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Friday, May 26, 2017

Real Estate Report: Plenty Inventory Under $1 Million

By Judy Szablak

Special to WestportNow

Even though the average price of a home in Westport has been consistently hovering over $2.1 million, there are still plenty of options available under $1 million.

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Featured Home: This home at 5 Evergreen Parkway is listed at $990,000. (CLICK TO ENLARGE) J.C.Martin photo courtesy of Higgins Group Real Estate Westport

In fact, 22.7 percent of the current single-family inventory falls in that range.

On average, these 84 homes are priced at $799,883, and one could expect an average size home of 2,497-square feet.

The market is moving nicely in this price pocket as well, with 10 under the initial stage of deposit, another 27 scheduled to close, and 27 homes that have closed in just the past 90 days, which indicates an active market.

Market Stats

There are now 369 homes that are actively on the market, which have been listed for an average of 104 days, with a cumulative market time of 198 days. The average list price is $2,169,731 and the median price remains at $1,699,000.

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 one-bedroom, 1839-built cottage on Northgate for $429,900.

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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn.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

Nine properties have gone under the initial deposit stage, which we call CTS, and another 14 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 14 pending properties was $1,912,136. There are currently 36 homes in CTS status throughout Westport, and another 79 properties scheduled to close townwide, with an average price of $1,791,413.

Closings: There were 14 single family homes reported as sold in the last week, and they were listed on average at $1,960,357 with an average market time of 112 days. There were 102 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of 69 days. Their average listing price is $706,205 and the median price is $687,000.

The highest priced condo in town is listed at $1,275,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $215,564.

There were two new listings this week, and no homes came back on the market. There were no price changes, and no properties went under the initial stage of deposit, or pending status.

There are three properties townwide that are currently in CTS status, and there are two properties scheduled to close, with an average list price of $779,000.

Two sales were reported during the last week, and were listed on average at $517,500. There were four status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 93 homes or apartments available. The median price is $4,900 per month and the average price is $5,757 per month. These year-round rental opportunities have been on the market an average of 50 days.

There are 69 short-term rental opportunities that are available, and they have been on the market an average of 88 days. Their average price is $15,976 and the median price is $15,000.
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.

Featured Home

This home at 5 Evergreen Parkway is listed at $990,000.

This charming eight-room colonial cape is a wonderful blend of old and new.

Originally built in 1939, charming period details include arched doorways and plenty of built-ins along with perfectly integrated modern upgrades throughout over 2,400-square feet of bright and cheerful living area.

The living room has a fireplace and built in shelving.

A spacious dining room is open to kitchen and gives a great feeling of space.

The designer white kitchen has open upper display cabinetry and stainless steel appliances, as well as a center island with butcher block top that seats two. Sliders lead out to the deck and professionally landscaped .33-acre private yard.

The main level family room has crown molding, built-ins, and recessed shelving.

Upstairs, there are three bedrooms, including the master suite, which has a cozy sitting area with built-ins, a walk-in closet and a full bath.

The lower level is finished to main level standards, and includes an office that could very well be a fourth bedroom if needed, and a large recreation room.

Schools — Saugatuck Elementary, Bedford Middle, Staples High

Extras and items to note — Three bedrooms, two and one half baths, fireplace, refinished hardwood floors throughout, finished lower level, gas in street

Annual taxes are $9,487.

Listing/photo courtesy of Higgins Group Real Estate Westport.

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 05/26/17 at 10:43 AM  Permalink


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