New Construction Market Update: Winter 2013-2014

The market for new homes in Westport has been extremely brisk in 2013. Demand has exceeded supply and some prices have risen to pre-recession levels. Due to the increased demand, current inventory has sold and builders are playing catch up and many of the new homes listed for sale on the MLS are not even built yet. Whereas in previous years builders might wait until a home was almost complete before listing, many of today’s new construction listings are at foundation stage or, in some cases, the old house is still standing. The hotter market is causing builders to buy and build more, creating more competition. (Economics 101 – supply and demand theory really works.) This is one reason that listings are coming on the market so early in the construction phase. Also, with many local builders active in the custom homes market, meeting today’s buyer could translate into tomorrow’s custom home sale. Finally, there is a trend among home buyers today to customize new construction to some extent, whether that means moving walls or just selecting tile or paint colors. With new homes being listed in the early stages of construction, such customization is easily done, especially as many builders have design teams buyers can work with.

It’s worth noting that there are a few builders bucking the trend and waiting to list their projects in the Spring. Prices have increased throughout the year and so these builders may be betting on listing their home at a higher price in Spring than they could today. This could be a winning strategy, especially if the builder is not interested in customizing or looking for potential custom home buyers.

Recent Westport New Construction Spec Home Sales 2013:

Residential home values are generally based upon comparable sales. Following are some examples of recent Westport new construction sales.

Compo Beach
23 Burnham Hill$3,312,5006550 sf.37 acre
38 Burnjam Hill$3,356,0007000 sf.76 acre
15 Yankee Hill Road$5,720,00010,000 sf1 acre
Long Lots/Hunt Club
7 Pumpkin Hill$2,762,0006890 sf1 acre
4 Peach Lot Place$2,955,0007475 sf1 acre
7 Sprucewood Lane$3,675,0008500 sf1 acre
Old Hill
11 Woodside Lane$2,675,0007200 sf2 acres
5 Old Hill Farms Road$4,300,0008800 sf1 acre
Red Coat/Coleytown
6 Bumblebee Lane$2,830,0006275 sf1 acre
Greens Farms
2 Pritchard Lane$3,500,0008500 sf1 acre
359 Greens Farms Road$3,550,0007335 sf2 acres

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WBCH is the exclusive sales agent for premier Westport building firm Bluewater Home Builders. Offering spec as well as custom homes, Bluewater would be happy to meet with you to discuss their upcoming spec projects, customizing one of their upcoming projects to reflect your personal vision or creating a custom home incorporating all of your preferences in a new home!