Westport, CT - New Construction Homes

By
Real Estate Agent with Berkshire Hathaway HomeServices New England Properties

Looking to buy a new construction home, in Westport, CT?  Now may be a great time to play "Let's Make A Deal" with the local builders.

Westport's new construction homes currently make up a disproportionate segment of the market.  Of the active listings, on the MLS, 92 are identified as some form of new construction.  These listings include proposed, under construction and completed properties, as well as torndown and rebuilt homes.  This represents 28% of total active listings.  Looking at 2008 sold properties, year-to-date, 19% of Westport's single family home sales, were new construction.  In 2007, new construction accounted for only 17%. 

If we annualize the year-to-date sales, we can project a twenty (20) month inventory of new construction homes, currently active, on the market.  This compares with a fourteen (14) month inventory, overall. 

Within the new construction segment, some price points are faring better than others. 

Westport, Connecticut
Single Family New Construction Homes
2008 Y-T-D

Westport New construction For Sale

Westport New Construction Sold

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 DECISION.                        

So far, this year, approximately one third (32%) of new construction homes had sale prices under $2 million, another third (34%) sold between $2 million and $3 million, with the final third (34%) represented by the over $3 million sales.  Some downward pressure on price is evidenced by a shift in those segments to 36%, 35% and 29%, respectively, for active listings.

Further analysis suggests that many of the homes currently listed between $2,500,000 and $2,999,000, will require price reductions, to be sold.  This price point has not performed well, this year.  There are 19 active listings, in this group, with only 3 sales, so far, this year.

Copyright © 2008 Marilyn Katz, All Rights Reserved, Westport, CT - New Construction Homes

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Marilyn Katz

      Marilyn Katz

    Berkshire Hathaway Homes Services New England Properties    
     203-429-1041
  Servings Westport, CT
  and the surrounding communities  

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Copyright © 2013 Marilyn Katz, All Rights Reserved

Comments (6)

Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Marilyn - WIth that kind of new construction inventory I bet there are some good deals to be found? We used to have quite a bit of new construction in my area of Mass but there is much less now.

Oct 27, 2008 12:30 AM
Marilyn Katz
Berkshire Hathaway HomeServices New England Properties - Westport, CT
ABR, e-PRO - WestportCTProperties.com

Bill- There's plenty of inventory, offering good deals.  Now, if we could only find buyers ;-)

Seriously, if some of the new construction doesn't start selling, any time soon, we are going to have more builders in trouble.

Oct 27, 2008 02:34 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Marilyn, I agree with you the deals are out there, just the buyers need to step in.I have about 7 or 8 Land Listings right now, finally I started getting inquiries. The phone has not been ringing like I am used to for Land. Now all we need is Lenders giving loans out for Land & Construction and we are in business again.:))

Oct 28, 2008 05:11 PM
Marilyn Katz
Berkshire Hathaway HomeServices New England Properties - Westport, CT
ABR, e-PRO - WestportCTProperties.com

Endre-  A lot of the new construction, here, is bought by "Wall Street" types.  As you can imagine, they don't have the most secure employment picture, these days.  It may still be a while, until things start to pick up in this segment of our market.

Oct 29, 2008 01:17 AM
Not a real person
San Diego, CA

New construction has come to a virtual standstill here, with many builders going bankrupt because no one could afford their homes and because of the glut of foreclosed homes, many just a couple of years old.

Oct 29, 2008 09:10 PM
Marilyn Katz
Berkshire Hathaway HomeServices New England Properties - Westport, CT
ABR, e-PRO - WestportCTProperties.com

Russel-  Not a pretty picture,here, either.  The market appears to be in suspended animation.

Oct 30, 2008 12:56 AM

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