Hopes ran high when 2015 quietly embarked with little to no snow. Any Westport Realtor will tell you that if January’s weather is mild, the market tends to be strong. However, if January is cold and snowy, the market leans towards icy conditions as well. As April commences, I would be remiss to commit that I have seen the last snowflake of the season. Homeowners in Westport have felt the pain of the slow start. Although 3 homes sold for over $6 million each in 2015, many of these contracts were actually negotiated in 2014 and only now closing.
Currently, there are 302 homes actively on the market. An additional 29 properties are bindered and 45 more are pending closure. The least expensive listing is a 1344 square foot ranch on Crescent Park Road asking $368,000. The most expensive property presently for sale is on Beachside Avenue, Westport’s gold coast. The list price may be $22 million, but the 4907 square foot home originally built in 1900 sits on over 7 acres of waterfront property.
Year to date* in Westport, 60 homes have closed, down 15% from 2014 during the same time period when 71 homes closed. The least expensive property to sell this year was located on Roseville Road, a 3 bedroom 1377 square foot home, $404,500. The most expensive closing in Westport in 2015 was located on Manitou Road. The property, closing for $11,906,000, boasted 7 bedrooms, exclusive waterfront property with a dock, a tennis court, an infinity pool, a home theater, a wine room and over 13,500 square feet of living space.
Westport had a 16 month supply of available properties in 2014 compared to the 18 month supply we are currently experiencing. The median sold price in 2014 was 1,210,000 and the average sales price was $1,472,610. This year, median price is lower so far, at $1,129,000 but average price is up at $1,919,743, in part due to some of the high priced homes that closed at the beginning of the year.
Crocuses are starting to peek through remaining snow mounds. Westport’s Real Estate market is also beginning to glimpse towards the long awaited spring market. If you are a buyer, be ready to react. If you are a seller, be realistic on current market conditions. We have inventory, do not out price the market, and miss the abbreviated spring season. Enlist a top Realtor to make sure you price your property with current market conditions in mind and you will sell your home for a fair price quickly.
*per Mid Fairfield MLS 3/31/2015