By Judy Szablak
Special to WestportNow
Everyone seems to be very concerned about the lack of inventory in Westport at this time of year, and how much of a predictor it may be for the coming months.
Featured Home: This home at 16 Gault Park Drive is listed at $1,659,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/ KMS Partners
However, inventory is not at its lowest point in recent history. In fact, in January 2013 there were just 188 homes available for sale.
A snapshot of the Westport market five years ago to the day almost reads like deja vu.
There is a difference of just three singe-family homes in available inventory, and the average market time is up by just four days. The average price is just $57,000 more than it was in 2012.
The one extremely positive and significant difference between 2012 and 2017 is the median price, which has risen over $375,000 to just under $1.7 million.
What we should also remember about the lack of available homes for sale is that it historically changes in the next 60 days or so, and there are no red flags.
Based upon the market performance over the past few years, we can expect an increase of inventory of over 90 properties in the next two to three months. We may just expect a slight price increase as well.
Market Stats
There are now 234 homes that are on the market, which have been listed for an average of 156 days, with a cumulative market time of 274 days. The average list price is $2,269,610 and the median price is $1,698,350.
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.
Eight 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Four properties had a price change.
Two properties have gone under the initial deposit stage, which we call CTS, and another five 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 five pending properties was $1,329,600. There are currently 18 homes in CTS status throughout Westport, and another 26 properties scheduled to close town-wide, with an average price of $1,337,685.
Closings: There were five single-family homes reported as sold in the last week, and they were listed on average at $1,526,200 with an average market time of 195 days. There were 60 status changes in the last seven days.
Condos: There are seven condominiums that are available, and they have been listed an average of 86 days. Their average listing price is $650,571 and the median price is $739,000.
The highest priced condo in town is listed at $1,150,000 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 no homes came back on the market. There were no price changes, and one property went under the initial stage of deposit. Two homes entered pending status, and were listed on average at $814,000.
There are two properties town-wide that are currently in CTS status, and there are four properties scheduled to close.
One sale was reported during the last week, and was listed at $649,000. There were nine status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 60 homes or apartments available. The median price is $4,100 per month and the average price is $6,348 per month.
These year round rental opportunities have been on the market an average of 93 days.
There are 32 short-term rental opportunities that are available, and they have been on the market an average of 94 days. Their average price is $12,445 and the median price is $5,250.
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 16 Gault Park Drive is listed at $1,659,000.
This 12-room transitionally-styled colonial is located in the heart of Westport, and has a beautifully sun-drenched interior that also offers a hard-to-find main level en suite bedroom as well as plenty of entertaining areas.
Completely rebuilt just over a year ago, the elegant interior features 9-foot ceilings on the main level, and custom moldings and high end finishes throughout its 4,880-square feet of living area.
The living room has crown molding and a stone fireplace with raised hearth. Oversized French doors open up to the main level office/library.
The formal dining room has custom mill work including recessed panel wainscoting and crown molding.
A state-of-the-art custom white kitchen has top of the line stainless steel appliances including a Sub Zero refrigerator, double ovens and gas cooktop. The breakfast bar is well illuminated with three custom pendant lights, and also seats four comfortably. A pantry offers additional storage.
The family room has a cathedral ceiling and another stone fireplace which is flanked on either side by double windows. Oversized sliders let the sun shine in and lead outside to the level 1.04-acre property.
Upstairs, the master bedroom suite has cathedral ceilings, a large walk in closet, and a marble bath with glass enclosed steam shower and separate tub.
Three other bedrooms are on this level and two are en suite
A second floor bonus room provides an additional entertaining/gathering area.
Schools – Coleytown Elementary, Coleytown Middle, Staples High.
Extras and items to note – Five bedrooms, four full and one-half baths, two fireplaces, hydro air heating system, central vacuum system, generator, room for pool.
Annual taxes are $22,683.
Listing/photo courtesy of Coldwell Banker Westport-Riverside/ KMS Partners.
(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.
