Westport New Construction Market Update

Westport New Construction Report

2014 NEW CONSTRUCTION REPORT SPREADSHEET

PRICE RANGE2014
# OF HOUSES SOLD
2014
MEDIAN SELLING PRICE
2014
AVERAGE PRICE
PAID FOR LAND
2014
AVERAGE
SQUARE FEET
2014
AVERAGE PRICE
PER SQUARE FOOT
2014
AVERAGE SIZE
OF PROPERTY (ACRES)
UP TO $1.5 M5$1,403,800 $466,000.003,950$317.310.36
$1.5 M TO $2.0 M12$1,650,000 $521,300.004,774$352.860.46
$2.0 M TO $2.5 M12$2,220,000 $664,042.006,757$330.260.82
$2.5 M TO $3.0 M11$2,682,500 $872,273.00*5,521$491.480.80
$3.0 M TO $4.0 M11$3,403,500 $1,074,318.00*8,646$391.421.02
OVER $4.0 M3$4,625,000 ^$2,615,555.67*8116$633.370.74
GRAND TOTAL54
^ INCLUDES A PROPERTY SOLD AT BEACH ON HILLSPOINT FOR $7,526,000 THAT WAS BOUGHT FOR $4,666,667* INCLUDES BEACH PROPERTY
 

2014 was a banner year for new construction.  Westport saw a huge number of homes being bought as tear downs and also saw the arrival into town of a number of new builders and developers.  As a result, there are less affordable homes for the entry level buyers and end users.  It is expected that 2015 should again be a year of active new construction building.

There are currently 72 new homes that are listed on the CMLS as “under construction” and that number will definitely increase as more homes are expected to come on to the market this Spring.  We currently have more $3million+  new homes being offered for sale than ever before.  As long as the demand continues to be there, things should be fine, but should it drop, builders will  have to bring their prices down to sell and there will be a change in the new construction picture.

54 new homes were sold last year, see the table above.  The most expnsive home was on Hillspoint Road at Compo Road and it past title at $7,526,000.

Currently, 11 homes are under contract and the most expensive one is $12,985,000.

Land is in short supply and really good one acre lots are going at a premium.  In order to build homes under $2 million, builders are purchasing very small lots on roads that have not seen new construction before.

The most desirable new homes are those close to town and south of I-95 (Greens Farms and Saugatuck).  Those North of the Merritt tend to take a longer time to sell.

Sellers of tear downs are going directly to the builders in many cases and often the properties do not make it onto the market.

Buyers of these new homes tend to be young families moving from New York City or Brooklyn or current residents trading up.  Most buyers are looking for houses that have open plans, great flow, high quality materials and low maintenance features.   The size of properties does not seem to be as important as it was in previous years and in many cases buyers will not focus that heavily on location, if it means getting a new home.

Most interiors are not as traditional as before.  They have transitional touches and clean lines with lighter trim work and moldings.  There are many modern elements included in the design work.

The Jillian Klaff Homes team specializes in new construction and has comprehensive expertise in working with the builders, the Town of Westport and every facet of the process on behalf of the client to ensure an excellent buying experience.  Call, text, or email Jillian at 203.858.2095 | Jklaff@Jillianklaff.com.