9 Birchwood Lane                                                  790,000
21 Crooked Mile road                                             900,000
45 Marion Road                                                      985,000
9 Melon Patch Road                                              1,000,000
4 Scofield Place                                                     1,042,000
41 Burr Farms Road                                               1,100,000
10 Ridge Drive                                                       1,304,500
19 Bauer Place Extension                                       1,475,000
4 Tamarac Road                                                       1,527,500
15 Bradley Street                                                     1,549,000
8 Tower Ridge                                                         1,304,500
8 Linda Lane                                                            1,575,000
34 Bauer Place Extension                                        1,592,000
4 Berkeley Place                                                       1,600,000
36 Edgewater Hillside                                              1,675,000
146 Bayberry Lane                                                   1,675,000
168 Imperial Ave.                                                     1,720,000
7 River Lane                                                              1,775,000
12 Green Acre Lane                                                  1,950,000
6 Crystal Circle                                                         2,475,000
25 Edgemarth Hill                                                     2,500,000
11 Burr Farms Road                                                  3,050,000
2 Driftwood Road                                                      6,300,000

Wilton First Quarter 2019 results

The volume of home sales in Wilton has fared better in the first quarter of this year than last, with 41 homes that closed in the first quarter compared to 34 in the first quarter of 2018.  The highest price that sold in the first quarter of 2018 was a home at 21 School Road that sold for $2,850,000. The highest price in the first quarter of 2019 was $ 1,760,000

Looking back at the first quarter of 2018 the median price of homes that sold was $740,000.  This year's first quarter results are showing a median price of $650,000 for homes that have already closed in the first quarter.

There are currently 18 single family properties that have accepted offers.  This represents the most recent activity.  The median listing price of these homes is $630,000.  However, when we look at the median list price of the 18 homes under contract, it is now at $875,000.  The trend still feels like one of a buyer's market.  The general condition of homes on the market is still trending towards staged, updated homes attracting the most attention. Activity on the lower end of the market is strong.

Here is a list of homes that have sold in the first quarter:

9 Sunset Hill Road                                  $ 285,000
8 Wolfpit lane                                          $ 325,000
12 Pond Road                                          $ 329,000
18 Horseshoe Road                                 $  390,000
67 Old Farm Road                                   $ 420,000
35 Blue Ridge Road                                 $ 468,900
40 Pelham Lane                                        $ 481,000
81 Kensett Drive                                       $ 490,000
239 Olmstead Hill road                             $ 490,000
807 Ridgefield Road                                 $ 505,000
36 Grey Rocks Road                                 $ 508,000
152 Range Road                                        $549,000
41 Scribner Hill Road                                $560,000
200 Drum Hill Road                                  $ 570,000
24 Wilton Hunt road                                  $ 605,000
25 Sharp Hill road                                      $ 615,000
8 Roxbury lane                                           $ 620,000
134 Range Road                                         $ 625,000
163 Whipstick Road                                   $ 627,500
28 Oak Ledge Road                                    $ 635,000
48 Black Alder lane                                    $ 666,000
83 Musket Ridge road                                $  685,000
106 Indian Hill road                                    $  712,500
70 Linden Tree road                                    $  725,000
20 Fairfax Ave.                                            $  729,000
25 Millstone Road                                       $  747,000
31 Thunder Lake Road                                $  748,500
85 Kellogg Drive                                          $  800,000
37 Black alder lane                                       $  825,000
92 Turtlehead road                                        $  875,000
42 Wicks End lane                                         $  930,000
71 Coley road                                                $  975,000
194 Drum Hill road                                       $ 1,000,000
21 Little Fox lane                                           $ 1,110,000
87 Catalpa road                                              $ 1,140,000
11 Parish Road                                               $ 1,215,000
108 Nod Hill road                                          $ 1,230,000
1 Spruce Meadow Court                                $ 1,250,000
168 Linden Tree road                                     $ 1,460,000
39 Friendlee Lane                                           $ 1,582,500
235 Cheesespring Road                                   $1,760,000

First Quarter 2019 Westport Results

Real Estate activity has had a bit of a roller coaster effect this year.  We seemed to be having a good start of the year that coincided with unseasonably warm weather in March.  Usually, things don't pick up until around February 15th, a date which usually coincides, more or less, with the Superbowl

The weather in mid to late February did not cooperate, and we saw a slowdown for a couple of weeks.  In the last couple of weeks the market has picked up again.

