By Judy Szablak

We may have all thought that the 2016 Westport real estate market was a bit slower than the year before, and that is true. However, the difference is very slight, and values have remained constant.

Featured Home: This home on 15 Buena Vista Drive is listed at $5,195,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/ Westport Beach (+) Country Homes

According to the Consolidated Multiple Listing Service, the average price of the 366 single family home sales in 2016 was $1,527,565 with an average market time of 121 days. The average sales price to list price ratio was 95 percent, with three- and four-bedroom homes averaging slightly higher at 96 percent.

The prior year brought us 383 sales with an adjusted average price of $1,581,843. The difference of less than $55,000 is not alarming in the slightest, and does not raise any red flags. Considering that there were 17 more sales in 2015, and a few higher priced closed sales, a minor difference is a nonissue and of no concern.

The lowest recorded price last year was on Crescent Avenue at $345,000 and the highest sale reported was on Beachside Avenue for $8.8 million. The prior year was a little better for high-end luxury homes, whereas four sales were reported between $5-10 million, and two sales were reported over $10 million. Those two higher sales were omitted from 2015’s average price as noted.

Westport price changes over the past week:

10 Hickory Hill Road             $649,000->$639,000
107 Valley Road                 $649,000->$648,000
3 Beechwood Lane             $749,000->$719,000
295 Greens Farms Road       $950,000->$899,000
25 Stoneboat Road             $995,000->$899,000
250 Saugatuck Ave.          $999,000->$990,000
1 Donald Drive (RAISED)    $995,000->$1,015,000
31 Regents Park             $1,150,000->$1,025,000
171 Roseville Road         $1,175,000->$1,150,000
8 Waterside Terrace         $1,749,000->$1,649,000
223 Bayberry Lane           $1,995,000->$1,925,000
1 Michele Lane               $2,500,000->$2,400,000
9 Rockyfield Road           $2,699,000->$2,499,000  
81 Coleytown Road         $3,499,000->$2,995,000
25 Flower Farm Circle       $3,675,000->$3,499,000
9 Burr Farms Road           $3,699,000->$3,599,000
4 Sprucewood Lane         $3,799,000->$3,675,000
1 Bluewater Hill South       $3,950,000->$3,749,000
74 Morningside Drive South $4,250,000->$3,999,999

By Judy Szablak

Everyone seems to be very concerned about the lack of inventory in Westport at this time of year, and how much of a predictor it may be for the coming months.

Featured Home: This home at 16 Gault Park Drive is listed at $1,659,000.  (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/ KMS Partners

However, inventory is not at its lowest point in recent history. In fact, in January 2013 there were just 188 homes available for sale.

A snapshot of the Westport market five years ago to the day almost reads like deja vu.

There is a difference of just three singe-family homes in available inventory, and the average market time is up by just four days. The average price is just $57,000 more than it was in 2012.

Westport price reductions over the past week:

22C Cross Highway     $644,900->$634,900
10 Hickory Hill Road     $679,000->$649,000
159 Greens Farms Road     $1,595,000->$1,549,000
4 Mimi Lane     $2,999,000->$2,799,000
—Judy Szablak

By Judy Szablak

While buyers looking to purchase a home in Westport have less available homes to choose from these days, that will increase in the next few months.

Featured Home: This home at 4 Lowlyn Road is listed at $1,140,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport

Our market has seasonal highs and lows for inventory, just as certain months are historically better for closed sales than others.

According to the National Association of Realtors 2016 Profile of Homebuyers and Sellers, buyers typically searched for 10 weeks and looked at a median of 10 houses before they purchased a home.

Among the buyers who utilized the internet in their search, 89 percent found photos very useful, and and 85 percent found descriptions to be very helpful in their searches. These few tidbits of information tell us a lot.

Westport price reductions over the past week:

17 Hills Lane   $319,000->$299,000
185 Compo Road South $999,000->$995,000
22 Pin Oak Court $1,395,000->$1,298,000
—Judy Szablak