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Wednesday, January 11, 2017

Real Estate Report: Values Have Remained Constant

By Judy Szablak

Special to WestportNow

We may have all thought that the 2016 Westport real estate market was a bit slower than the year before, and that is true. However, the difference is very slight, and values have remained constant.

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Featured Home: This home on 15 Buena Vista Drive is listed at $5,195,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/ Westport Beach (+) Country Homes

According to the Consolidated Multiple Listing Service, the average price of the 366 single family home sales in 2016 was $1,527,565 with an average market time of 121 days. The average sales price to list price ratio was 95 percent, with three- and four-bedroom homes averaging slightly higher at 96 percent.

The prior year brought us 383 sales with an adjusted average price of $1,581,843. The difference of less than $55,000 is not alarming in the slightest, and does not raise any red flags. Considering that there were 17 more sales in 2015, and a few higher priced closed sales, a minor difference is a nonissue and of no concern.

The lowest recorded price last year was on Crescent Avenue at $345,000 and the highest sale reported was on Beachside Avenue for $8.8 million. The prior year was a little better for high-end luxury homes, whereas four sales were reported between $5-10 million, and two sales were reported over $10 million. Those two higher sales were omitted from 2015’s average price as noted.

Our most active market in 2016 was between $1-2 million with 159 closed sales, followed by 130 under the $1 million mark, which is almost identical to 2015. There were 53 sales in the $2-3 million group, which again was fairly similar to the prior year.

Twenty-four condominiums sold in 2016, and their average price was $643,432.

The almost indeterminable difference between the last two years is of no surprise considering a hotly contested and somewhat polarizing election. The outlook for 2017 looks promising, and we should expect a rise in values as well as unit sales.

Market Stats

Inventory has begun to rise, and there are now 243 homes actively on the market. They have been listed for an average of 148 days, with a cumulative market time of 276 days. The average list price is $2,295,862 and the median price is $1,749,000.

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.

Twenty-four new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Nineteen properties had a price change.

Ten properties have gone under the initial deposit stage, which we call CTS, and another 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 pending properties was $1,867,967. There are currently 22 homes in CTS status throughout Westport, and another 28 properties scheduled to close townwide, with an average price of $1,427,254.

Closings: There were five single-family homes reported as sold in the last week, and they were listed on average at $1,722,100 with an average market time of 230 days. There were 74 status changes in the last seven days.

Condos: There are nine condominiums that are available, and they have been listed an average of 96 days. Their average listing price is $621,444 and the median price is $665,000.

The highest priced condo in town is listed at $1,025,000 and is a three-bedroom home located 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 listing this week, and one home came back on the market. There were two price changes, and no properties went under the initial stage of deposit. No homes entered pending status.

There are no properties townwide that are currently in CTS status, and there are two properties scheduled to close.

Two sale were reported during the last week, and were listed on average at $814,000. There were seven status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 61 homes or apartments available. The median price is $4,000 per month and the average price is $6,267 per month. These year-round rental opportunities have been on the market an average of 94 days.

There are 32 short-term rental opportunities that are available, and they have been on the market an average of 95 days. Their average price is $12,967 and the median price is $4,875. 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 on 15 Buena Vista Drive is listed at $5,195,000.

This newly built home has outstanding views of Long Island Sound and Compo Mill Cove from all four levels and is on a premier cul-de-sac in the Compo Beach area.

Recently completed by 31-time HOBI award winning Bluewater Home Builders, this transitionally styled 13-room colonial has over 5,700-square feet of living area with an interior designed by hogueID.

An especially open floor plan with 9-foot ceilings on the main level takes full advantage of the all encompassing water views, and at the same time each area has its own elegant flair.

The living room has specialty molding, custom shelving. Sliders that lead to the covered Flagstone porch with an outdoor fireplace, which in turn, is also is accessed from the main gathering room.

The formal dining room has a low profile tray ceiling and is open to the kitchen and family room. What makes this whole living area so distinctive is that a wall consisting of three sets of oversized sliding glass doors grants magnificent water views as well as access outside to stone walkway.

A sophisticated gourmet kitchen has custom floor-to-ceiling custom cabinetry and top of the line appliances. The Cesar stone counters have a very sleek look, and the center island also has a custom Cesar stone “waterfall” counter.

The great room has a fireplace, low profile tray ceiling, and the multiple sliders that lead outside afford the most magnificent views that one would come to expect from this address.

A main level library/ office also takes in the expansive scenery and is tucked away quietly. It also easily seconds as a first floor guest suite with a full bath and has a nice view of the private .32-acre property.

Upstairs, the master suite with sitting area occupies the entire right wing of the home, and has a tray ceiling, fireplace with custom mantel, access to an oversized Mahogany deck with outdoor fireplace, and views.

Two large walk-in closets, spalike bath with radiant heated flooring, a curbless steam shower and free standing tub.

Three additional en suite bedrooms are on this level, and the bonus room on third floor has a wet-bar, sink dishwasher, fridge, and half bath which makes it perfect for a teen suite or au pair quarters. Additionally, one can walk out to another partially covered rooftop deck with panoramic views on this floor.

The garden level has a private entrance, 9-foot ceilings, and another en suite bedroom, as well as a play room, exercise room and media room.

Extras and items to note — five bedrooms, six full and two half baths, three fireplaces, outdoor kitchen, butler’s pantry with sink and wine fridge, security system, pre-wired audio system, six-zone heating and cooling with NEST controls, public water and sewer, 10-foot by 30-foot heated Gunite pool with solar cover, irrigation system, generator

Schools — Greens Farms Elementary, Bedford Middle, Staples High.

Taxes have yet to be determined.

Listing/photo courtesy of William Raveis/ Westport Beach (+) Country Homes.


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.

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Posted 01/11/17 at 02:59 PM



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