Recent activity can be best seen by properties that have accepted offers but have not yet gone to contract.  There are currently 39 properties that fit that category, including 28 which are listed for over $1 million.  In the early stages of the quarter we were seeing movement in less expensive properties.  The properties that are under contract are further along in the process and are more reflective of activity that occurred a little earlier.  Of the 42 properties under contract slightly more than half are over $1 million.

It could be that some people who have paid their income taxes are feeling a little better about what they paid.  The new mortgage limits and real estate tax deductions had been holding us back on the higher end.  That is evident in the number of closed sales in the early months of the year, which reflect activity that occurred two to three months before closing.

Through the first 3 months of the year Westport saw a significant downturn in the number of closed sales from the same three month period in 2018, from 84 in 2018 to 46 in 2019.  The median prices of our closings in the first quarter of 2019 seem to reflect an impact of the new tax laws, with a preponderance of properties selling near the $1 million mark.  The median price for the 46 sales has been $1,195,000.  However, the median price of the homes that have recently accepted offers is $1,495,000.  This is practically the same as the median price of first quarter closed sales in 2018, which was $1,400,000.

One should always reserve judgement after the first quarter statistics become known, because the second quarter, from April through June, is usually the busiest time of the year.  Special events such as elections can also have an impact on first quarter statistics as can the previously mentioned effects of the weather.

Exterior Home Improvements for Resale

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Selling your house can be an expensive endeavor. While most of those costs come later in the selling process, there are some expenses that come much earlier — before you even list your home. Between cleaning, staging, landscaping, painting and other tasks, expect to spend upwards of $10,000 to prepare your home for sale in our area.

On the high end, sellers in San Jose spend $6,580, and on the low end, sellers in Dallas-Fort Worth spend only $3,720. Sellers spend the money to complete these tasks in hopes of impressing buyers and receiving a strong offer as soon as possible.

While often forgotten or left at the end of your to-do list, your home’s exterior is the first thing buyers see, so it’s crucial to making a great first impression.

How important is curb appeal when selling a house?

Curb appeal is important because it can have a positive impact on your home’s resale value, and it’s something that most sellers address before listing.

Seventy-nine percent of sellers make at least one improvement before listing their home, according to the Zillow Group Consumer Housing Trends Report 2018. And landscaping ranks as the second most popular pre-listing upgrade. What does that mean for you as a seller? It means your competition is paying attention to curb appeal, so you should too.

Although the majority of buyers (79 percent) use online resources to shop for homes, your curb appeal really does make the first impression. Most agents use the exterior photo of your home as the first image on your online listing, and some local MLS systems actually require an exterior shot to come first.

What’s more, 89 percent of buyers take private tours in person, so if your home’s exterior looks neglected, you may never get them through the door to see the rest of the house.

Does curb appeal add value to your home?

Depending on the location, curb appeal can add value to your home. Your return on investment depends on the market itself, how much buyers value the improvements made and the total spend on the upgrade.

There are all kinds of things you can do to the exterior of your home, from simple landscaping to a whole new roof and new windows.

Exterior home upgrade ROI

According to Remodeling magazine’s 2018 Cost vs. Value Report, 7 of the 10 home improvements with the highest ROI are on the exterior. These projects recoup anywhere between 69.5 percent (for a wood window replacement) to 98.3 percent (for a garage door replacement) of your initial investment back at resale. Some of the other high-ROI external improvements include adding manufactured stone veneer, replacing siding and adding a wood deck.

Note that it’s extremely rare for your ROI to be 100 percent, but there are other benefits to completing exterior home upgrades before selling, outside of just financial return.

If you’re selling in a competitive market, making your home look its best can help you compete against other homes on the market. Upgrades such as a new roof or energy-efficient windows can attract buyers when you include them in your listing description. Alternatively, if you avoid maintenance-related upgrades, they’ll likely be found during a buyer’s inspection and cost you during negotiations.

