Wednesday, October 26, 2016
By Judy SzablakSpecial to WestportNow
When establishing a price on a home that you are either buying or selling in Westport, pay close attention to what the market is telling you.
While no two homes can be exactly alike due to differing amenities, lots, and/or location, there are a few determining factors that will always point to the right value.
Prior similar sales are significant, however proper adjustments would need to be made with the variety of closed inventory.
One of the most important reasons behind this is bank appraisals.
With more than 70 percent of buyers obtaining mortgages to purchase a property, it is imperative to remember that banks will insist upon a property appraisal.
The home itself is collateral for the loan, and the bank wants to ensure that its investment is safe in case of default.
If the property appraisal comes in undervalued, obtaining a loan could become difficult without either a seller price concession or additional deposit or down payment made from the buyer.
Current economic conditions, as well as supply and demand for a particular area, similar sized homes, location or amenities are also strong indicators as to what the highest side of reasonable could be for a property.
A low supply tends to drive up prices while a large supply brings them downward. An appraiser will also take this into consideration.
The more comparables and statistics one has to arrive at a price, the more accurate that price or price range will be.
Supply continues its seasonal decline, and there are now 329 homes on the market that have been listed for an average of 136 days, with a cumulative market time of 234 days.
The average list price is $2,205,023 and the median price is $1,729,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single-family is a five-bedroom cape on Ferry Lane East for $349,000.
Thirteen 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Sixteen properties had a price change.
Nine 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 $1,329,700. There are currently 20 homes in CTS status throughout Westport, and another 38 properties scheduled to close town-wide, with an average price of $1,527,137.
Closings: There were eight single family homes reported as sold in the last week, and they were listed on average at $1,746,875 with an average market time of 97 days. There were 72 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 70 days. Their average listing price is $582,850 and the median price is $527,000.
The highest priced condo in town is listed at $899,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom townhome on Hills Lane for $329,000.
There were two new listings this week, and no homes came back on the market. There was one price change, and no properties went under the initial stage of deposit. Two homes entered pending status, and their average price was $502,500.
There is one property town-wide that is currently in CTS status, and there are four properties scheduled to close.
No sales were reported during the last week. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 75 homes or apartments available. The median price is $4,350 per month and the average price is $6,046 per month.
These year-round rental opportunities have been on the market an average of 76 days.
There are 31 short-term rental opportunities available, and they have been on the market an average of 72 days. Their average price is $9,401 and the median price is $5,000.
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 GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
This home at 10 Fairfield Ave. is listed at $2,480,000.
This Nantucket-style beach house is just a short 100 feet away from Compo Beach, and was redesigned with an exceptionally versatile layout by JA Jamieson Architects.
Built in 2007, this tri-level four-bedroom home has water views from every floor, and a cheerful 2,883-square foot interior.
Both the living and dining rooms have specialty coffered ceilings and the living room also features a floor-to-ceiling native field stone fireplace.
The designer white kitchen is equipped with stainless steel appliances, and has granite counters with a mini-subway tile design tumbled marble backsplash. The contrasting center island seats five comfortably.
Upstairs, the master bedroom suite has a sunlit dressing area, an elegant marble bath with soaking tub and separate glass enclosed shower.
One of two additional bedrooms on this floor is en suite, as well as an office/den which could easily be another bedroom if so desired.
The third floor has another bedroom, a bath with skylit shower, and a bonus observatory area with skylight.
Extras and items to note—four bedrooms, three and one-half baths, two skylights, audio system, parking for four cars, city water and sewer, professionally landscaped .16-acre yard.
Annual taxes are $19,878.
Listing/photo courtesy of Coldwell Banker/Fairfield.
Posted 10/26/16 at 10:19 PM Permalink