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Tuesday, January 13, 2015

Real Estate Report: Statistics Don’t Tell Whole Story

By Judy Szablak

There are a number of positives to Westport’s real estate market, and looking at just a particular set of statistics can give an uninformed view to those interested in selling or buying a home.

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Featured Home: This home at 36 Hyde Lane is listed at $2,795,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis-Westport/Leslie Clarke Homes

Some statistics: unit sales are down more than 31 percent during the last three months as compared to the prior four-to-sixth month period, and the current housing supply estimated at 10.5 months is more than double what it was over the same period three to six months ago.

That may seem dismal, but the rest of the story isn’t. Average market time is down almost 32 percent, and the average sales price to list price ratio is up almost 2 percent overall.

Different price pockets in town are enjoying more activity than others, and of 37 homes that entered into some stage of deposit over the last three months, properties in the $850,000-$900,000 range and homes in the $1.2 million to $1.3 million range have shown some good activity. Lastly, the $2.75 million to $4 million range is not too far behind.

A few neighborhoods that continue to be in demand include Coleytown, Compo Beach, and the Hunt Club areas.

When looking to buy or sell in Westport, all of the data will tell a story, not just some of it.

Market Stats

There are now 233 homes that are are actively on the market. These currently available properties have been listed for an average of 130 days, with a cumulative market time of 240 days. The average list price is now $2,549,008 and the median price is up slightly to $2,195,000.

A four-bedroom home on Beachside Avenue with 7.13 acres is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $399,900.

Twenty-three new listings came on the market in the last seven days, and five properties came back on the market after being under deposit, or temporarily withdrawn. Fifteen properties had a price change.

Four properties have gone under the initial deposit stage, which we call CTS, and another five 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 five pending properties is $1,442,400. There are currently nine homes in CTS status throughout Westport, and another 36 properties scheduled to close town-wide, with an average price of $2,696,344.

Note: Two properties in pending status for $11,500,000 and $12,985,000 were excluded from this average, so as not to give an elevated reading on the market.

Closings: There were eight single family homes reported as sold in the last week. These homes were listed on average at $2,138,125 and sold with an average market time of 108 days. There were 68 status changes in the last seven days.

Condos: There are four condominiums that are available, and they have been listed an average of 79 days. Their average listing price is $490,540 and the median price is $456,900.

The highest priced condo in town is $699,000 and is a two bedroom home located at Harvest Commons, and the lowest priced unit for sale is a three bedroom home on Hills Lane for $349,000.

There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and no property entered into the initial stage of deposit. No homes entered into pending status.

There is one property town-wide that is currently in CTS status, and there are two homes scheduled to close.

No sales were reported during the last week, There were two status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 51 homes or apartments available. The median price is $4,500 per month and the average price is $5,175 per month. These year-round rental opportunities have been on the market an average of 92 days.

There are 17 short-term rental opportunities that are available, and they have been on the market an average of 83 days. Their average price is $5,603 and the median price is $4,500.

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.

Featured Home

This home at 36 Hyde Lane is listed at $2,795,000.

This newly built six-bedroom transitional home is located in the desirable Hunt Club area, and it is simply grand in every way—from the high-end designer finishes to three levels of outstanding craftsmanship by Sabin Builders.

The gracious floor plan has an abundance of natural light, a thoughtful and open flow, and is beautifully highlighted with stunning custom mill work and custom finishes throughout its 14 rooms and 7,687 square feet of living area.

The living room has a tray ceiling, custom built bookcases, and a gas fireplace with stone surround.

An elegant dining room has a tray ceiling with cove lighting, and a built-in buffet with glass front interior lit cabinetry. An over-sized butler’s pantry has marble tops and backsplash, sink, dishwasher, wine fridge and walk-in pantry.

A custom designed gourmet kitchen has high-end cabinetry with Calacatta marble counter-tops, a 10-foot long breakfast island, and an additional prep area. The breakfast nook overlooks the level one acre yard from two of the four sets of French doors in the rear of the home.

The family room is open to the kitchen area and has a stacked floor-to-ceiling fieldstone fireplace, and a bead-board tray ceiling, as well as two more sets of French doors leading to the New York blue-stone patio and private rear yard.

A main level office has beautifully finished wall wainscoting, floor-to-ceiling cabinetry, built-in bookcases and ample storage.

Upstairs, a romantic master bedroom suite has a paneled ceiling, a fireplace with Ocean Blue Travertine stone surround, and two walk-in closets. The master bath has a freestanding soaking tub, frameless shower, dual vanities and a Calacatta stone floor. 

There are also four additional en suite bedrooms on this level, and two share a Jack and Jill-style bath.

The lower level features a sixth en suite bedroom as well as a media room, pre-wired recreation room, and an exercise room with specialty flooring.

Schools: Long Lots, Bedford, Staples.

Extras and items to note—9-foot-plus​ ceilings, five full and two one-half baths, six zone hydro-air heating, second floor lounge/office area with double desks and custom drawers, pre-wired sound system, security system, Hunter irrigation system, pool site.

Annual taxes have yet to be determined.

Listing/photo courtesy of William Raveis-Westport/Leslie Clarke Homes.


Judy Szablak
(Editor’s Note: Judy Szablak of Coldwell Banker Westport - Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.

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Posted 01/13/15 at 10:34 PM



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