Sponsored by KMS Team at Compass

WESTPORT–The residential real estate market continues to be robust for sellers. So few homes are for sale that buyers are competing for the limited “inventory.”

Earlier this month, there were only 70 single family homes on the market, down from a pre-pandemic average of 300-400, according to MLS.

“If your home is in good shape and presents well, you will in all likelihood field multiple offers,” says mortgage broker Terry Hastings, Vice President at Total Mortgage. “As a result, it’s not uncommon for a sale price to be substantially over the asking price.” 

According to MLS, the median sales price of a single family home in Westport this month was up  33% versus a year ago. The median sales price is now a tad over two million dollars. 

During the first quarter of 2021, 98 Westporters sold their houses. On average, buyers paid 99% of the asking price. Fast-forward to this quarter and buyers are paying 102% of the asking price (MLS).

With demand still strong, the amount of time it takes to sell a house is decreasing. According to MLS, the median number of days between when a house is listed for sale and the closing of that sale is 46, down from 54 last year. 

According to Mary Ellen Gallagher, a member of the KMS team at Compass, “If you’re thinking of selling, now is the time to make a move and take advantage of the continued strong demand for a home in Westport.”

Why the continued strong demand?  Since the pandemic, demand for homes to rent or buy has been increasing faster than the supply can satisfy. Why has Westport become such a hot destination? 

In addition to the highly-ranked schools, Westport’s beaches and waterfront amenities have always been popular, as are the restaurants and shopping.  With an increase in new dining options and retail shops, people continue to consider Westport a destination.  During the pandemic, many eateries offered outdoor dining, which the town has green-lighted for the next three years. Church Lane and Railroad Place have become popular destinations.

With new homeowners in town, retailers that focus on housing design and home décor are growing. Ethan Allen and The Post have joined Westport’s established home décor retailers Crate & Barrel, Bungalow and Design within Reach. It was recently announced that OKA, a British furniture retailer, will fill the space formerly rented by Banana Republic, with more than 13,00-square-feet of space. 

Karen, the manager of Catherine H., a high-end women’s retail shop on Main St., says “Westport continues to draw more shoppers and diners and the vacant retail spaces are starting to dwindle. Main Street is sort of an outdoor mall and the vibe is young and vibrant.”  She is particularly excited about the pending evolution of the Main St. restaurant scene with new eateries taking over the spaces formerly occupied by Tavern on Main and Onion Alley.

Annette, the owner of Main Street’s Savvy + Grace, says more and more Westporters are making an effort to “shop local.” She commented that Westport has become a “destination,” a weekend field trip of sorts.  People come for the beaches, shopping, the restaurant scene and the Levitt, too. She describes the vibe as positive and optimistic. Even though she has expanded the merchandise she offers customers, she simply cannot get enough product to keep her shelves full.

Ms. Gallagher: “For those of us already established in Westport, we should all continue to enjoy the scenery, the schools, the retail scene and the town amenities. There are many, many people eager to pay top dollar for the lifestyle we all enjoy in Westport.”

(Note: KMS Team at Compass has a business relationship with Westport Journal. KMS Team at Compass Westport is an exclusive real estate partnership, serving Connecticut — Westport, Weston, Fairfield, Norwalk, Wilton and beyond. (203) 295-4375. www.kmspartners.com)

Compo Beach — Photo KMS Team at Compass and Borgatta Photography