By Christine Finch Oleynick
The Westport, CT real estate market has been performing well over the last two years.
Overall home sales are up and sales in the luxury market ($3M+) remain strong.
Single Family Homes
From the start of this year to now, 393 single family properties sold in Westport at a median price of $1,325,000.
For the same time last year, 335 single family homes sold at a median price of $1,300,000.
This means the overall units of single family home sales are up 17% and the median price is up almost 2%.
And while prices and units sold were up this year over last, the median days on market (the amount of days it took to sell a property) was down almost 11%, from 94 days to 84 days.
Single Family Luxury Market
The Westport, CT luxury real estate market has been performing well.
In 2016, 22 properties sold for $3M or more. The median sales price was $3,755,104 and they typically took 79 days to sell.
This year 25 properties have sold for $3M or more. Their median sales price has been $3,875,000 and homes of this nature typically took 142 days to sell.
While it typically has taken more time to sell a luxury property in 2017 then it did in 2016, the median sales price for these properties was up over 3%.
The 3 most expensive single-family sales this year have been:
279 North Avenue for $7,000,000
5 Judy Point Lane for $6,900,000
75 Beachside Avenue for $6,575,000
From the start of this year to now, 31 condos sold in Westport at a median price of $523,000.
For the same time last year, 20 condos sold in Westport at a median price of $642,500.
This means the overall units of condos sold are up 55% but the median sales price is down almost 19%.
And while units sold was up but prices down, it has also taken less time to sell a condo in Westport: 65 days on market in 2016 and 56 this year – down 14%.
The 3 most expensive condo sales this year have been:
52 Terra Nova Circle for $1,300,000
64 Terra Nova Circle for $1,235,000
58 Tera Nova Circle for $1,150,000
Overall, the Westport real estate market is performing well. Although there has been some weakness in the condo market this year price wise and it is taking a little longer to sell luxury properties, all other indicators are positive and we have no reason not to expect this growth to continue in the near future.
Other analyses show similar results.
If we can be of any help selling your Westport property or helping you buy real estate, please do not hesitate to reach out to Christine@ChiltonAndChadwick.com.
In fact, you can instantly find the value of your home by using our new tool below.