Necessary exterior home upgrades

Curb appeal isn’t just about making your home look pretty. It’s also about ensuring that the major elements of the home’s structure visible from the street are in good working order.

Before tackling cosmetic upgrades, address any functional exterior shortcomings. For example, buyers can live with imperfect landscaping, but not a damaged roof with missing shingles. A damaged roof looks bad from the curb, plus it’s a red flag for buyers and their inspectors, signaling that the home hasn’t been taken care of by its owners.

The ROI numbers in this section come from Remodeling magazine’s 2018 Cost vs. Value Report.

Roof repair

If your roof needs repair, your options are to repair before listing, leave as-is and lower your listing price, or be prepared to offer a buyer credit as part of the negotiation process. According to the Zillow Group Report, 18 percent of sellers repair or replace their roof before listing for sale.

If you need a full roof replacement, it can be expensive. A midrange roofing replacement with asphalt shingles costs an average of $20,939 nationally, and it garners a 68.4 percent ROI at time of sale — or $14,322. That makes the unreturned cost for the seller $6,617.

Siding repair or replacement

Another obvious defect buyers may notice is damaged or neglected siding. A bit cheaper to replace than a roof, a midrange siding replacement has an average national cost of $15,072, with a 76.7 percent ROI ($11,560). The unreturned cost for the seller is $3,512.

New windows

Expect buyers to pay close attention to the windows and doors, especially in older homes. They may do it on the first tour, on a subsequent visit or during their inspection. If your home needs new windows and you decide to replace them before listing, it can be a huge selling point — especially if you opt for energy-efficient windows that will reduce heating and cooling costs for the future homeowner.

Both wood and vinyl windows provide better thermal resistance (meaning better energy efficiency) than aluminum, but the glass and glazing matter too. Insulated, low-emissivity coatings, spectrally selective coatings, and gas fillers all help improve energy efficiency. Note that awning or hopper windows (hinged at the top or bottom) and casement windows (hinged at the side) are less prone to leakage than sliding windows.

As far as cost, an upscale vinyl window replacement costs $15,955 on average, with a 74.3 percent ROI ($11,855). An upscale wood window replacement costs $19,391 on average, with a 69.5 percent ROI ($13,477). The unreturned costs for the seller are $4,100 (vinyl windows) or $5,914 (wood windows).

Window repair

Inspect your windows to see if any need to be repaired or replaced. You can also try these tips for improving the efficiency of your existing windows:

• Check for air leaks.
• Replace caulking or add weather stripping.
• Add storm windows.
• Add solar film.

New front door

A more affordable improvement, a new front door can give your home’s facade a whole new look. A midrange steel entry-door replacement costs an average of $1,471 and can get you an impressive 91.3 percent ROI ($1,343). The unreturned cost for the seller is just $128. Before you replace your front door, though, see if a new coat of paint on it will do the trick — more on that later.

New garage door

If standard repairs (like a chain/track repair or repainting) don’t bring your automatic garage door up to par, you might need to replace it. Luckily, an upscale garage door replacement is the highest-ROI project tracked by Remodeling magazine, with a cost of $3,470 and an average ROI of 98.3 percent ($3,411). The unreturned cost for the seller is just $59.

Cosmetic exterior home upgrades

Cosmetic updates are items that don’t necessarily need to be fixed, but they’re worth doing. Remember — your home’s exterior is the first thing buyers will see, and you only have one chance to make a good first impression.

Pressure wash

Pressure wash all hard surfaces near your home’s exterior, including sidewalks, curbs, pathways and driveways to remove dirt, grime and moss.

Paint the exterior

Whether your home is desperately in need of a new coat of paint or you just want to freshen up the look before listing, repainting your home’s exterior is a fairly common task, with 21 percent of sellers completing the project before listing.  

Neutral paint colors appeal to the broadest group of buyers, and the 2017 Zillow Paint Color Analysisfound that homes with greige (gray/beige) exteriors sold for $3,496 more than similar homes painted in a medium brown or with tan stucco.

Ultimately, the best exterior paint color depends on your home’s style, the exposure to sunlight and the exterior materials. Just avoid yellow — the 2018 Zillow Paint Color Analysis found that homes with yellow exteriors sold for $3,408 less than similar homes.

