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!)