When it comes to real estate, we know the mantra: “Location, location, location.”
But nearly every home in Westport is in a pretty good location. So let’s talk about “Pricing, pricing, pricing.”
Our friends at KMS Team at Compass note that asking prices are “mostly theoretical.” When a property lingers on the market, it’s time to wonder: Is the pricing appropriate for the seller’s strategy?
If the seller wants to accelerate a transaction, or create multiple bids, pricing must be at or below the current market.
The offering price works if potential buyers are viewing the property.
But if they’re not enticed to bid, either the value of the property (compared to others on the market) is not as attractive, or potential buyers are waiting for something better to come to market.
As buyers’ focuses shift into summer mode, price reductions grab attention.
Of single family homes currently for sale under $3 million in Westport, 1/3 of sellers have taken price reductions. They range from 7 to 17%.
However, if the strategy is to wait for the right buyer, the seller may choose to stay the course.
That’s the case for many luxury homes here. Those sellers know their properties are unique, and are often in no hurry to sell.
So they reduce prices infrequently. Only 7% of active listings over $3 million have taken a price reduction.
The most expensive property currently on sale in Westport is 120-122 Beachside Avenue. Th 5-bedroom, 5-bathroom, 11,450-square foot home, on 6.56 acres with 400 feet of direct waterfront, is listed for $27.5 million.
Meanwhile, here are some current Westport statistics:
Single-family homes currently for sale: 66
Days on market: 47
Price range: $12,250,000 to $775,000
Median price, $3,347,000
And here are some single-family home statistics for the first half of 2024:
- Average closing price: $2,412,354 (down 2.3% from $2,469,378, January-June 2023)
- Median closing price: $2,050,000 (down 2% from $2,093,750)
- Days on market: Average, 45; median, 29
- Total volume of sales: $316,108,395 (down 13.5% from first half ’23)
- Number of sales: 131 (down 11.5%)
- Average closing to list ratio: 102%
- Average lot size: .97 acres
- Average number of bedrooms and bathrooms: 5 each
- Highest sale: 279 Saugatuck Avenue, $11,000,000; 88% of original list price; 1.35 acres
- Lowest sale: 28 Crescent Park Road, $355,000; 83% of original list price; .09 acres.
279 Saugatuck Avenue.
Here are condominium and townhouse statistics for Westport:
- Median sales price: $1,497,500 (up 77% from January-June, 2023)
- Volume of sales: $38,317,000 (up 603%)
- Number of sales: 26 (up 271%)
- Median days on market: 36 (down18%).
(“06880” covers the waterfront — and everything else real estate-related in Westport. Please click here to support our work. Thank you!)
We listed our house in 2016, election year, priced appropriately, got no offers.
Trump was elected, markets spiked, three offers the day we listed it again in 2017.
I’d wait it out if I was a seller….
what was the stock market under Trump then Biden. How much did Trump increase budget deficit ? What is Biden’s deficit ? how many jobs lost /credted under Trump versus Biden? Tell us Joe is the stock market today. ? Who passed infrastructure bill ? Chips Act ?
Wednesday July 10. How is the Biden stock market ? How does Biden record compare to Trump on stock market. How much self praise and rhetoric did Trump give his rally goers on stock market performance? How much praise does Biden give himself on stock market USA 🇺🇸 USA USA USA 🇺🇸 ?? The USA is economy is first in the world. It’s the democratic principles on economics that have created a flourishing economy. I am very grateful and thankful to have a Democratic administration. Democratic leadership and policies have grown the USA 🇺🇸 economy behind all expectations. When Trump ran against Biden Trump said Biden will destroy your 401 k and the USA economy. fact check me. it’s all on video for those who believe in facts. Trump said Biden would loose millions of jobs. fact check me. it’s on video. Trump was the first president in 55 years to loose more jobs the he created. Biden’s and Democratic leadership created millions of high paying jobs. Mr Loffredo I would ask you what president used a law to punish Democratic States to screw then on state taxes. Westport citizens wouldn’t you like to have your real estate taxes tax deductible limit raised from $10000. Callong all realtors and homeowners. It was Trump who viciously and vengefully changed the state tax structure SALT to screw us on real estate and other state deductions. Check your memory.
Get a cognitive examination in case you forgot how Trump screwed us. Trump will govern by vengeance and anger. He is not worthy of a vote
Housing markets were up 19.5% under Trump’s tenure but mostly for the rich as he repealed the Obama low income family housing initiative so “you folks in the suburbs don’t have to worry about the riff raft.” There will be plenty of sellers if Trump wins in November, getting the hell out of the country.
He actually instituted the SALT $10K limit (the Tax Cuts and Job Act of 2017) which clobbered “the rich” and “us folks in the suburbs”.
The economy is good for the white Rich privileged Westporters.
Most of the country is hurting. Richard it’s ok to get out of your Westport bubble and see how bad the economy is.
While China and Russia become best friends we are stuck with a president that can’t put 2 words together.
Wake up!!
most of the country is doing better. Biden lowered prescription drug costs especially for insulin. Jobs are abundant. Please answer how much had Trump increased the USA budget deficit versus Biden. What country has the best economy in the world ? China. ? North Korea ? Russia. ? Orbans Hungry? Tell us how did the USA stock market end today ?
Re Crescent Park — a double-wide mobile home knocked down to $355k? Gotta admire the chutzpah of the original listing: “Hey, its Westport!! Its gonna sell one way or another. Let’s go for it!!”