The Weather is Hot….and so is the Market

IMG_2309It’s always discussed with a homeowner while deciding how to best price their home for sale. Well-versed buyers continually require an update. Most acquaintances and local business owners want to be apprised. The question is always the same., “How’s the Westport, CT Real Estate Market faring?”

 

As many of you may already know, 2013 proved to be an amazing year for Westport, CT Real Estate. Expectations were high for 2014 as well.  However, Mother Nature had a different plan. Winter seemed to never cease. We missed much of our Spring Real Estate Market when we jumped right into summer. There have been 311 YTD Westport closed house sales compared to 384 in 2013 during the same time period.

 

Although we have gotten off to a slow start, that’s not the end of the story. Over the last 3 weeks, our luxury market has exploded. Currently 11 homes listed over $3 Million have accepted offers, 4 of those are listed over $5 million.

 

It seems our waterfront and water related properties are hot again.  The following properties now have accepted offers, many with contracts fully executed awaiting closing:

 

Hillspoint Road, Westport, CT listed for $5,495,000

Minuteman Hill, Westport, CT listed for $7,495,000

Hillspoiint Road, Westport, CT listed for $7,700,000

Manitou Court, Westport, CT  listed for $12,985,000

 

When the upper market is strong, it’s good for everyone. Besides the tax revenue that the State and Town reap, a good market tends to trickle down.  Many homeowners are starting to see their activity levels increase.

 

It’s important to keep abreast of market changes. When the market starts to gain strength, it’s time to insure that you are priced properly, not increase your price. Listen to a professional who is knowledgeable about current sales statistics.  A well-informed buyer or seller has a better chance of making a smart, educated timely decision.

About Linda Skolnick