Tuesday, December 27, 2016
By Judy SzablakSpecial to WestportNow
While buyers looking to purchase a home in Westport have less available homes to choose from these days, that will increase in the next few months.
Our market has seasonal highs and lows for inventory, just as certain months are historically better for closed sales than others.
According to the National Association of Realtors 2016 Profile of Homebuyers and Sellers, buyers typically searched for 10 weeks and looked at a median of 10 houses before they purchased a home.
Among the buyers who utilized the internet in their search, 89 percent found photos very useful, and and 85 percent found descriptions to be very helpful in their searches. These few tidbits of information tell us a lot.
First, many buyers will wait it out for a little bit to get what they feel is the right home for them. That’s good news for those sellers who have taken their home off the market.
However, one must also remember that when more inventory is available, the competition becomes much more fierce to attract those buyers.
Strategic timing based upon inventory levels in a price range will determine which is better for your circumstance.
Second, if you hadn’t thought about it before, professional photography that takes into account proper lighting and staging and depicts an accurate representation of the home was deemed an extremely important aspect of the process, more so than anything else.
Almost as important, inspired and descriptive property remarks that speak emotionally to buyers make the perfect companion to well executed photos.
There are now 258 homes that are actively on the market, which have been listed for an average of 159 days, with a cumulative market time of 275 days. The average list price is $2,319,882 and the median price is $1,724,000.
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 Main Street for $449,900.
Just five new listings came on the market in the last seven days, no properties came back on the market after being under deposit, or temporarily withdrawn. Two properties had a price change.
Four properties have gone under the initial deposit stage, which we call CTS, and another three 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 three pending properties was $1,539,333. There are currently 22 homes in CTS status throughout Westport, and another 26 properties scheduled to close town-wide, with an average price of $1,375,492.
Closings: There were 11 single family homes reported as sold in the last week, and they were listed on average at $1,400,683 with an average market time of 149 days. There were 33 status changes in the last seven days.
Condos: There are nine condominiums that are available, and they have been listed an average of 101 days. Their average listing price is $605,444 and the median price is $525,000.
The highest priced condo in town is listed at $1,150,000 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 was one 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. One home entered pending status, and was listed at $649,000.
There are three properties town-wide that are currently in CTS status, and there are three properties scheduled to close.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 63 homes or apartments available. The median price is $4,300 per month and the average price is $6,484 per month.
These year-round rental opportunities have been on the market an average of 93 days.
There are 36 short-term rental opportunities that are available, and they have been on the market an average of 87 days. Their average price is $12,048 and the median price is $5,500.
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.
This home at 4 Lowlyn Road is listed at $1,140,000.
This nine-room contemporary colonial in the sought after Old Hill area has a wonderfully open and versatile floor plan that lends itself quite well for entertaining, as well as comfortable living.
Originally built in 1966, this beautifully remodeled 2,985-square foot home appears significantly newer.
A hint of transitional flavor abounds throughout the home, and the entire home is sunlit and bright.
The generously sized living room has crown molding, and the banquet sized dining room has a bay area overlooking the beautiful level property which abuts the tranquil protected Partrick open space land.
The designer white kitchen with strategically placed glass front cabinetry and high end appliances, as well as a banquette seating area.
Upstairs, the master bedroom suite has a vaulted ceiling and built-ins surround the sitting area. Step through an arched doorway to a large sunlit dressing room that is lined with multiple closets on one side, and two large built-in bureaus on the other wall.
The luxurious master bath has a glass enclosed steam shower and separate whirlpool.
A bonus room that borders the master is perfect for a nursery, library or home office, and two other bedrooms are also on this level. Another bedroom possibility is on the lower level, along with another full bath.
The walk-out garden level has a family room with fireplace, and two sets of sliders that lead out to the expansive blue-stone patio which overlooks the scenic 1.13-acre property with specimen plantings.
Extras and items to note—three to four bedrooms with an easy conversion for a fifth bedroom, three full baths, fireplace, two car garage, security system, sprinkler system, 486-square feet of decking, generator.
Annual taxes are $11,628.
Listing/photo courtesy of William Raveis Westport.
Posted 12/27/16 at 05:32 PM Permalink