Spruce up landscaping

Another popular task on the pre-listing to-do list is landscaping the yard — 29 percent of sellers do some landscaping work before they sell. Trim overgrown trees, branches, bushes and ground cover, then plant colorful seasonal flowers and add fresh mulch.

Paint the front door

As long as it’s in good working order, you can simply paint the front door instead of replacing it, and it will cost less than $50. According to the 2018 Zillow Paint Color Analysis, homes with black or charcoal front doors sell for $6,271 more than expected, which is the highest sales premium of all the rooms and color combinations the study analyzed. Another great option is to add a pop of color to your home’s facade by painting the door red, yellow or another bold color.

Accessorize the exterior

Accessories and design touches are important on the outside of the home too. They make a home look polished, well cared for and updated. Consider these budget-friendly accessorizing tips that make a big impact:

• Add new house numbers in a classic bronze or black.
• Update the sconces and add sidewalk lighting (especially if you’re listing in winter).
• Replace the mailbox with a new one that matches the home’s style.
• Update the door hardware — smart home locks are popular with buyers.
• Replace your old welcome mat with something clean and simple (no funny phrases or cartoons).
• Add some front porch furniture that matches the style of the home.

The importance of outdoor space

Although most pre-listing exterior home improvements focus on the front of the house, don’t forget to spruce up the backyard or any outdoor space you have, too, even if it’s not big. According to the Zillow Group Report, 75 percent of buyers with kids want a private outdoor space, which isn’t surprising. But even among buyers without kids, 65 percent said they want a private outdoor space.

One of the biggest bang-for-your-buck renovations, again according to Remodeling magazine, is a midrange wood deck addition. It offers the fourth-highest ROI of any of the home improvements analyzed — for an average cost of $10,950, homeowners see a return of 82.8 percent.

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.

Quick overview of Westport results through May 31, 2018

Nearly Midway through the Year

Through the first five months of the year, there have been 
152 salesof single family homes in Westport.  This compares
favorably to the 143 sales at this time last year.  The average 

price of the 2018 sales has been $1,477,674, with those homes 

averaging 120 days on the market.  The volume of homes on the
market (inventory) has been trending downward.

There are currently  365 single family homes on the market.  
The average sales price of homes with 4 or more bedrooms
has been well above the average, whereas the 22 homes 
with three bedrooms have had an average

sales price of $733,057.  Total sales volume in Westport year
to date is $653,131,995, with an additional 105 homes that
have accepted offers or are under contract.

Greens Farms sales have increased to 

19 from 10 at this time last year, with a median price 

of $1,450,000.  Compo Beach area sales have remained even (17)

with the median price currently at $2,200,000.  Saugatuck Shores sales
have only totaled 6 compared to 10 at this  time last year.

Demand for homes under $ 1 million remains very solid, and new
construction sales continue to be steady.

Why Some Buyers Don't want to Buy your house

Today’s buyers are more and more savvy about what is going on in the real estate market, most specifically about how long a house has been on the market, what it was originally listed for, and what it has sold for in the past. Thanks to websites like Zillow and Trulia much of this information is readily available.                                                                

Last year in Westport there were 433 single family home sales-a very respectable number.  What is often not realized is that in 2017 there were 215 single family listings that Expired before sale (with a median price of $1,495,000).  In addition, there were 249 Cancellation of listings (with a median price of $1,679,000). 

Looking at the pricing breakdown in more detail offers some interesting insights.  In the past 12 months there have been 176 properties sold that were listed under $1,000,000, and a total of 126 Expireds and Cancellations.  In other words almost 60% of the properties sold.

In the range of $1,000,000-1,500,000 there were 113 solds and 112 expireds and cancellations, or about 50% sold.

For properties listed between $1,500,000 and $2 million there were 94 solds and 85 expireds/canc. meaning that the odds of a house in this price range selling (53%) was actually higher than those listed between $1 million-1.5 million.

Between $2m and $2.5million, the percentages dropped slightly with 43 sales and 46 expireds and cancellations. That represents a 48% sales rate.

