Real estate statistics for the first 2 months of 2024 are in.
The market has definitely cooled. Every number is down from January-February 2023: number of sales (29, down 22%); median sale ($1,850,000, down 14%); average percentage over asking price (2.73%, down 5); total volume ($72,027,500, down 7%); number of new listings (72, down 24%).
But our friends at KMS Team at Compass have done a deeper dive into the figures.
They looked at 2 areas: the number of sales by the age of homes sold, compared to the number of bedrooms.
During the first 2 months, 2 homes built before 1900 were sold. One had 3 bedrooms; the other, 4.
Three homes built between 1900 and 1950 sold. Two had 4 bedrooms; the third had just 2.
The smallest home to sell in Westport so far this year was a 986-square foot, 2-bedroom, 1-bathroom home on Morningside Lane. Built in 1939 on 0.3 acres, it went for $850,000.
The most number of sold homes — 7 — were built between 1950 and 1970. Six had 4 bedrooms; one had 3.
Of the 5 homes that were built between 1970 and 1990, three had 4 bedrooms; the others had 5.
Four homes built between 1990 and 2010 sold. Two had 5 bedrooms; the others had 4 and 6 each.
One 5-bedroom home built between 2010 and 2020 sold; so did a 7-bedroom home.
Of the 6 homes that were built after 2020, 5 had 6 bedrooms; the other had 4.
While it’s obvious that newer homes have more bedrooms, that’s a bit counter-intuitive. After all, the average family size has decreased over time.
The difference is that today nearly every child has their own room. There are more guest rooms and nanny quarters too.
The most expensive home sold in Westport so far this year — on Hidden Hill Road, near Compo Beach — fetched $5,750,000. Built in 2014 on 0.83 acres, its 10,061 square feet includes 7 bedrooms and 9 bathrooms.
The median age of US housing stock is 44 years old. Westport’s is older: around 60 years (based on tax records).
By and large, our KMS friends say, Westporters value history. Yet they still appreciate — and can afford — the comforts of the 21st century.
That’s why many older homes have been renovated or enlarged to serve today’s lifestyle. More than 50% of all Westport homes built before 1950 now have 4 or more bedrooms, as evidence of this.
Buyers who want charm and appreciate old world detail and graciousness in a house seek out older homes.
They have often restored a residence in the past. or grew up in a house like these. They want the same feeling for their young family.
Some are buyers from Manhattan and Brooklyn. Others are already Westporters who have fallen in love with a specific neighborhood or street. They like the nostalgic feel. Some are downsizing into antique homes, as empty nesters.
Our friends at KMS Team included another chart, comparing the number of bedrooms to square footage.
The 2-bedroom home that sold in the first 2 months of 2024 was 986 square feet. The 3-bedroom home was 1,749.
The averages for 4-bedroom homes was 3,282 square feet; 5-bedrooms, 4,880, and 6-bedrooms, 8,136.
The average square footage for all 29 homes that sold this year is 4,611.
This 2,162-squre foot Compo Road South house is smaller than the average 4-bedrooom home that’s been selling. With 2.5 bathrooms on 0.4 acre, it was purchased for $1.125 million last month.
The huge jump in square footage from 5 bedroom homes to 6 bedrooms (almost all built from 2020 on) is telling, KMS says.
“Finished on 4 levels,” or showcasing finished basements that serve as second family rooms and recreation areas, is common in this type of new build.
Newer and larger homes with 6 or more bedrooms are in high demand by people who need the space.
They have frequent visitors — family and friends — and often several children. One or more family members work from home, and require office space.
Busy professionals seek “move-in ready.” That trumps all.
Move-in ready is important for those seeking homes in the middle, post-1950 build too. Updated mechanicals, kitchens and baths go far. Buyers are willing to tackle the cosmetics, but few want to go through a full restoration.
For more information on sales of Westport homes, click here, then scroll down. A series of charts illustrates housing trends, by size.
This chart shows the inventory of homes for sale in February of 2022, ’23 and ’24, based on square footage. Click on or hover over to enlarge.
Did your friends at KMS mention how many of those smaller, older homes mentioned have been torn down to create the newer, bigger (unfortunate of late) Westport typical home? You know, big, white, with black windows. I live off of Clinton Ave where this is the norm. I’m just curious.
I as well find it hard to believe that most of the older homes sold in Westport are valued as anything more than land only, with whatever extant structure (or trees!) valued at $0 minus cost of demolition.
It’ll be interesting to see what kind of micromansion will be built on that 1/3 acre Morningside Ln…..lot.
pave paradise