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.

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.

2017 Early signs

Early signs point to a positive start in 2017 for the Westport real estate market. There are currently only 258 active single family listings in Westport, with 52 under contract, listed from $299,000-$3,998,000. The median price of those under contract now stands at $1,595,000. 17 of those are listed under $1 million, 24 are listed between $1 million-$1,999,000, and 11 are listed over $ 2 million.
There are currently 42 active listings in the Greens Farms area, listed between $619,000-$32,000,000 although only 7 of these are listed at below $1 million. There are currently 3 properties under contract ranging in price from $1,450,000-$1,899,000.
Compo Beach has only 25 active listings, ranging in price from $1,300,000-$5,499,000, but has 5 properties currently under contract.
There are currently 7 new homes being built or completed in Greens Farms, ranging in price from $1,299,000 (10 Mills street) to $3,995,000 (66 Turkey Hill Road South). In the Compo Beach area there are currently 9 new homes being proposed, in the process of being built ,or completed. The least expensive is $1,399,000 (4 Vani Court) and the most expensive listed at $5,499,000 (1 Yankee Hill Road).
House below is located at 18 Church Street South listed at $ 1,550,000