Additionally, 24 homes have closed in the last 30 days, which confirms one of the strongest beginnings that we have had since 2010.
While the overall real estate climate is warmer than usual and we are experiencing heightened activity, it by no means that we have crossed into a sellers market. If it continues, the market will begin to get closer to neutral, which favors neither the buyer or seller.
There are now 226 homes that are actively on the market, which has decreased by 27 properties from last year at this time.
These currently available properties have been listed for an average of 1647 days, with a cumulative market time of 297 days, which is almost identical to that of last year.
The average list price is down approximately $193,000 from a year ago to $1,974,910 and the median price is at $1,398,500, which is down by $126,500 from a year ago at this time.
Twenty-two new listings came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn. There were 11 properties in the past week that had a price change.
An estate on Beachside Avenue is the highest priced home on the market, and is currently listed at $16.75 million, after a recent price reduction of $3.25 million. The Tudor-style home on 112-116 Beachside Ave. is an 8,482-square foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.
The lowest available priced single family is a three-bedroom two-bath bungalow style ranch on .12 acres at 17 Hale St., which was built in 1939. The bank owned property is listed at $344,000.
There are currently 33 homes under the initial stage of deposit townwide, and another 22 scheduled to close. The number of homes that are under the initial stage of deposit is nearly double of that from last year, and the pending sales are up by six units from last year at this time.
Eleven homes entered the initial stage of deposit last week, and five homes went under pending status with an average price of $1,174,580.
The home at 46 Burr Farms Road took an initial deposit after just three days on the market. The 10-room Long Lots area colonial was built in 2008 and is listed at $2,049,000, and has four bedrooms, five full and two half baths.
The property at 57 Compo Beach Road took an initial deposit after a cumulative market time of 791 days. This was offered as a four-bedroom home or land and is listed at $1.65 million.
Closings: There were five sales reported during the last week, and their average price was $1,174,580 with an average market time of 160 days and sale price to list price ratio of 96 %.
The home at 784 Maple Ave. South closed at $1,750,000 and had a market time of 143 days. The 4,92-square foot Greens Farms colonial was built in 2004, and featured exceptional millwork throughout, and a pool and pool house on a one acre lot, and closed at 92.15% of list price.
Condos: There are 22 condominiums that are currently available, which is up by 14 units from this time last year. These condos have been listed an average of 133 days, with a cumulative market time of 177 days.
The average price is $595,809 and is up by approximately $28,000 from last year at this time, and the median price of $650,000 is down by $29,000 from a year ago.
There were three new listings entered in the last seven days, and one property came back on the market. Three properties at the Lansdowne complex had a price change. One home entered the initial deposit stage, and no homes entered pending status or closed.
The highest priced condo in town is listed at $1,250,000 and is in a new nine unit adult development at Daybreak Commons, which is the former site of Daybreak Nursery. The luxury freestanding unit is 2,000 square feet and has two bedrooms and two full baths.
The lowest priced unit for sale is a on-bedroom unit with 750 square feet on 35 Bridge S. at The Saugatuck, which is an adult complex and listed at $162,800.
There are three properties currently under the initial stage of deposit townwide, and one that is scheduled to close that is listed at $649,900.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 77 homes or apartments available, and inventory is up by 13 properties from last year. These homes have an average market time of 95 days.
The median price for townwide annual rentals is currently $4,333, which is consistent with that from this time last year, and the average price is $5,549 per month, which is down $72 from last year at this time.
The two highest priced annual rentals are listed at $25,000 each. The beachfront home at 66 Compo Mill Cove consists of 4,000 square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach.
A 17-room colonial home on a premier cul de sac at 12 Woody Lane has 8,611 square feet of living area, a pool and outdoor kitchen and is also listed at $25,000 monthly, and includes an option to purchase, or lease-purchase. This home also is available in July and August for $40,000.
The lowest priced rental is a 450 square foot three-room apartment that is listed for $1,200 monthly and is located at 42 Richmondville Ave.
There are 48 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price of $9,972 and a median price of $6,025, with an average market time of 108 days. Expect more seasonal opportunities to enter the market, and the average prices go up as we get closer to warmer weather.
The two highest priced short term rentals are both listed at $40,000. They include 12 Woody Lane, which is also available on an annual basis and 10 Bluewater Hill South, a four-bedroom three-bath Mediterranea-style colonial with historical gardens by famed Central Park designer Frederick Olmstead, and has varying monthly prices from May to August.
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 - Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in these statistics.
This home at 8 Scofield Place is listed at $838,000.
Just steps from the water, this contemporary home in Saugatuck Shores has a perfectly “beachy” feel, is in move-in condition, and checks all the boxes.
The wonderfully designed flexible floor plan enables this six-room home to live larger than its 1,627 -square feet of living area that has year round water views.
The sunlit living room is surprisingly spacious, and flows beautifully to the kitchen and dining room areas.
The skylit dining room with cathedral ceiling is open to the kitchen, and has sliders out to deck.
The kitchen has a skylit cathedral ceiling, plenty of crisp white cabinetry with granite countertops with stainless steel appliances, and sliders out to the 352 square foot deck overlooking the exceptionally private .15 acre yard..
Two steps down from the kitchen, the family room also has cathedral ceilings, as well as sliders outside, and this room can easily be a third bedroom if so desired.
A bedroom on the main floor ensures that all have their own privacy.
The master bedroom suite with cathedral ceiling occupies the entire upper floor, a full bath, and a large walk-in cedar closet. A private deck affords outstanding sunsets and water views.
Extras and items to note—Two to three bedrooms, two baths, vaulted ceilings, public water and sewer, skylights, year round water views.
Annual taxes are $8,179.
Listing/photo courtesy of Coldwell Banker Westport/Bross Chingas Bross.