Wednesday, January 23, 2013
Real Estate Report: Usual Slow Period Not So Slow
By Judy Szablak
Westport is approaching the busy spring real estate market with a nice stride. The evidence is in the numbers.
This home at 5 Clifford Lane is listed at $1,798,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/ Christie’s Great Estates- Westport
During the last 90 days, traditionally not the busiest months for closings, there have been 84 single-family home sales reported in our multiple listing service. And just like most of last year, four- and five-bedroom homes are the properties of choice.
During this time, 32 four-bedroom homes were reported as closed. They had an average list price of $1,222,037 and average sales price of $1,155,719—equaling a sales price to list price ratio of 95 percent.
Five-bedroom home sales were just as brisk, with 33 homes reported as sold. Their average list price was $2,191,903 and their average sales price was $2,120,287. Five-bedroom homes had an even better sales price to list price ratio of 97 percent.
This is uplifting news for the market on two fronts—the sales price to list price ratio is climbing, and unit sales are experiencing great activity for this time period.
To put the unit sales into perspective, we have been averaging somewhere around the 360-unit sales mark on an annual basis over the past few years.
What is so encouraging about this year is the particular time period. As noted, it is usually the slowest of the year yet sales are averaging almost one closing per day.
There are now 203 homes that are actively on the market. The average list price of these available homes is $2,323,838 and these properties have been listed for average of 146 days, with a cumulative market time of 267 days. The median price has riden slightly to $1,775,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Twenty-five new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Eight properties had a price change.
Fourteen properties have gone under the initial deposit stage, which we call CTS, and 11 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these 11 pending properties is $2,053,364. There are currently 22 homes in CTS status throughout Westport, and another 39 properties scheduled to close town-wide, with an average price of $1,640,279.
Closings: There were seven properties reported as sold in the last week. Their average list price was $2,301,557, with an average market time of 124 days. There were 76 status changes in the last seven days.
Condos: There are seven condominiums that are available, and they have been listed an average of 308 days. Their average listing price is $672,714, and the median price is $639,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $299,000.
There was one new listing reported. No homes came back on the market after being under deposit. No properties entered the CTS stage of deposit, and no homes went into pending status.
There are no properties townwide that are currently in CTS status, and two homes are scheduled to close that are listed on average at $491,500.
Closings: There was one condo reported as sold this past week, and it was listed at $200,864. There were two status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 41 homes or apartments available. The median price is $5,200 per month and the average price is $5,576 per month. These year round rental opportunities have been on the market an average of 72 days.
There are 19 short-term rental opportunities that are available, and they have been on the market an average of 38 days. Their average price is $15,192, and the median price is $10,000. Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source: Market data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
This home at 5 Clifford Lane is listed at $1,798,000.
Vintage charm and graceful elegance abound in this sprawling home on a quiet cul-de-sac in the highly desirable Old Hill area.
This exceptionally cheerful 5,307-square foot home was originally built in 1951, and well designed additions create a “one of a kind” mini-estate right in the heart of Westport.
Its quintessential New England charm begins with the proverbial white picket fence, and lush level lawn.
The seamless integration of yesterday’s charm and today’s amenities by accomplished metro area interior designer Linda Heinzelman has given this romantically inspired and comforting 12 room home a special ambiance.
The sunken living room has a columned entrance from the foyer, and an oversized fireplace with custom built-ins and a wall of windows.
The dining room has picture frame molding, wainscoting with chair rails, and crown molding, as well as French doors to the tiled sun room, which has three walls of windows.
A sitting room can be accessed through French doors from the Family room, which has a handsome floor to ceiling stone fireplace with raised hearth, and built in shelving and cabinetry on either side. French doors lead to the patio and pergola overlooking the grounds.
The custom gourmet kitchen has top of the line appliances and a contrasting center island with skylight above, plus a sunlit breakfast nook.
There are three bedrooms on this level in a separate wing, and the master bedroom suite occupies the second floor. The luxurious master has a tray ceiling with crown molding, a separate dressing area, and a master bath with dual vanities and whirlpool tub.
With versatility unmatched, there is also a spacious home office or studio, which has a full bath, and could very easily be an in-law apartment or nanny’s quarters.
Extras and items to note: 20- by 40-foot heated gunite in-ground pool.
Annual taxes are $20,133.
Listing/photo courtesy of The Higgins Group/ Christie’s Great Estates- Westport.