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.

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

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

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