For homes listed between $2.5 million up to $3 million, ther were 24 sales and 42 expireds/cancellations, representing roughly a 35% success rate.

Not surprisingly,(because the buyer pool is smaller)  the success rate drops for homes listed at over $3 million.  There were 28 homes listed for over $3 million that sold last year and 72 expireds/cancellations representing a 28% success rate.

Many of these listings will come back to the market as new listings, and some are currently among the 242 current active listings.  The reason that the majority of these homes did not sell is due to several factors, though it usually boils down to two.  The first is presentation-whether the home compares favorably to similar homes on the market.  The second is price.

For those that would like to learn more I give a class at Staples high School twice a year re; How to Avoid the Costly Pitfalls when selling your home, in the spring and fall, or give me a call directly and I would be happy to look at your home and give you a free consultation.  

Westport Condo and New Construction Update

The condominium market makes up about 8 per cent of the overall sales in Westport. Year to date there have been 26 condo sales with a median price of  $500,500.  Of those 26 properties, 6 have been in the Greens Farms area (Regent’s Park) with a median sales price of $802,500.  There are currently only 11 active condominium listings (2 in Greens Farms) with 4 properties under contract.  The total sales numbers have been remarkably consistent.  At this time in 2006, for example, there had also been exactly 26 sales through the end of September. 

Sales of newly constructed homes have been on the rise over the past year. There have been 58 sales of new homes thus far this year compared to 52 at this time last year, and there are an additional 11 new homes that are under contract.  The median price of these sales has been $ 2,050,000.  There are currently 60 new homes that are on the market at a median list price of $2,400,000.  They vary in price from $1,399,000 to $11, 975,000.

Town-wide sales of single family homes as of September were up over 10% to 332 compared to 287 at this time last year.  The median sales price of $1,325,000 is up from $1,295,000 at this time last year.

For Rob's Pick of the week, please email westportagent@hotmail.com and indicate town and price point.

Westport Coastal Real Estate Activity

We had previously looked at Greens Farms and Compo Beach real estate. Henceforth we will be including the Saugatuck Shores area to include all of the coastline in Westport.
Coastal activity in the Compo Beach area and Saugatuck Shores has increased from 2016 levels. There have been 29 sales in the Compo Beach area as of the writing of this article, with a median sales price of $2,000,000, compared to 23 sales in 2016 with a median price $2,125,000. There are 5 additional properties in the Compo Beach area that are under contract, and 46 active listings with a median list price of $2,292,000.
The Saugatuck Shores area has had 12 sold properties year to date with a median price of $1,035,000. This compares favorably to 6 properties sold at this time last year with a median price of $1,132,000. There are 2 additional properties under contract and 20 active listings with a median list price of $2,495,000.
In Greens Farms, including both coastal and inland properties, there have been 22 sales this year for a median sales price of $1,707,000, and 8 additional properties under contract. Last year’s sales at this time of year totaled 27 with a median price of $1,585,000. There are currently 40 active listings in Greens Farms with a median list price of $1,999,000.

Steady as she goes...

As a nautical town, I thought that the above terminology was an apt description of our current real estate market. The current inventory of 375 single family homes would appear on the surface to be slightly above average levels. A closer look shows only 84 of these listings under $1 million. The remaining 291 properties are listed over $1million and 142 of these are over $ 2million. That last sector, in particular, represents an overabundance of inventory.
The Greens Farms/Compo active inventory currently stands at 97, with 45 homes in Greens Farms and 42 in the Compo area, representing approximately 26% of town-wide inventory. Greens Farms has 15 properties under contract and Compo has 14. The current median price of homes under contract in Greens Farms is $1,844,000 while the beach area’s median price under contract in $2.4 million.
There have been 139 overall single family sales in Westport compared to 125 at this time in 2016. The current median price of those sales is at $1,486,000 compared to $1,350,000 at this time last year. Compo sales this year are one above 2016 levels while Greens Farms sales are lagging by 7. As of the writing of this article it is still a bit early to tell whether these trends will hold.



8 Tiffany lane is listed at $3,995,000

Greens Farms/ Compo 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. Home below at 105 Hilandale is for sale at $3,295,000

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