Westport Condos
Westport is a historic town in Bristol County. It has a resident population of about 15,530 people. It was settled in 1670 and has a classic layout with a main street and several villages. The town is near Cape Cod, which is one of the most popular tourist destinations on the East Coast during the summer months. Nearby roadways include I-195, US Route 6, Route 88, and Route 177. Public transportation is available through bus service, courtesy of the Southeastern Regional Transit Authority (SRTA). Regional bus service is available in Fall River. As of 2018, a commuter rail service is in future plans. The closest airport is the New Bedford Regional Airport, which is about eight miles away. With its charming town center, which has boutique shops, cafes, and restaurants, and its proximity to top beaches, this town is an appealing place to live for those wanting small town life but still keep Boston within reach. The town has several distinct neighborhoods with their own unique personalities and their own names. The neighborhoods are North Westport, Westport Point, Central Village, Head of Westport, and Westport Harbor, which is a scenic neighborhood on the western side of town. It is physically separated from the town by the Westport River. North Westport borders Central Village, which is right in the center of town. Both neighborhoods have most of the town's businesses, offices, and retail shops. They also contain many cafes, restaurants, bakeries, and personal services like salons and barber shops. As with many towns and cities in Massachusetts, the town's home values have been increasing over the past several years, which means now is the time for buyers to get a good deal.
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If you're looking to move to the area, contact our office for assistance, as we are experienced in helping people relocate to the area. From searching for a mortgage to explaining the buying process and market forecast, our goal is to work with you to find a special new place. Among condos, the average sales price is $289,875 as of early 2018. New listings on the market are evenly split between two price categories. The first is townhouses priced between $200,000 and $400,000. The second price category is $400,000 to $600,000. The majority of sales (75%) are for properties between $200,000 and $400,000. Only about 25% of sales are for properties below $200,000. In the past year (since 2017), the ratio of new listings to sales has been about even. For a few months early in 2017, the rates of new listings significantly exceeded sales rates. The price ratio between the listing price and actual sales price was a bit more erratic between 2017 and 2018. While both numbers fluctuated over the course of the year, listing prices were generally higher than the sales prices. The difference between the two numbers ranged from around $10,000 to over $100,000. Median and average listing prices followed a similar path from 2017 to 2018. At some points, however, the median price slightly exceeded the average, but the difference was never more than $20,000. The listing price also influences the average amount of time that homes remain on the market. Homes in the price range of $400,000 to $600,000 stay on the market for an average time of 195 days before selling. Homes priced between $200,000 and $400,000 remain on the market for about 148 days. Properties priced between $200,000 and $400,000 remained on the market for just under 80 days. Homes priced below $200,000 stayed on the market for just over a month (approximately 40 days) before selling. Homes priced higher than $600,000 are a very small part of the market, and their time on the market is not included in the data for list and sales price from 2017 through 2018. The seasons also have an influential role in house sales. New listings appear most often in the spring and early summer months, and they continue to be higher through the fall. In 2017, most new listings appeared in July. April, June, and October were also active in terms of new listings. For actual sales, July, August, and September had the highest volume. April was close behind. Revenue from monthly sales also varied throughout the year. Sales volume was highest in July, which had about $400,000 worth of sales. The second most active month was September, which had about $322,000 worth of sales. August was the third most active month, with a total sales volume of $295,000. In 2018, the median home value for all residential properties is $380,753. This marks a 5.9% increase from 2017. Median home values are forecast to continue on an upward trend through the end of the year. By 2019, median home values are projected to be another 3.7% higher than they are in 2018. The median list price, as expressed in price per square foot, is $258. This price is greater than the median price per SF in the Providence metropolitan area, where the average is $200. In dollars, the median price of homes is $468,000. The median listing price is the highest in 2018 that it's been in the past seven years. Listing prices hit their lowest point of recent history in 2011, which is when the housing market took a downturn. In 2011, the median listing price was $291,000. This figure changed little in 2012. By 2013, the median listing price was on the rebound, with an average of about $301,000. Median listing prices dropped slightly to $314,000 in 2015 from $318,000 in 2014. However, they started to climb in 2016, when the median listing price surged to $328,000. Many factors affect home value, including foreclosure. In 2018, about 4.6 homes out of every 10,000 are foreclosed on each year. This is higher than the foreclosure rate in the Providence metropolitan area, which is 4.2 homes out of every 10,000. It is about four times greater than the national foreclosure rate, which is 1.6 homes in every 10,000. The number of delinquent mortgage payments is 1.5% as of 2018, which is 0.1% lower than the national rate of delinquent mortgage payments. The percentage of homeowners who are underwater on their mortgage (meaning they owe more than the home's value) is 4.3%, which is less than the rate of 9.5% in the Providence metropolitan area.
The market is equally promising for sellers. If you're ready to sell a home, contact us for assistance, as selling is another one of our specialties. Selling a townhouse is different than selling a traditional home, and it helps to have an expert help you out. Your home will need to pass an inspection before you can legally sell it, which means you'll need to get it ready in whatever means necessary to pass the inspection. Having quality photographs goes a long way in making your home appealing, which means that you'll need to take pictures or hire a staging professional to help. When buyers start to show interest, you'll then have to set up appointments to show the house in person. The final, and one of the most important steps, is finalizing the contract and setting a firm closing date. It helps to work with an agent who knows townhouses, as he or she can point out good selling features to prospective buyers. Our staff is knowledgeable of this niche market, and we look forward to helping you sell fast and with confidence.
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