2017 Update through November 2017

                                 Westport Totals Provide Mixed Picture of Success

2017 single family home sales are nearly complete.  Comparing year to date totals with 2016 equivalents, real estate activity continued throughout the course of the year, including a more active 4^th quarter in 2017 than the previous year..  Total single family home sales stand at 391 compared to 329 during the same time period in 2016, a 15% increase. 14 additional homes are also under contract.   2017’s median price of $1,325,000 represents a 2.8% increase over the $1,289,000 median price at this time last year.

Greens Farms saw a drop of single family homes from 45 in 2016 to 36 in 2017; but saw a median price increase from $1,447,500 to $1,512,500. 

Compo Beach continued to see price and volume increases, with 39 homes sold in 2017, an increase of about 14%, with the median price rising from $1,555,000 to $1,647,500.

Saugatuck Shores & Island saw a solid single family home sale’s increase from 12 in 2017 to 17 in 2017.  The median price lagged slightly from $1,132,000 to $1,167,500.

Town wide, new construction sales increased from 50 in 2016 to 67 in 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.

Booming by the Beach

It was an exciting month for Compo Beach area real estate. Properties at 24 Manitou, 15 Buena Vista, 1 Yankee Hill, and 36 Compo Parkway took accepted offers. These homes are listed from $4,750,000 to $5,985,000. Four other homes in the Compo area listed between $1,300,000 and $1,525,000 have also accepted offers. There are currently only 2 properties in the Compo beach area listed for under $1 million. The number of homes actively listed in Compo area now stands at 38, with a total of 9 homes under binder, and 3 homes under contract.
In Greens Farms, homes at 82 Clapboard Hill, 29 West Parish and 1 Canning lane recently accepted offers. These homes are listed between $1,549,000 and $1,695,000. A home located at 75 Beachside avenue listed at $7,850,000 recently accepted an offer. This is the highest listed home in Westport to have an accepted offer this year. There are currently 46 single family homes actively listed in Greens Farms, 4 that have accepted offers, and 4 homes that are under contract.
In Westport as a whole there are 317 active listings (low for this time of year) with 53 homes that are under binder, 39 that are under contract and 63 that have sold year to date. At this time last year we had 58 homes sold, so despite the later than expected snow we are still ahead of 2016.