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Tuesday, April 18, 2017

Real Estate Report: First 30 Days Critical

By Judy Szablak

Special to WestportNow

While the market is quite active in Westport, sellers should not throw caution to the wind when pricing their home.

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Featured Home: This home at 117 Weston Road is listed at $1,375,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis — Westport

Sellers still need to price their homes in accordance with what the market will bear.

They should not get too aggressive with pricing a home beyond what its suggested market value indicates.

It may be perfectly acceptable depending on the available similar inventory, price range, location and/or amenities to increase the initial asking price.

But it is a fine line to know what is too much and what is fair, given the circumstances.

What most agents know, and that what many sellers do not understand, is that the first 30 days on the market will, in all likelihood, attract the highest bidder.

When a home first comes on the market, there is an existing buyer pool waiting for their perfect home, and they make every effort to see the property as quickly as possible.

That influx of immediate activity goes away as soon at they have seen the property. Then, it is just a matter of new buyers entering the market whose wants and needs match what is offered.

As one might imagine, it won’t be nearly as busy.

That first month is always very telling, and homeowners should pay close attention to what the market has indicated.

Generally speaking, for anything other than the upper-end properties and especially with our current activity levels, the market will have already determined that the price and/or marketing is not acceptable if the home is still available after this period. .

Waiting it out for an anticipated higher offer is not the best idea. Change what needs to be adjusted.

Market Stats

There are now 324 homes actively on the market, which have listed for an average of 115 days, with a cumulative market time of 214 days. The average list price is $2,150,390 and the median price is $1,692,000.

A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single family is a two-bedroom home on Hales Road for $300,000.

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

Eighteen properties have gone under the initial deposit stage, which we call CTS, and another 17 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 17 pending properties was $1,432,588. There are currently 61 homes in CTS status throughout Westport, and another 61 properties scheduled to close townwide, with an average price of $1,683,473.

Closings: There were eight single-family homes reported as sold in the last week, and they were listed on average at $2,026,000 with an average market time of 144 days. There were 98 status changes in the last seven days.

Condos: There are 11 condominiums that are available, and they have been listed an average of 107 days. Their average listing price is $747,754 and the median price is $798,900.

The highest priced condo is listed at $1,275,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $285,000.

There was one new listing this week, and no homes came back on the market. There were no price changes, and no properties went under the initial stage of deposit, or pending status.

There are three properties townwide that are currently in CTS status, and there are four properties scheduled to close, with an average list price of $892,645.

Two sales were reported during the last week, and were listed on average at $579,000. There were five status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 62 homes or apartments available. The median price is $6,175 per month and the average price is $7,091 per month.
These year-round rental opportunities have been on the market an average of 74 days.

There are 75 short-term rental opportunities that are available, and they have been on the market an average of 66 days. Their average price is $15,171 and the median price is $14,500.

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 117 Weston Road is listed at $1,375,000.

This 13-room Coleytown area colonial sits far back from the road on a private oasis and parklike lot.

Four finished levels are positively sparkling, have been exceptionally renovated, and comprise over 5,400-square feet of sunlit living area.

The living room has crown molding, and a marble surround fireplace that has a custom built elongated mantel with built-in storage, as well as French doors to the main level sunroom.

The dining room has crown molding, and another fireplace.

A chef’s kitchen has granite countertops along with a nicely designed subway-tile backsplash and stainless steel appliances.

Pendant lighting over the breakfast island that seats three comfortably also adds to atmosphere and warmth, along with a nicely sized informal dining area that leads to the 464-square foot deck overlooking the private 2.43 acre property.

The family room has a eamed cathedral ceiling, and specially designed built-in shelving and cabinetry.

Upstairs, the master bedroom suite has an oversized walk-in closet, and the resort-like bath has a granite-topped dual vanity, a whirlpool, and glass-enclosed shower.

There are three additional bedrooms on this level, with another on the third floor, as well as a large bonus room.

The finished walkout lower level with two full-sized picture windows includes a gym, great room and full bath.

A highly versatile layout can easily accommodate an au pair or in-law suite, as well as the perfect home office.

Schools — Coleytown Elementary, Coleytown Middle, Staples High.

Extras and items to note — four to five bedrooms, three full and one-half baths, two fireplaces, security system, skylight, natural gas, heated in-ground Gunite pool and spa with waterfall, professionally landscaped grounds, generator

Annual taxes are $15,391.

Listing/photo courtesy of William Raveis — 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 04/18/17 at 08:25 PM  Permalink



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