Tuesday, October 22, 2013
Real Estate Report: Seasonal Slowdown Arrives
By Judy Szablak
The fall season is upon us, and with it comes a seasonal slowdown in the Westport real estate market.
This home at 19 Greenbriar Road is listed at $1,645,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport
Home sales certainly won’t grind to a halt, but if you haven’t put your best foot forward to sell your home, your chances to move by the end of the year are less and less.
Consider this—there are more than 280 properties available for sale as of today, and history shows us that we can reasonably expect that less than 20 percent of what is on the market today will close in the next two months.
In order for your home to be sold by year’s end, it must stand out from the crowd—that is, it needs to be priced correctly, present itself well, as well as be available for last-minute showings.
At this time of year, make every effort to engage your buyers visually before they even enter the home by accentuating the positives outside and creating or enhancing curb appeal.
Add a pleasant fall touch with some mums outside, maybe a seasonal arrangement on the front porch, but nothing too excessive.
Minimize the negative by ensuring that fallen leaves are picked up as quickly as possible.
Remember that keeping it simple is best.
The market remains fairly steady with 283 homes that are actively on the market. The average list price of these available homes is $2,258,391, and these properties have been listed for average of 118 days, with a cumulative market time of 192 days. The median price is currently at $1,750,000.
The seven bedroom colonial at 2 Manitou Court is the highest listed property in town at $12,985,000, and the lowest available priced home is a two bedroom ranch on Crescent Park for $289,000.
Eleven new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Ten properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and eight 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 eight pending properties is $1,430,500. There are currently 25 homes in CTS status throughout Westport, and another 45 properties scheduled to close town-wide, with an average price of $2,146,547.
Closings: There were 14 single family homes reported as sold in the last week, were listed on average at $1,658,571, and sold with an average market time of 84 days. A standout sale was at 7 Lantern Hill, which closed at $3,250,000 with just 23 days on the market. There were 64 status changes in the last seven days.
Condos: There are six condominiums that are available, and they have been listed an average of 85 days. Their average listing price is $724,000 and the median price is $759,000.
The highest priced condo in town is $899,000 and is a three-bedroom home located at Regents Park, and the lowest priced unit for sale is a two bedroom home at Whitney Glen for $399,000.
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. One home entered the pending stage of deposit.
There is one property town-wide that is currently in CTS status, and four homes are scheduled to close that are listed on average at $554,500.
No sales were reported during the last week. There were two status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 62 homes or apartments available. The median price is $4,775 per month and the average price is $5,335 per month. These year round rental opportunities have been on the market an average of 59 days.
There are 29 short-term rental opportunities that are available, and they have been on the market an average of 56 days. Their average price is $5,814, 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.
This home at 19 Greenbriar Road is listed at $1,645,000.
Located in the highly desirable Charcoal Hill area of Coleytown, this pristine 12-room colonial has impressive living areas, a private two acre lot and is the beau ideal of perfection.
Originally built in 2002, this quality built four-bedroom home has impressive mill work and trim, and 10-foot ceilings throughout its three finished levels. Flexible entertainment options abound with over 6,400 square feet of living area.
A formal and classic living room has a fireplace, large windows to let the sun shine through, and specialty moldings.
The dining room has a beautifully designed tray ceiling, chair rails, and picture frame molding.
The gourmet kitchen has custom cabinetry with perfectly detailed trim work and granite counters and also features twin Sub-Zero refrigerators, two Miele dishwashers and a warming drawer.
There is a matching service island and a specious breakfast nook that overlooks the beautiful rear property through French doors.
The family room has coffered ceilings and is open to the kitchen. This comfortably elegant gathering area has a fireplace and wet bar.
The sunlit library/office is on the main level and has plenty of natural light through three walls of windows.
All four bedrooms are on the upper level, and all are en suite. An exquisite master bedroom suite has more beautifully crafted custom millwork, and includes a fireplace, sitting room, and dressing area with dual walk-in closets.
A luxurious spa bath has detailed crown moldings, and includes a jetted tub, and separate shower.
The lower level truly blends effortlessly with the main level and an open stairwell creates a consistent flow.to the bonus room and exercise room. Three sets of French doors lead outside to a nearly 1,100 square foot blue stone patio.
This home has all the bells and whistles, a flexible floor plan, and is perfect for entertaining.
Annual taxes are $23,342.
Listing/photo courtesy of William Raveis/Westport.