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Wednesday, June 29, 2011

Real Estate Report: Time on Market Dropping

By Judy Szablak

Westport’s real estate market remains healthy due in part to educated sellers. Over the past year or so, we have seen a lot of home sales with three digit market times. Image
This enchanting custom-built home on 27 Morningside Drive South is listed for $2,050,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/KMS Partners LLC

However the last seven days have shown single family and condominium closings that reflect an average of just over two months time on the market. This surpasses our surrounding towns’ statistics by a wide margin.

While we see the market somewhat stabilizing, sellers perception of value has also become more realistic. When a home is priced correctly, it will sell faster and not linger on the market, and that is evidenced very well by this week’s report.

Homes: There are 379 single family homes on the market and their average list price is $2,101,113. The median list price is steady at $1,289,950. These homes have been listed for sale an average of 106 days.

Almost 18 percent of all the available inventory is listed between $1 million and $1.5 million. The highest asking price for all homes available is $24,950,000, and the lowest priced home on the market is $239,900.

Consistent with last few weeks reporting, nine new listings came on the market in the last seven days, including one that came back on the market after being under deposit.

Twenty-two properties had a price change, and eight properties have gone under the initial deposit stage, which we call CTS.

Eleven properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

Closings: Twelve properties sold this past week, they had an average list price of $1,525,333 and were on the market an average just 68 days. There were 70 status changes in the last week.

Condos: The 31 condominiums that are available have been listed an average of 104 days, and have an average price of $609,412, and the median price of a condo in Westport is $500,000.

Almost 20 percent of available inventory is listed between $500,000 and $600,000.The highest price condo in town is listed at $1,595,000 and the lowest offering price is $239,900.

Two new listings came on the market this week, and one home came back on the market after being under deposit. Two properties went into CTS status.

Closings: Two condominiums closed in the last week, and their average list price was $600,000. They were on the market an average of 62 days. There were eight status changes in the last seven days.

Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 70 homes or apartments available. The median price is $4,400 per month and the average price is $6,628 per month.

These year round rental opportunities have been on the market an average of 42 days.

As of this morning, there are 28 opportunities available and they have been on the market an average of 69 days, and at an average price of $10,335. The median price of both furnished and unfurnished seasonal rentals is $8,200.

Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.

Home of the Week: This enchanting custom-built home on 27 Morningside Drive South is listed for $2,050,000.

If you judged this book by its cover, you would not be disappointed. The “romance” begins outside with the barreled portico entry, a wrap-around porch which is almost 80 feet long, beautiful masonry work and a strategically placed turret.

The rear of this home is also as attractive as the front, and boasts another turret, a blue-stone patio and three-tiered waterfall with a Koi pond. Perennial gardens are also well placed on this 1.04 acre property

Every attention to all of the distinct details that make a Victorian-era home so charming have been incorporated into this home that was built in 1999, and it offers the amenities that you would expect of a home located in this sought-after Greens Farms neighborhood.

Nine rooms, four bedrooms and three full and three half baths comprise 5,718 square feet of living area, and a finished lower level adds another 1,030 square feet.

There is also room for expansion if you wanted it, and it’s available on the unfinished third floor which has yet another 1,800 square feet of space with soaring ceilings.

Ten foot high ceilings on the first floor lend to the home’s feeling of grandeur and space, and ceilings are over nine-and-one-half feet on the second floor as well. Crown moldings, specialty millwork, and coffered ceilings enhance an already delightful ambience.

The two-and-one-half-story family room has a floor to ceiling stone fireplace. And if you are someone who understands and appreciates acoustical properties in a home, you will appreciate the superior sound quality from the open floor plan, which is well assisted by hardwood floors throughout. .

The second floor has four bedrooms, and a balcony overlooking the family room. The master bedroom has a luxurious bath and a sitting room with built-in window seating.

A built-in speaker system, central vacuum and a state of the art security system are just a few of the many well thought out extras that this Victorian has to offer. This home is charming, spacious, and grand. Taxes are just $23,450.

Listing courtesy of Coldwell Banker Riverside/KMS Partners LLC
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at


Posted 06/29/11 at 02:18 AM  Permalink


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Looks like the DiBerardino’s and their Rhodes-scholarship son Nick are moving away…

Posted by Nicholas Weiner on June 29, 2011 at 06:34 PM | #