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Tuesday, September 12, 2017

Real Estate Report: Banner Week for New Listings?

By Judy Szablak

Special to WestportNow

It’s been a banner week for new listings in Westport, or has it?

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Featured Home: This home at 9 Blind Brook Road North is listed at $2,300,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s International Realty — Westport

A common myth of the market is perception, which is not always reality.

Forty-two new listings have come on the market in the last seven days, which is a significant amount by anyone’s standards, and they represent almost 12 percent of our entire single family inventory.

However, upon a closer look, 20 of those properties have recently been on the market, and were just re-listed.

Two had price increases, four were re-listed at the same price and the rest were returned to the market at a reduced price. These 20 homes already have an average market time of 164 days, with a high of 487 days, and a low of 42 days.

September generally experiences a surge in inventory due the end of summer vacations, the back-to-school season, and the pending arrival of fall after the Labor Day weekend.

The idea of returning to the marketplace just after the holiday is appealing to those who recognize that the mid- to late-summer market tends to be on the quiet side.

Market Stats

There are now 356 homes that are actively on the market that have been listed for an average of 118 days, with a cumulative market time of 205 days. The average list price is $2,092,598 and the median price is $1,599,000, which is the lowest it has been for quite some time.

A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a four-bedroom home on Saugatuck Avenue for $339,000.

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the market in the last seven days, and six properties came back on the market after being under deposit, or temporarily withdrawn.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

Ten properties have gone under the initial deposit stage, which we call CTS or Show, and another seven properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of those seven pending properties was $1,184,414. There are currently 21 homes in CTS/Show status throughout Westport, and another 33 properties scheduled to close townwide, with an average price of $1,304,403.

Closings: There were 10 single family homes reported as sold in the last week, and they were listed on average at $2,463,690 with an average market time of 113 days. There were 125 status changes in the last seven days.

Condos: There are 10 condominiums that are available, and they have been listed an average of 104 days. Their average listing price is $855,790 and the median price is $727,450.

The highest priced condo in town is listed at $1,395,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Whitney Glen for $450,000.

There were no new listings this week, and one home came back on the market. There were two price changes, and no properties went under the initial stage of deposit. No homes entered pending status.

There are three properties townwide that are currently in CTS/Show status, and there are two properties scheduled to close that are listed on average at $1,017,450.

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

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 85 homes or apartments available. The median price is $4,400 per month and the average price is $5,825 per month. These year-round rental opportunities have been on the market an average of 72 days.

There are 31 short-term rental opportunities that are available, and they have been on the market an average of 119 days. Their average price is $10,282 and the median price is $8,000.

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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.

Featured Home

This home at 9 Blind Brook Road North is listed at $2,300,000.

This 17-room Nantucket-style colonial is on a cul-de-sac in the Old Hill neighborhood, and boasts the finest craftsmanship along with exceptional millwork and details throughout its 6,942-square feet of living space.

The sunlit living room has crown moldings, and a fireplace with custom milled mantel.

An exquisite dining room has layered crown molding, an octagonal tray ceiling, and custom recessed panel wainscoting. The butlers pantry is equipped with an ice-maker as well.

A generously sized gourmet kitchen features Viking and Subzero appliances, and has granite counters along with a custom designed backsplash. The center island has a contrasting granite top and seats three comfortably, and the spacious breakfast nook has French doors out to the 1,193-square foot bluestone patio and outdoor kitchen.

The family room with fireplace is open to the breakfast nook area, overlooks the level .55-acre lot and has and additional set of French doors to the patio.

A handsome main level library/office has coffered ceilings, recessed panel wainscoting, another fireplace, and another set of French doors.

Upstairs, the luxurious master suite with sophisticated tray ceiling and romantic fireplace has a double door entry and a separate sitting room, which can easily double as a nursery if needed. There are two walk-in closets, and the marble bath has a free-standing tub, separate glass enclosed shower, and separate water closet.

Four additional bedrooms are on this floor; two of which are en suite, and the other two share a Jack and Jill style bath.

A bonus room on this level is perfect for a home theater or gym, or can easily be converted to another bedroom.

The finished third level offers yet another opportunity for a media room or recreation area, and the full bath makes it easily suitable for an in-law or au pair suite if so desired.

Schools — Kings Highway Elementary, Coleytown Middle, Staples High

Extras and items to note — five bedrooms, five full and two half baths, four fireplaces, 10-foot ceilings throughout, four finished levels, three-car garage, public water and sewer, security system, central vacuum system, smart home automation, hydro-air heating system, twin 24-foot covered porches, expansive outdoor kitchen with grill, refrigerator and storage, underground sprinkler, whole house generator, pool site, access to Nash’s Pond.

Annual Taxes are $30,500.

Listing/photo courtesy of William Pitt Sotheby’s International Realty — Westport.


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 09/12/17 at 05:03 PM  Permalink



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