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Thursday, January 23, 2014

Real Estate Report: What Can You Expect for $2.6M ?

By Judy Szablak

What kind of home can you expect to get in town as the average price of a home in Westport nears $2.6 million?

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This colonial at 85 Old Hill Road is listed at $2,449,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group-Westport

With fewer than 20 percent of the 203 properties currently available falling within a small percentage of our overall average price, a detailed review of these 36 homes shows that one can reasonably anticipate to find a 4,800-square foot five-bedroom colonial with at least 10 rooms, a total of six baths on at least three-quarters of an acre, with city water and a security system.

While there is less than a 20 percent chance that a home in this range will have direct waterfront, there is a 50 percent likelihood that the home will have a pool. Expect a one-in-three probability to be on a cul-de-sac , and a 50-50 chance of having a three-car garage.

Market Stats

There are now 203 homes that are actively on the market, and inventory is gradually improving. These currently available properties have been listed for average of 124 days, with a cumulative market time of 214 days. The average list price is now $2,574,886. The median price is fairly stable at $2,100,000.

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