Westport’s real estate market just had its best week of the year for new listings.
Yet April ended with the lowest inventory for single family homes in over 20 years.
What does that mean?
Our friends at KMS Team at Compass say that before COVID, Westport real estate was a buyers’ market. Inventory was plentiful. In 2019, homes stayed on the market an average of 122 days.
When homes sold, it was at an average 5.2% discount from list price. Sellers were encouraged to beat competition, and list their homes before the traditional “spring” market.
The number of new listings spiked earlier, then tapered down through December. For example, there were 91 new listings in January 2019, 95 in February, 98 in May, then only 20 new listings in December 2019.
During the turbulent pandemic era, Westport homes were in extremely high demand. They sold quickly, often over asking prices.
As inventory declined to historic low levels, prices still rose. Westport continued to be a sellers’ market.
For sale: 5 Boxwood Lane, off Sturges Highway. With 6 bedrooms and 10 bathrooms, it’s 10,414 square feet on 1.89 acres. The asking price is $4,285,000.
The last couple of years have continued the trend. However, with less fear of missing the market, sellers now list their homes when they and the home are ready.
Spring finds some sellers looking for new beginnings, others looking ahead to the end of the school year.
The traditional real estate wisdom of focusing on “curb appeal” still exists, making spring a great time to list. Green leaves, blooming flowers and open pools are key selling points for potential buyers.
With a year-to-date median sales price of $1,985,500 — up nearly 2% from the same period in 2023 — it is not surprising to see 19 single-family homes newly listed for sale in Westport last week.
That’s the best weekly total this year. Yet the 84 homes inventory at the end of April is less than in over 2 decades.
113 North Avenue is on the market for $2,699,000. The 3,920-square foot home includes 5 bedrooms and 3 1/2 bathrooms, on 1.02 acres. It incorporates the Charles Meeker House, c. 1887.
Why the low inventory?
The KMS Team at Compass offer several reasons.
One is that some newer homeowners can’t afford to move again. They locked into a loan when mortgage rates were between 2 and 3%, or at least under 5%. Paying around 7% would be prohibitive.
Meanwhile, owners who have been in their homes for years, and refinanced when rates were low, don’t want to downsize — yet possibly face higher monthly mortgage payments.
Many people stay put because they fell in love with their schools, town and/or neighborhoods. They’ll put on an addition or rework the current home to address their evolving needs.
Some people can afford to “move” to a different part of the country, by buying another residence elsewhere. But they’re not ready to give up their foothold in Westport. So they keep their property here.
For everyone, moving can be stressful. And expensive. Some homeowners think about selling, then decide to stay put.
So what do the coming months look like?
KMS expects the number of new listings this month and next to match or beat April’s total of 54.
July and August will be slow, as Westporters enter vacation mode. The pace will probably pick up again in September and October.
So May may bring more flowers. And, realtors (and buyers) hope: more inventory.
My guess is Westporters don’t want to move because they don’t want to leave Dan’s 06880 blog.
I agree Jack, then we can’t go see all that he writes about.
For example, I was able to see how tall the tallest Jessup Green tree that were saved from across the river. If they had been removed it would have changed the skyline looking across the river and those birds of prey would have surely moved away. Let’s keep moving forward but keep remembering and honoring our ROOTS!
I believe MORE people and MORE commercial development is NOT what is best for Westport. We have neither the land nor the infrastructure to support more people or more commerce.
Single family homes have to be torn down before a new one can be built. So be it; it keeps the number of homes steady and the Historic Commission is watching for mistakes in this regard.
But more and bigger high-density developments such as apartment developments with more than 90 individual apartments, just adds more people and cars to an already overburdened community. One example: The Westport schools experienced a breathtaking enrollment increase last year when all surrounding school districts are showing decreases.
Having said that, more senior housing and more affordable housing is desperately needed, but how we get there is not clear. New high density buildings on open or green space seems to be the unfortunate trend.
Ahem. [Clears throat.] NEVER — let me repeat that — NEVER sell your Westport house. N–E–V–A–H. Biggest mistake I ever made. Because I am sitting out here in Oregon in an apartment. The view of Mt Hood is nice, true white top against big deep blue sky. Not the same as owning, free and clear, in Westport. Not all.
This isn’t the same Westport! It has lost its small town atmosphere where basically everyone knew everyone!