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Wednesday, January 25, 2017

Real Estate Report: Market Time Important

By Judy Szablak

Special to WestportNow

When determining Westport home values, market time is important to take into account along with prior similar sales.

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Featured Home: This home on at 2 Woodhill Road is listed at $2,195,000. (CLICK TO ENLARGE) Photo courtesy of Berkshire Hathaway NE Properties/Stamford

Our MLS determines market time in days. We also have a cumulative market time reference, which we include in our statistics.

The cumulative market time takes into account the actual days on market of any particular home that has been relisted either by the original broker or subsequent agent within 90 days of the expiration date of the original listing.

The cumulative days on market (CDOM) indicator is important, and it tells a different story on any home for sale, rather than just relying on standard market time.

For example the average market time of available properties in town is 142 days, and the 271 CDOM represents a town wide average Remember, these properties have not sold yet, and their market time will only increase as the days go by.

Currently, 25 percent of our inventory has been available for less than 30 days. Cumulatively speaking, 34 percent of our inventory has been available between six months and one year. Another 56 properties that are available have been on the market greater than one year, 15 of which have been available for two years or more.

Generally, longer market time is indicative of the higher price brackets, and not in our median range or lower. The CDOM for homes averaging $2.45 million is between six and 12 months, one to two years for homes averaging $2.62 million, and over three years for properties averaging $3,120,000.

When the more active agent population notices that a home has been on the market for a long period of time, it sends a subliminal message, as the home may appear “stale” to the market, or be deemed overpriced. Buyers also have access to this information.

If and when a home falls into this category, a definitive change in pricing and/or marketing is suggested. In other words, you cannot expect to get different results without doing anything differently. We are coming into peak season, and preparation is key.

Market Stats

There are now 257 homes on the market, which have been listed for an average of 142 days, with a cumulative market time of 271 days. The average list price is $2,261,804 and the median price is $1,749,000.

A home on Beachside Avenue is the highest priced property for sale at $32 million and the lowest available priced single family is a two-bedroom cape on Hale for $470,000.

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

Seven properties have gone under the initial deposit stage, which we call CTS, 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 $2,643,143. There are currently 19 homes in CTS status throughout Westport, and another 35 properties scheduled to close townwide, with an average price of $1,593,617.

Closings: There were five single-family homes reported as sold in the last week, and they were listed on average at $1,786,500 with an average market time of 151 days. There were 58 status changes in the last seven days.

Condos: There are eight condominiums that are available, and they have been listed an average of 100 days. Their average listing price is $671,113 and the median price is $768,950.

The highest priced condo in town is listed at $1,025,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $299,000.

There were no new listings 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. One home entered pending status.

There are four properties townwide that are currently in CTS status, and there are two properties scheduled to close.

One sale was reported during the last week, and was listed at $226,581. There were four 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 $4,000 per month and the average price is $6,106 per month.

These year-round rental opportunities have been on the market an average of 84 days.

There are 34 short-term rental opportunities that are available, and they have been on the market an average of 91 days. Their average price is $14,922 and the median price is $11,400.

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 on at 2 Woodhill Road is listed at $2,195,000.

This master crafted custom built 12-room colonial is on a convenient cul-de-sac in the Greens Farms area, and has over 5,500-square feet of living area, with all the custom splendor and “bells and whistles” that one could possibly hope for.

It is immediately apparent as you enter through the 8-foot mahogany door that extraordinary attention to every detail was tended to in a grand yet livable fashion with impressive masonry, custom millwork and finishes throughout its well-designed floor plan.

The living room has an elegant deep coffered ceiling and a fireplace with handcrafted mantel. A columned entrance leads to the formal dining room, which has crown molding and recessed panel wainscoting.

The designer gourmet kitchen boasts top of the line appliances, granite tops with tumbled marble backsplash, and a walk-in pantry.  A two-tiered contrasting breakfast bar with beverage fridge seats three, and the spacious breakfast area has scenic views of the very private backyard.

The family room is open to the kitchen through a columned entrance. Its floor-to-ceiling stone fireplace has a raised hearth, and there are two sets of transom topped French doors that lead to the 540-square foot granite patio that overlooks the beautifully landscaped .67 acre grounds, with perimeter arborvitae trees to ensure privacy.

A main level library has rich wood paneling, plenty of built-ins and wainscoting, and is accessed through dual French doors.

Upstairs, the entire right wing of the home is dedicated to the master bedroom. The privacy suite has a tray ceiling, two large walk-in closets, and a luxurious honed marble and limestone bath with jetted tub, separate glass enclosed shower and water closet.

Four additional bedrooms are on the second floor. Two share a “Jack and Jill” style bath, and two are en suite.

A large bonus room on this level can easily double as an expansive au pair suite, or second floor media room. The walk-up attic can be finished for additional living area, if so desired.

The finished lower level adds another 1,500 square feet of living space, and has a playroom and another full bath.

Schools — Greens Farms Elementary, Bedford Middle, Staples High.

Extras and items to note—Five bedrooms, five full and two one-half baths, two fireplaces, security system, nine-foot ceilings on all levels, public water and sewer, outdoor shower, heated pool/spa, granite patio, custom irrigation system, full house generator.

Annual taxes $26,231.

Listing/photo courtesy of Berkshire Hathaway NE Properties/Stamford.

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 01/25/17 at 02:34 PM  Permalink


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