Dear Friends,
Happy New Year! With January comes a feeling of new optimism, possibility and opportunity.
Across the board, 2023 brought far fewer real estate transactions than prior years. In Westport, sales volume was down 32% year over year — contrary to popular belief, this WAS NOT due to higher mortgage rates, but rather, due to far fewer homes on the market. (Accompanying graph shows price per square foot increases in Westport – +40% since 2022.)
Housing supply everywhere is lower than I’ve ever seen in my decades in the business. (New listings were down 50% year over year county-wide, and in Westport, down an even steeper 63.2%). This year, we are expecting further reductions in Interest rates, and gone is the talk of recession, So while we don’t anticipate prices to decrease any time soon, experts are predicting significantly increased sales volume – way more transactions – read more opportunity!
There are several reasons we are expecting more homes to come on the market in 2023 across the US. One important reason for this is homeowners enjoying their hefty recent value increases are becoming more antsy to capture this appreciation before the tide turns. And perhaps they are approaching historically-low 5 year ARMS as well.
And with the advent of lower rates, more buyers will re-enter – and realize their dreams.
Below is the link to the latest detailed market reports, information about Westport’s almost complete, super-luxurious in-town luxury condo complex at The Mill, and a shout-out to the hands-down, consistently favorite shop/cafe of so many clients – many who have moved away but pine for it still.
Wishing us all a short winter and an early spring!
My best regards,
I am proud to share that my teammates and I earned the #1 market position in Westport and Weston, CT home sales in 2023! The Bross Chingas Bross Team has ranked #1 for 11 years, and I am ready to apply our proven strategies to help you achieve your goals.
THE MILL – new, luxury condominiums with all the amenities of a fine custom home. Combining the architecture of a historic candle-wick mill with modern industrial features, creating a unique residential complex in the heart of Westport, Connecticut. You will enjoy a carefree lifestyle in refined surroundings, featuring amenities including a pool, gym, roof deck, and a concierge to attend to your every need.
Terrain’s flagship Westport store fuels my creative vision like no other, with an unmatched selection of inspiring home and garden inspo – natural products and signature style. Such a fun place to visit if you’re shopping for a home gift (for yourself or anyone else!) and always great to stop in the cafe for an up scale bite or a gourmet coffee.
Terrain | Inspired Garden & Home
@shopterrain @terrain_westport | 561 Post Road East, Westport, CT
VIEW ALL OF OUR LISTINGS
Joni Usdan of The Bross Chingas Bross Team
355 Riverside Ave, Westport, 06880