By Judy Szablak
Special to WestportNow
One major misconception about putting a Westport home on the market during the colder season is that it is not the best time to sell.
Featured Home: This home at 159 Kings Highway North is listed at $1,199,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker/KMS Partners
However, last year’s winter season from November through February was the best we have had in years, with an approximate 48 percent jump in residential home sales over the three prior years in the same time period.
In fact, of the 45 homes that were reported as sold over $5 million in the last 10 years, 12 closed during the colder months. That translates to over 26 percent of all the higher priced sales, and not something that should be underestimated or dismissed.
It is a fact that there are not as many buyers out at this time of year, and the colder season really isn’t the most convenient time to move, however buyers that are searching for their next home during this time are generally more serious. In other words, they aren’t just not “window shopping.”
Less competition in the marketplace also translates to a stronger possibility to attract that buyer as well.
Right now, there are 301 properties available for sale. During the height of the season, there were over 365 homes available. Less competition translates to an easier sale.
Review the market as it specifically pertains to your home. If there is a lack of competition, it may just be the right time for you, and much better than the springtime.
Market Stats
There are now 301 homes that are actively on the market, which has continued its seasonal decline in inventory. These currently available properties have been listed for an average of 134 days, with a cumulative market time of 219 days.
The average list price is up over $35,000 from last month at this time to its current $2,122,516 and the median price is now at $1,495,000, and is down approximately $4,000 from last month.
Eleven 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Sixteen properties had a price change.
A Tudor-style home on 114 Beachside Ave. is the highest priced property listed for sale at $22.5 million and 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 an 840-square foot two-bedroom bungalow on 21 Hale St. that was built in 1900 and was recently reduced to $390,000.
Eight homes have gone under some stage of deposit, including a four-bedroom cottage style home on 77 Beachside Ave. that was built in 1980. The home has 4,825-square feet of living area that was listed at $2.595 million. This home was part of the former Bedford gardens and estate.
There are currently 15 homes under the initial stage of deposit townwide, and another 28 scheduled to close. The number of homes that are under the initial stage of deposit are down nearly 50 percent from last month, however the pending sales are still consistent with last month’s figures.
Closings: There were 11 single family homes reported as sold in the last week, and the highest priced sale reported occurred at 10 Gray Lane, a new contemporary five bedroom waterfront home in the Greens Farms area designed by David Preusch that was listed at $5.998 million, and closed at $5,650,000. The home was originally listed in September 2017 at $6,499,000
The lowest price sale was at 4 Cedar Road, and was a beautifully remodeled bungalow with 1,459-square feet and a detached two car garage. The home was listed at $500,000 and closed at $485,000 and lasted just 23 days on the market.
A noteworthy sale occurred this week in the Greens Farms area at 130 Hillandale Road for $3,350,000. This 7,659-square foot home had six bedrooms, seven full and two half baths. The home was built by Michael Heine in 2009, and inspired by Belgian minimalist Wim Pauwels.
It was originally listed for $3,800,000 and sold this past week at 93.19 percent of its last listing price of $3.595 million.
Condos: There are 15 condominiums that are currently available, and they have been listed an average of 115 days, with an average cumulative market time of 145 days. This represents three more homes that are available as compared to 30 days ago.
Their average listing price is also down by $20,000 to $648,786 and the median price remains at $688,500.
There were no new listings in the last seven days, and no properties came back on the market. No properties had a price change, and none entered the deposit phase.
The highest priced condo in town is listed in the Terra Nova gated community for $1,079,000, and is a three-bedroom, two and one half bath home with 9-foot ceilings and has 3,005-square feet of living area located at 40 Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home with 682-square feet at 35 Bridge St/ at The Saugatuck, which is an adult complex and was just listed at $166,000.
There are four properties currently under some stage of deposit townwide, and one home 1,250-square foot ranch style home closed at 43 Whitney Glen at 98.92 percent of asking price for $460,000.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 72 homes or apartments available. The highest priced annual rental is a 7,629-square foot home with outstanding water views was designed by Laurent Dupont and built by the renowned Hobbs LLC.
The architecturally significant 15-room colonial has five bedrooms and is located at 4 Bluewater Lane. The home is being offered at $20,000 per month and flexible rental terms will also be considered. The property is also available for sale at $7,950,000
The lowest priced rental is listed as a 350-square foot two-room apartment for $1,200 monthly and is located at 19 Hale St.
The median price for townwide annual rentals is down a few hundred dollars this week to $4,000 per month, and the average price is $5,081 per month. These year-round rental opportunities have been on the market an average of 87 days.
There are 42 short-term rental opportunities that are available, and the highest priced home is a furnished four-bedroom Mediterranean inspired summer rental with four bedrooms and is offered at $35,000 monthly, and also at $10,000 monthly for the winter season. The home is located at 10 Bluewater Hill South.
Seasonal rentals currently have an average price is $7,899 and a median price of $5,875. 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 — 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.
Featured Home
This home at 159 Kings Highway North is listed at $1,199,000.
This home manages to have the unmistakable character of a vintage home, along with the interior charm and amenities of a newly built colonial with an open and versatile floor plan.
Built by Able Construction just 15 years ago, the craftsmanship and exceptional millwork is exactly what one might expect from this well respected local builder.
There are four finished levels of living area, and 9-foot ceilings throughout this 4,752-square foot home on .23 acres, that also happens to be in a terrific in-town location.
An open floor plan that is simply superb for entertaining includes outstanding custom millwork in the main gathering areas.
The formal living room is to the right as you enter, and the expansive and sun-drenched great room to the left, which is open to the dining room that has transom topped French doors leading out to the patio.
The custom Cherry kitchen includes strategically placed glass front cabinetry, marble counters and high end stainless steel appliances, including two separate gas stoves. The breakfast area has another set of transom topped French doors that also lead out to the blue stone patio.
The master bedroom is upstairs and includes a stunning marble bath with double sinks, double size shower, and large walk in closet.
Two of the additional four bedrooms share a Jack and Jill-style bath, and the large second floor recreation area can easily be transformed into an au pair or nanny suite.
The walkout lower level is finished to main level standards and includes a recreation room with custom picture frame molding as well as a full bath.
Extras and items to note — 10 rooms, five bedrooms, four full and one half baths, four levels of living area, audio system, security system, public water and sewer, natural gas, walkout lower level.
Annual taxes are $15,287.
Listing/photo courtesy of Coldwell Banker/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.
