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The Real Deal: Home sales in Westport still sluggish

Updated 11:09 am, Thursday, July 10, 2014
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First half 2014 stats are just in. They show that the number of homes sold in Westport declined, but prices rose.

Sales have been sluggish since the first of the year. A harsh winter was blamed for slow sales in the first quarter, but the market failed to perk up in the March-June quarter. That surprised everyone, since 2013 was such a busy year.

In the six months ended June 30, 168 single family homes closed in Westport -- down 20 percent from the 211 closings same period in 2013, according to the Multiple Listing Service.

Average sale price for the first six months was $1,539,647 -- up 4 percent from 2013's average of $1,479, 552. (This number excludes two ultra-high-end transactions at $14.4 million and $20 million in the first half of last year in order not to skew the 2013 numbers.)

The good news is that there are 85 homes in Westport with accepted offers or contracts that have not yet closed. However, adding those to the year-to-date numbers yields a total that is still far below 2013 sales.

The jury is still out on whether our local market will catch up before the year is out. And no one has yet come up with an explanation of why the 2014 market has been so sluggish to begin with.

As a market analyst in my life prior to real estate, I have found the 2014 local real estate market to be perplexing, especially in light of remaining pent-up demand, the improving economy and continued low interest rates. Stay tuned.

Evi Coghlan's "The Real Deal" appears every other Friday. She is a licensed real estate agent with the Riverside Avenue office of Coldwell Banker and a former marketing consultant to Fortune 100 companies. Evi may be reached at 203-247-6691, evi@evicoghlan.com, or visiting www.evicoghlan.com.