The Real Deal / Westport's realty market slow to blossom this spring
Published 3:04 pm, Monday, May 12, 2014
To date, the 2014 spring market in Westport has not lived up to expectations. Those in my profession are asking one another, "What happened?"
2013 was a banner year, with Westport homes sold up 34 percent and prices up 8.7 percent. December was crazy busy.
Then came the most brutal winter in recent years, and the market shut down. Everyone assumed that, as in 2011, pent-up demand would flood the market beginning around April 1.
However, that has not been the case so far. New inventory has failed to materialize at the usual pace. Much of what's on the market right now is overpriced and picked over. Buyers are fighting over the well-priced new listings that have appeared.
But it's not just the supply -- it's also a decline in demand. Ready, willing and able buyers at several usually-active price points (notably plus/minus $2 million) have failed to manifest in the way they usually do at this time of year.
To me, the most frustrating thing about the current market is that there's no apparent explanation for its about-face from the fourth quarter of last year.
Local agents reside in one of two camps. First is that the market will catch up. Second is that the market has reset at a much slower pace. I had been solidly in the first camp, but now I'm not so sure.
The next few months will tell the tale.
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, by emailing her at firstname.lastname@example.org, or visiting www.evicoghlan.com.