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Tuesday, June 02, 2015

Real Estate Report: No Bubble-Like Growth Here

By Judy Szablak

Westport’s real estate market has been slowly gaining ground over the last few months, and even though we would like to see it pick up a little more than it has this year, we should count our blessings. Image
Featured Home: This home at 7 Roshab Lane, off of Greens Farms Road, is listed at $1.9 million. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/Jeanette Dryburgh & Associates

Some areas of the country are experiencing bubble-like growth. However, our steady pace fares much better for the long term.

Yes, some economists are concerned for these markets. In fact, David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices, said recently that given the long stretch of strong reports, it’s no wonder some are asking if we’re in a new home price bubble.

“The only way you can be sure of a bubble is looking back after it’s over,” he said. “The average 12-month rise in inflation adjusted home prices since 1975 is about 1 percent per year compared to the current 4.1 percent pace, arguing for a bubble.”

Luckily, we don’t have to be concerned about a price bubble. Westport has been inching upward in recent weeks to a balanced real estate market, where neither sellers or buyers have the upper hand in negotiating.

Sellers should be fully aware that even though we are still in the midst of the spring season, that they should not price the home too aggressively. The seasonal summer slowdown is almost upon us.

Market Stats

There are now 382 homes that are are actively on the market. These currently available properties have been listed for an average of 94 days, with a cumulative market time of 159 days. The average list price is now $2,328,394 and the median price is now $1,814,000.

A contemporary home on 8 Bluewater Lane is the highest priced home for sale at $11,995,000, and the lowest available priced home is a three-bedroom home on Crescent Park Road for $368,000.

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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn.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

Fourteen properties have gone under the initial deposit stage, which we call CTS, and 10 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 10 properties was $1,317,000. There are currently 42 homes in CTS status throughout Westport, and another 60 properties scheduled to close town-wide, with an average price of $1,814,782.

Closings: There were 10 single family homes reported as sold in the last week, and they were listed on average at $2,482,990, with a market time of 174 days.  There were 108 status changes in the last seven days.

Condos: There are 11 condominiums that are available, and they have been listed an average of 77 days, with a cumulative market time of 101 days. Their average listing price is $735,182 and the median price is $539,000.

The highest priced condos in town are both listed at $1,279,000 and are three-bedroom homes located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Whitney Glen for $399,000.

There was one new listing, and no homes came back on the market after being under deposit. There was one price change, and three properties entered into the initial stage of deposit. No homes entered into pending status.

There are three properties town-wide that are currently in CTS status, and there are three homes scheduled to close, with an average price of $741,300.

One sale was reported during the last week, and was listed at $710,000. There were seven status changes.

Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 41 homes or apartments available. The median price is $4,900 per month and the average price is $5,870 per month.

These year-round rental opportunities have been on the market an average of 34 days.

There are 36 short-term rental opportunities that are available, and they have been on the market an average of 54 days. Their average price is $15,137 and the median price is $11,500.

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 7 Roshab Lane, off of Greens Farms Road, is listed at $1.9 million.

This sparkling fresh five-bedroom colonial in Greens Farms is located on a quiet cul-de-sac, and offers nearly 5,700-square feet of living area.

The open floor plan is perfect for entertaining, and the multiple gathering areas all are sunlit and spacious

The living room has a marble fireplace with custom mantel and crown molding, and both the living and formal dining rooms have large bay window for exceptional sunlight.

A designer white kitchen has granite countertops, and top-of-the-line stainless steel appliances, and the center island seats three comfortably. The breakfast nook has two skylights, and a wall of windows overlooking the beautifully landscaped and scenic 2.09-acre grounds.

Double French doors from both the kitchen and the living room lead to a magnificent sunroom with cathedral ceilings and a fully windowed wall brings the outside view indoors, and overlooks the Gunite in-ground pool.

The skylit family room has a fireplace, flanked on either side by built in shelving, and the great room features rich wood paneling and a beamed cathedral ceiling, as well as a wet bar and floor to ceiling stone fireplace.

Upstairs, there are four bedrooms, including the master bedroom suite, which has a stunning marble bath with dual vanities and jetted tub.

The walk out lower level has almost 2,000-square feet of beautifully finished living area, and includes a massive playroom, an exercise room with sauna, and another en suite bedroom.

Schools—Greens Farms, Bedford, Staples.

Extras and items to note—main level guest suite, city water, city sewer, large screened porch, four full and one half baths, three fireplaces, 568-square foot deck, three car garage, finished walk up attic, heated Gunite pool.

Annual taxes $17,165.

Listing/photo courtesy of William Raveis Westport/Jeanette Dryburgh & Associates.

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


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