By James Lomuscio
Westport home prices are down as much as 20 percent, but sales have increased more than 50 percent this summer, according to the Town Clerk’s Office and local real estate agents.
This house at 9 Highwood Lane on the Wilton border is listed at $795,000—a $40,000 reduction effective today, according to the Greater Fairfield County CMLS listing. (CLICK TO ENLARGE) Contributed photo
In fact, the first week in August saw 21 home sales in Westport—the highest in four years, said Town Clerk Patricia H. Strauss. Among them were two sales for more than $4 million and one for more than $3 million.
“It’s definitely high, an unusual amount,” Strauss about the period from Aug. 2 to Aug. 6.
Also high was the amount of conveyance taxes the town collected that week, $178,953. (An earlier version of this story incorrectly listed the total as $78,953.)
“That’s a large amount for one week,” Strauss said. “If we had every week like that we certainly would have a way to affect the revenue stream for the town.”
During June and July, home sales rose a whopping 50 percent compared to last year.
In June, 53 homes sold, generating $177,651 in conveyance taxes compared to 35 the same month last year, netting $114,850 in taxes.
In July, 63 homes sold bringing in $210,734 in conveyances taxes, compared to 41 last year with $162,493.
When asked if these sales portend an economic turnaround, Strauss said it is hard to tell.
“I’m just the recording office,” she said. “I have no idea what is going on out there. I think it’s because Westport is a great destination to raise a family and the word is out.”
One reason for the activity is the fact that prices have come down, between 10 to 20 percent from last year, according to Paul Hefferan, Realtor for William Pitt Sotheby’s International Reality on Post Road East.
“Prices have continued to come down, and that plays a part in the whole thing, no doubt about that,” Hefferan said. “Certainly, the lower priced properties are moving at a faster rate than the higher priced ones.”
He said that four to five years ago, $600,000 was the starting price for a home in Westport, “and you can buy a house in Westport today for $329,000.”
Yet despite declining prices, Hefferan sees movement in the local market as a positive sign.
“Things are slowly turning,” he said. “I don’t think we’re off to the races just yet, but it seems like things are slowly turning in the right direction.”
He said one reason June experienced increased sales was the $8,000 tax credit offered to first time home buyers who closed that month.
“There was an incentive for people to buy and some of them did,” he said.
Beyond that incentive, summer historically brings house hunters to town.
“Home sales in Westport are definitely seasonal with the quietest times being January and February, even March, and this being our busiest time,” said Strauss.
“In June, everybody wants to get out before school’s out, and in August, everybody wants to get in before school begins.
“It’s great to see activity,” she added.
