Single family home sales in Westport continue to decline.
The good news — for sellers and our tax revenue, if not for buyers — is that prices continue to rise.
Homes are also spending fewer days on market than in prior years. That’s due to stronger buyer demand, and a shift in marketing strategy.
There were 69 sales of single-family homes between January 1 and May 5. The average price was $2.576 million.
Another 19 condos and townhouses were sold, at an average price of $1.364 million.
This 6- bedroom, 8 1/2-bathroom, 8,639-square foot home on 2 acres at Fraser Lane is on the market for $10.95 million.
Those are some analyses by our friends at KMS Team at Compass.
But — as is often the case with real estate — there’s more there than meets the eye.
“There have always been “off-market sales,” they say. Those are properties that change hands privately.
Off-market sales have existed for quite a while. Any homeowner can choose how to sell their home: a full MLS listing, to a family member, to a buyer directly, to a buyer represented by a buyer agent, to a builder, etc.
Sellers have various reasons for choosing to sell off-market, including privacy, discretion, ease of transaction, convenience, etc.
Not every homeowner is interested in attracting the most money for their property, and multiple bid situations. Many actors impact the decision on how to sell such a large investment.
Today, KMS says, the trend is to start offering a home for sale privately, to test the market and price.
That gives sellers time to properly prepare their home — and themselves — for the sale.
Beyond maintaining privacy, sellers believe this strategy helps drive serious, qualified buyers to their home. That makes the process easier, and less invasive.
Meanwhile — despite volatility in many areas of the American economy — Westport’s real estate market seems largely unaffected.
All markets are hyper-local, KMS emphasizes. In years past, when sales were sizzling nationally, Westport was less active.
Countrywide trends are not indicative of what’s happening in our town.
That’s why — in addition to pricing, preparing and selling a home, and handling all the associated paperwork — realtors also serve as trusted confidantes.
“We all have to be calm” in turbulent times, counsels KMS’ Karen Scott.
“Right now, the world is emotional. We try to help people think logically, and focus on the buying and selling task at hand.”
Clients (and realtors) “should not get caught up in national headlines.We have to focus on what’s happening here.
“People are more cautious, but they’re still buying and selling. Interest rates are higher, but it’s not complete doom and gloom. In Westport, there are still a lot of buyers, and a lack of inventory.”
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Can you find a better place to live then Westport ?
Richard, There’s not much entertainment in town anymore, unless you enjoy riding up and down the Post Road counting the “For Sale “ and “For Rent “ signs.
library has tremendous books and entertainment. The Levitt Pavilion has tons of artists music and dancers. The VFW has great jazz. Many churches and synagogues have great speakers and performances. The schools have great bands and orchestras. Staples has plays almost as good as Broadway. The Westport Playhouse has numerous shows and more. There is so much more. Westport is hard to beat
This reply got me curious. Richard, how often do you leave westport and if you don’t mind, what other towns/places do you visit?
I travel all over the USA and internationally. I was born in Queens and attended Queens College with Jerry Seinfeld. The schools are great. the beach is incredible. The library is fantastic. The landscape around town is beautiful . It’s easy to get into New York. There are many very nice kind people. Here and there there are people that make us uncomfortable. What is perfect ?
Define better- places with less entitled selfish people -sure.
Places with cheaper houses- certainly.
Places with cheaper restaurants- absolutely.
Places with less traffic- indubitably.
And so it goes- having lived here for 27 years inertia has set in and we don’t want to move anywhere else, but, if the perversely named Hamlet actually happens that may change as the traffic and general quality of life will deteriorate. I can see not one thing good about that development- why do we need to become a destination for God’s sake? Local Westporters don’t need anything that the Hamlet purports to be providing.
Hello Adrian – “if the perversely named Hamlet actually happens” I recommend moving to the area of Pawcatuck, CT. and Westerly, as I did 20 years ago after a lifetime in Westport. It’s just wonderful here.
Just curious. What is the source for the Off Market Transactions in the above chart?
The source is public records property transfers.
In the 70s almost all home sales were “coming on the market” sales. There were few For Sale signs.
It’s shocking that the Westport property market is so strong given the destruction of the community gardens. Imagine what it would be like if it was still there. 🔥🔥🔥