Westport's Thawing Spring Real Estate Market

In January and February, 33 units have sold with an average “days on market” of 132. In comparison to 2010, with the same time frame, we are tracking about the same on closed units but more days on the market. The assumption is that extension of the marketing time is weather-related.  

So, numbers show units are holding and the median numbers are up from 2010. Overall, a good start to the year.

In general, we are experiencing low inventory in most price points. In February, we have not seen the annual influx of new listings and excited spring sellers. This has backlogged many potential buyers in the market.

Many have revisited existing inventory and if it is close to a good value, they are placing an offer. If we review market absorption across price points, we are finding no rhyme or reason to the market. The price ranges from $499,900 to $699,900 are actively moving and being absorbed by buyers. The more expensive market from $700,000 - $799,900 is somewhat sluggish with supply times ranging from 12 to 15 months.  

Interestingly enough, a historically popular price point from $900,000-$949,900 has slammed on the brakes and is now at 36 months. The most encouraging, active price points seem to be from $1,200,000-$1,599,000 with an average supply time of 7 months. Homes above $1,900,000 seems to range from 18 months to 36 months of supply, with listings languishing.

Regardless of the price range, buyers still have the leverage and are looking for aggressive pricing, reductions, and value. Appraisals are becoming an increasing concern as a buyer and seller can agree on a price, but the appraiser has the last say.

Next post will cover “Private Road Maintenance Agreements” which are becoming a potential problem, specifically due to the number of private roads in Westport. It will be an interesting topic that you may want to read, especially, if you live on a private road or anticipate buying one.