NEW CONSTRUCTION 2013 VS. NEW CONSTRUCTION 2012

2013 NEW CONSTRUCTION (* INCLUDES BEACH PROPERTIES)

PRICE RANGE2013
# OF HOUSES SOLD
2013
MEDIAN SELLING PRICE
2013
AVERAGE PRICE PAID
FOR LAND
2013
AVERAGE S.F.
2013
AVERAGE PRICE
PER S.F.
2013
AVERAGE SIZE
OF PROPERTY
UP TO $1.5M6$1,365,000$471,2503907343.160.38
$1.5M - $2.0M19$1,775,000$567,4634784378.150.66
$2.0M - $2.5M12$2,137,000$805,000*5726455.740.78
$2.5M - $3.0M11$2,705,000$818,864*6100459.141.15
$3.0M - $4.0M11$3,356,000$1,031,091*7522474.240.98
OVER $4.0M2$5,010,000$1,500,0007417672.581.005
GRAND TOTAL61

 

2012 NEW CONSTRUCTION (* INCLUDES BEACH PROPERTIES)

PRICE RANGE2012
# OF HOUSES SOLD
2012
MEDIAN SELLING PRICE
2012
AVERAGE PRICE PAID
FOR LAND
2012
AVERAGE S.F.
2012
AVERAGE PRICE
PER S.F.
2012
AVERAGE SIZE
OF PROPERTY
UP TO $1.5M7$1,250,000$434,6674050.71312.890.23
$1.5M - $2.0M17$1,790,000$664,4715598.12322.070.706
$2.0M - $2.5M11$2,150,000$758,227*6421.18346.890.91
$2.5M - $3.0M9$2,795,000$885,778*7235.67420.950.98
$3.0M - $4.0M6$3,375,000$1,172,2507586.50457.901.56
OVER $4.0M4$4,700,000$1,347,500*7362.506744.291.49
GRAND TOTAL54

During the downturn in the real estate market from 2008 to 2011, buyers wanted new or nearly new homes. New construction sold, while existing homes sat on the market. In 2012 and 2013, we saw a change in the market. As it started to turn around, new construction sales continued to be strong and created a huge demand for these new homes. As a result, many more builders are present in Westport, and they are all looking for land or tear downs so the demand for buildable lots is huge. The scarcity of this property will surely lead to a jump in the price of land so we should expect increased prices in new construction as we head in to 2014.

During 2013, all price ranges in new construction were in demand, including the high end. The sweet point in this market place is $1.5-$2 million, where the demand is much greater than the supply. We saw multiple bids in this price range.

Most of the buyers looking for these new homes came from NYC and were young families looking for homes in the transitional style; open plan with a clean uncluttered look. Homes that are located close to downtown and the train were most desirable and having more land was not necessarily a deciding factor.

The table above compares new construction sales in 2013 vs 2012.

New Construction 2013 Sales Report