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.
|23 Burnham Hill||$3,312,500||6550 sf||.37 acre|
|38 Burnjam Hill||$3,356,000||7000 sf||.76 acre|
|15 Yankee Hill Road||$5,720,000||10,000 sf||1 acre|
|Long Lots/Hunt Club|
|7 Pumpkin Hill||$2,762,000||6890 sf||1 acre|
|4 Peach Lot Place||$2,955,000||7475 sf||1 acre|
|7 Sprucewood Lane||$3,675,000||8500 sf||1 acre|
|11 Woodside Lane||$2,675,000||7200 sf||2 acres|
|5 Old Hill Farms Road||$4,300,000||8800 sf||1 acre|
|6 Bumblebee Lane||$2,830,000||6275 sf||1 acre|
|2 Pritchard Lane||$3,500,000||8500 sf||1 acre|
|359 Greens Farms Road||$3,550,000||7335 sf||2 acres|
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!