Since 1898, Lux Bond & Green Jewelers has been dedicated to offering truly extraordinary diamonds, jewelry, watches and gifts for the home.
Buy your tickets now, Stand Up for Homes with Hope, Hasan Minjaj, November 4, 2017
Quick Center at Fairfield University
Your 24/7 News Source

Tuesday, July 05, 2016

Real Estate Report: Rental Market Competitive

By Judy Szablak

Special to WestportNow

The market for rental homes in Westport remains competitive amid a 19 percent ratio of homes for rent as opposed to homes for sale.

WestportNow.com Image
Featured Home: This home at 34 Lyons Plains Road is listed for rent at $6,000 per month.  (CLICK TO ENLARGE) Photo courtesy of Granite Studios

Currently, there are 75 homes for rent on an annual basis, 14 of which are furnished.  Sixteen homes are reported to be under some stage of deposit, and 50 properties rented in the last three months alone with an average price of $5,115 per month.

The highest priced unfurnished home for rent is a five-bedroom home on Surf Road for $30,000 per month, and the lowest priced home is a two-room efficiency on Imperial Avenue for $1,550. Average market time is 50 days.

The short term or seasonal market is not as strong this year as it has been, although it is still reasonably healthy. As of today, there are 55 short term rentals on the market. Fifty-one have rented in the past year.

The highest priced short term rental is a four-bedroom home listed at $45,000 per month and located on Murvon Court,  and the lowest is a three-bedroom home on Madeline Avenue for $3,100. Average market time is 94 days.

Whether a home is available for sale or for rent, one marketability factor remains a constant. Pricing the property at market rates will effect a sale or rental in a reasonable amount of time.

Market Stats

There are now 389 homes on the market, which have been listed for an average of 102 days, with a cumulative market time of 189 days. The average list price is now $2,290,580 and the median price is $1,829,000.

A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a three-bedroom cape on Richmondville Avenue for $477,500.

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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn.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

Eleven properties have gone under the initial deposit stage, which we call CTS, and six 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 six properties was $1,455,500. There are currently 31 homes in CTS status throughout Westport, and another 47 properties scheduled to close town-wide, with an average price of $1,581,379.

Closings: There were 16 single-family homes reported as sold in the last week, and they were listed on average at $1,235,037 with an average market time of 146 days. There were 92 status changes in the last seven days.

Condos: There are eight condominiums that are available, and they have been listed an average of 39 days. Their average listing price is $748,875 and the median price is $726,750.

The highest priced condo in town is listed at $1,195,000 and is a two-bedroom home located at Terra Nova, and the lowest priced unit for sale is a two-bedroom home at Playhouse Condos for $485,000.

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

There are two properties town-wide that are currently in CTS status, and there is one property scheduled to close that is listed at $649,000.

No sales were reported during the last week. There was one status change.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 75 homes or apartments available. The median price is $6,600 per month and the average price is $7,704 per month. These year-round rental opportunities have been on the market an average of 50 days.

There are 55 short-term rental opportunities that are available, and they have been on the market an average of 94 days. Their average price is $15,163 and the median price is $12,000. 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 34 Lyons Plains Road is listed for rent at $6,000 per month.

This custom built five-bedroom home in the Coleytown area is located on a cul-de-sac and has 275 feet of water frontage on the Aspetuck River.

Built in 1984, this 11-room home offers great privacy, and is beautifully sited on a well manicured and park-like 2.43 acres. All the main living areas take full advantage of the scenic grounds, and have generously sized windows that bring the beauty of the outdoors right inside to this 4,300-square foot contemporary home.

A custom open-style staircase in the foyer separates the living and dining rooms, and both rooms have cathedral ceilings. The living room also has a fireplace with marble surround and parquet flooring.

The sky lit kitchen also overlooks the lush landscape, and has a breakfast nook, direct access to the screened-in porch, and a large center island.

Upstairs, there are three bedrooms in addition to the master bedroom suite, which has a romantic floor-to-ceiling stone fireplace, dressing area and marble bath, in addition to a private 192-square foot balcony.

Other rooms include a main level en suite bedroom which could be perfect for a nanny or au pair, a gym, an additional second floor recreation/family room as well as a below grade workout area and generous storage area.

Extras and items to note - five bedrooms, three full and two one-half baths, two fireplaces, security system, 1,138-square foot “Ipe wood” deck, family room/gathering area on both main and second floors, main level in-law/au pair quarters, over-sized two car garage, 275 feet of frontage on the Aspetuck River, secret passage to river.

Listing courtesy of Coldwell Banker Westport Riverside. Photo courtesy of Granite Studios.


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.

       Share

Posted 07/05/16 at 10:56 AM  Permalink



Comments

You must have a Facebook account and be logged to this account (login/logout button above) to post comments. Comments are subject to our Comment Policy.