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Wednesday, July 19, 2017

Real Estate Report: Increased Price Reductions Do Not Signal Buyer’s Market

By Judy Szablak

Special to WestportNow

There have been a noticeably high amount of price reductions in Westport over the last 45 days. However, that does not signal a buyer’s market.

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Featured Home This home at 10 Stonybrook Road is listed at $5,299,000.  (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker/ M & D Properties

Contrary to what some buyers may think, a price reduction does not necessarily signal distress on the seller’s part.

It is more of an acknowledgment that the suggested asking price was not in line with the market.

Price adjustments are indicated whenever a property has received little or no showings. Additionally, when there have been a number of showings with no offers, it suggests that the home is priced slightly above where it should be in order to effect an offer and sale.

Homeowners wishing to sell understand that we are at the tail end of the seasonal market, and those who were “fishing” or hoping for the highest price the market would bear realized that it’s time to make adjustments.

That doesn’t mean that we are done for the year. Although August is traditionally a slower time, the fall brings about a new buyer pool who wish to close before year’s end.

Market Stats

There are now 386 homes that are actively on the market, which have been listed for an average of 113 days, with a cumulative market time of 199 days. The average list price is $2,147,089 and the median price is $1,664,000.

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.

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market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn.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

Seven properties have gone under the initial deposit stage, which we call CTS, and another 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 those 11 pending properties was $1,474,182. There are currently 30 homes in CTS status throughout Westport, and another 52 properties scheduled to close townwide, with an average price of $1,500,795.

Closings: There were 19 single family homes reported as sold in the last week, and they were listed on average at $1,890,889 with an average market time of 110 days. There were 117 status changes in the last seven days.

Condos: There are 10 condominiums that are available, and they have been listed an average of 62 days. Their average listing price is $831,780 and the median price is $790,450.

The highest priced condo in town is listed at $1,198,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a three-bedroom home on Whitney Glen for $450,000.

There was one new listing this week, and no homes came back on the market. There was one price change, and one property went under the initial stage of deposit.

There are three properties townwide that are currently in CTS status, and is one property scheduled to close that is listed at $499,000.

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 71 homes or apartments available. The median price is $4,950 per month and the average price is $6,325 per month.

These year-round rental opportunities have been on the market an average of 67 days.

There are 48 short-term rental opportunities that are available, and they have been on the market an average of 128 days. Their average price is $14,914 and the median price is $12,250.

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 10 Stonybrook Road is listed at $5,299,000.

A positively exquisite custom shingle style colonial in the sought after Old Hill area is the epitome of elegance and versatility.

The grand two-story sunlit foyer sets the stage for this magnificent 10,024-square foot home with exceptional mill work and bleached oak floors, which are throughout the main level.

The formal living room features a glass in-wall fireplace surrounded by built-in shelving.

The dining room has a tray ceiling, and large windows bring in the sunshine. The butler’s pantry with marble counters includes a 50-bottle wine fridge, dishwasher and sink.

A gourmet kitchen with white Italian marble counters has high-end stainless steel appliances, and the contrasting wood topped breakfast island seats five comfortably.

The breakfast nook overlooks the private and professionally landscaped 2.04 acres, and a covered patio is perfect for alfresco dining.

The family room with coffered ceiling and fireplace is open to the kitchen, and includes an integrated 65-inch flat screen television.

The main level also includes a guest suite with tray ceilings, fireplace, and full bath as well as sitting room. This wonderfully versatile area is suited well for a main level master or in-law or nanny suite. French doors from both the bedroom area and the sitting room lead outside.

Upstairs, the master bedroom suite with Juliet balcony and fireplace has two separate dressing rooms, and a luxurious bath with radiant heated flooring, a Bain ultra tub, steam shower, and separate water closet.

Four additional bedrooms are on this level, and two are en suite.

The partially finished third floor has a playroom, or fantastic yoga space as well as unfinished area for storage and pre- plumbed bath.

The walkout garden level includes a 122-inch screen acoustically paneled theater room with 3D projector, as well as a billiard room with kitchenette and sink, an exercise room with rubber flooring, and a bedroom and full bath. 

Another finished area in this level has an About Golf simulator which has been featured on the Golf Channel, and includes a driving range feature, screen, protective curtains, access to 40+ golf courses, cameras for analyzing swing, mini golf & skee ball. This installation is available for purchase to the new owners

Extras and items to note — built in 2012, seven bedrooms, six full and two half baths, three fireplaces, 10-foot ceilings on main level, 9-foot ceilings on upper and garden levels, Lutron lighting system, security system, audio system with Savant controls, second well for irrigation, Geothermal energy system, elevator-ready, 20KW generator, screened porch with granite floor, three-car garage, outdoor fireplace/barbecue, room for pool or tennis.

Annual taxes are $42,029.

Listing/photo courtesy of Coldwell Banker/ M & D Properties.

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.


Posted 07/19/17 at 10:31 AM  Permalink


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