About Westport's Greens Farms

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Westport - Greens Farms Real Estate Update

June 2008

It has been a very different six months for Greens Farms Real Estate. Coming off a superb 2007, everything looked like this neighborhood was immune to any of the national or regional real estate slowdowns. However, we now are experiencing home sales being off almost 60% from last year. This is an average of just over 2 homes sold per month. With an inventory of 39 homes for sale, this means that we have a 20 average market time.

With only 13 sales, we don't want to put too much weight on the sales numbers. However, we are showing a 17-29% drop in Average Selling Prices. This is one of the largest drops Westport has seen in any neighborhood. The silver lining is this is a great time to buy and there are some great values to be had in one of the most desirable locations in all of Westport!

Greens Farms Update

March 2008

Well, it is hard to tell if 2008 has started! After three full months there have been only 3 homes sold. This is 70% below the prior year. Prices are off significantly too. Based on just three sales I wouldn't read too much into the price trends, there are just not enough sales. However, that is the real point. No one is buying. Greens Farms had a phenomenal year in 2007. What makes 2008 different? We will just have to wait and see which issue is becomes the real driver - the mortgage crisis, the election, layoffs in the NYC Financial sector, the war in Iraq or something else we haven't thought of yet?

Like a good page turner, this year in Westport Real Estate is going to keep us on the edge of our seat!

I thought this would be a longer article especially with the Greens Farms neighborhood in Westport, CT coming off such an exceptionally strong 2007 with 47 homes sold. That't right almost one per week. Well after two full months of the new year, we have sold exactly ZERO homes.

This year is starting off to be the slowest in a long, long time. Our local economy is fine. The national crisis in the mortgage sector is having an impact just the same. Stay tuned for more updates...hopefully some homes will sell soon!

PS Some help is on the way, 2 have sold so far in March. That puts us on track for 8 this year....down just a little from 47 in 2007.

Greens Farms Real Estate - 2007 Yearend Update

Hot, Hot, Hot! That's the best description of the Greens Farms Real Estate Market. Home Values are shooting skyward faster than a Flash Gordon rocket! Obviously, this neighborhood in Westport, CT is not impacted in the least by the nationwide Mortgage Crisis.

Unit Sales are up over 20% from last year. Amazingly, the Median Price and Average Selling Price are both up over 56% from two years ago. This could well be the hottest Real Estate market in the country. Three of the top five sales went for over Asking Price. Here are the top two examples: 65 Turkey Hill - Martha Stewarts former abode - had an Asking Price of $4.5 Million and sold for $6.7 Million while 132 Beachside was Asking $9 Million and closed at $10.4 Million. This is one Red Hot Market!

If you would like more details on Homes for Sale in Westport and Greens Farms or on recently sold properties, please visit my web site at http://www.tetreau.com/