Westport, CT: Inventory takes a hit from Mother Nature and Father Time
On October 26, 2012, the Friday before Hurricane Sandy slammed into the northeast coast, there were 310 single-family homes actively listed in the Westport market. Just one month later, that number dropped 16%, to 259. Condo listings fell 33%, from twelve to eight and available rentals, including long and short-term, furnished and unfurnished, were down 22%, falling from 90 to 70. Certainly, the hurricane was not the only factor affecting the market. It was more like inventory being hit by “the perfect storm.”
Strong Sales + Seasonal Slowdown + Storm
Single-family home sales were strong in November. Comparing sales with November 2011, units sold spiked 72%, from 18 to 31. At the same time, there was the usual seasonal slowdown in new listings. Of the 259 listings active on November 26 (noted above), 77% had been on the market more than 60 days. Not only were solds not being replaced by new listings, but other listings were being cancelled or withdrawn. No doubt some of these were the result of hurricane damage.
Hurricane Sandy hit Westport hard on October 29th,. By the time the storm subsided, 7 homes were completely destroyed, 25 were tree damaged and 260 experienced some level of flooding. With many families needing temporary housing, pressure came to bear on the rental market. Twenty-seven listings were rented in November, up from 21 the previous year. As residents continue to make arrangements to repair their homes, available rental properties are still declining. Currently there are 63 rental units listed.
As the holiday season approaches, it is doubtful that we will see an acceleration in new listings. We will most likely start the New Year lean and mean. After an extended buyers market, perhaps we will finally give a little edge to home sellers.
THIS DATA IS COMPILED FROM THE CONSOLIDATED MULTIPLE LISTING SERVICE AND MAY NOT ALWAYS BE ACCURATE. NO WARRANTY IS MADE AS TO THE ACCURACY OF THIS INFORMATION. YOU SHOULD VERIFY ANY INFORMATION THAT IS IMPORTANT TO YOUR BUYING