Spurred by the uncertainty of new tax policy, Westport single-family home sales surged during the final two months of the 2012. The fourth quarter gained 43 percent, effectively pushing sales into the plus column for the year. Unit sales posted an annual gain of 4.9 percent. Prices also reflected a modest gain, 2012 vs. 2011. Average selling price was $1,401,041, up 4.6 percent, although only half the homes sold above $1,210,000. 

Larger homes dominated the market. Homes with 5 or more bedrooms accounted for 40.7 percent of sales. As might be expected, the highest price points were predominantly new construction homes. Overall, 19.4 percent of single-family homes sold for $2 million or more. Of these, 81.4 percent were new construction homes, with an average selling price of $2,357,323.

The flurry of year-end sales was unaccompanied by a match in new listings, resulting in very low inventory at the end of December. Eighteen homes came on the market during the first two weeks of January, bringing current inventory to 193...