By Judy Szablak
Special to WestportNow
Real estate in Westport this past year may not have been one for the record books. However, we still ended the year on a positive note.
Featured Home: This home at 25 Edgemarth Hill is listed at $2,695,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate/Al Filippone Associates
There were 411 single-family home sales as reported in our MLS in 2018, and while that is 22 unit sales short of 2017, it is still significantly more than the 367 sales reported in 2016.
That’s just under $600 million in volume in 2018, as opposed to $663 million in 2017. While our overall volume was down last year, it was substantially better than the $560.5 million in 2016.
The average sales price to list price ratio has remained at 96 percent over the past two years, while it was 95 percent in 2016,
However this was after one or more price reductions. Additionally, when one takes into account the original asking price to sales price ratio, 158 homes sold at 96 percent or better.
Newly built home sales in 2018 were down 14 units from 2017, and 54.9 percent of last year’s 52 sales were sold in the Long Lots area (10), followed by Coleytown (9), and Compo Beach (9).
The average sales price was $2,509,346 which represented 98 percent of the asking price.
The highest priced newly built home was sold on July 20 for $6,217,983 and was a four-bedroom waterfront colonial with five full baths at 9 Owenoke Park and was noted as a comparable sale in our Multiple Listing Service.
The average time on the market has decreased from 117 to 98 days, and the cumulative days on the market has decreased by 50 days.
Eight homes with nearly consecutive market time greater than two years also closed this past year, and 18 Blue Ribbon Drive closed at $2.7 million after 1,144 days on the marker at 96.6 percent of its final asking price.
This was a 17-room home with seven bedrooms, seven baths, and three fireplaces that had four levels of finished living area.
The two “price pockets” that enjoyed the most sales last year were between $1.1 million to $1.2 million and $1.2 million to $1.3 million with 31 sales each.
Moving forward into 2019, five homes that are currently under some stage of deposit also fall into that same range, as well as six homes in the 1.8-2.5 price pocket, which signals a trend toward in-town upgrading.
Currently, our initial deposits outnumber properties that are in pending status, which is always a good sign. We all look forward to a promising year ahead.
It cannot be stressed any more than it has much of this past year. The data is in, and it is as obvious as it can possibly be. Do your due diligence. Cross analyses will point to the most appropriate price for the current market. Listen to what the market tells you, and don’t reach for the sky if that is not what the market indicates. Price your home accordingly when it is initially listed for sale.
Market Stats
There are now 253 homes that are actively on the market, which is down by 11 properties from just two weeks ago, and quite indicative of this time of year, and our current inventory is still greater than last year at this time by 12 homes.
These currently available properties have been listed for an average of 148 days, with a cumulative market time of 250 days. The average list price has remained fairly consistent over the past 30 days at $2,168,256 and the median price is at $1,525,000 which is slightly up, but still down over from $1,749,000 a year ago at this time.
Nineteen new listings came on the market in the last seven days, and six properties came back on the market after being under deposit, or temporarily withdrawn, which is an increase of seven properties over last year of these changes. There were nine properties in the past week that had a price adjustment.
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 with a newer kitchen and partially finished lower level on 21 Hale St. that was built in 1900 and is listed at $380,000.
Five homes have gone under some stage of deposit, including 36 Otter Trail, a 10-room direct waterfront home with five bedrooms, four bedrooms, three fireplaces and a dock that was originally listed at $2,350,000, was reduced twice, and took a deposit after 285 days at its current list price of $2,185,000.
There are currently 17 homes under the initial stage of deposit townwide, and another 16 scheduled to close. The number of homes that are under the initial stage of deposit is similar to that of last year, however the pending sales are down by just over 50 percent from last year at this time.
Closings: There were seven sales reported during the last week, and the highest priced sale occurred at 4 Brightfield Lane for $1,625,000 which closed at 98.49 percent of asking price. This reproduction colonial on two acres in Greens Farms with public utilities was built in 1964, and its 13 rooms included six bedrooms and three fireplaces.
Two homes sold over asking price in the past week including a 10-room ranch on 2 River Oaks Road which has 2,092-square feet of living area and three bedrooms.
The home was listed at $1,199,000 and closed at $1,215,000. A relocation property at 4 Timber Lane was listed at $1,599,000 and closed at $1,605,000, and had nearly 5,700-square feet of living area with exceptional details and trim work.
Condos: There are nine condominiums that are currently available, and they have been listed an average of 119 days, which is down slightly from this time last year. The average price is $568,111 and the median price remains at $679,000.
Although the average price is down over $200,000 from last year at this time, it is more indicative of what properties are on the market, and not of a drop in value.
There was one new listing in the last seven days, and no properties came back on the market. One property had a price change, no homes entered the deposit stage.
The highest priced condo in town is listed in the Terra Nova gated community for $1,075,000, 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 30 Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom unit with 742-square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $199,000.
There is one property currently under some stage of deposit townwide, and two homes are scheduled to close. No properties sold this last week.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 64 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 up again this week to $4,350 as opposed to 30 days ago, and the average price is $5,621 per month. These year round rental opportunities have been on the market an average of 90 days.
There are 44 short-term rental opportunities that are available, and the highest priced home is a furnished five-bedroom rental on 37 Burnham Hill, a 4,000-square foot home with a 20-foot by 40-foot in-ground pool that is listed at $39,500.
Seasonal rentals currently have an average price is $10.108 and a median price of $6,000, with an average market time of 105 days.
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 25 Edgemarth Hill is listed at $2,695,000.
Designed by Robert Storm and built by Milton Development in 2014, this stylish transitional colonial incorporates all the bells and whistles in its 7.220-square feet of sunlit living area.
Located at the end of a cul-de-sac in the sought after Greens Farms area, a double pillared entrance welcomes guests in the most elegant manner, and the interior does not disappoint in any of its 13 rooms.
An open and flowing floor plan begins with a grand two-story foyer that leads to the paneled study on the right with detailed perimeter ceiling trim, built-ins and shelving.
To your left is the dining room which has an intricately designed tray ceiling detail. The butler’s pantry includes plenty of cabinetry, marble counters and a copper sink.
The designer chef’s kitchen with Calacatta marble tops has top grade Viking stainless steel appliances including a gas stovetop, double ovens, dual dishwashers, and full size wine fridge.
The breakfast bar seats five comfortably and the fully windowed breakfast nook alcove overlooks the level and private one acre property, and has a French door out to the bluestone patio.
The family room has a crisp white coffered ceiling and is open to the kitchen. A beautiful stone fireplace and plenty of built-ins contribute to the room’s warmth, and three sets of French doors lead out to the 864-square foot bluestone patio.
Upstairs, the master bedroom with intricate perimeter ceiling detail has a romantic fireplace and sitting area. The spalike bath includes radiant heated marble flooring, an oversized steam shower, soaking tub, twin vanities, and a water closet. Two large walk-in closets ensure everyone has enough clothing storage.
Four additional bedrooms are on this level, and two share a Jack and Jill-style bath while the other two are en suite.
The walkout lower level is finished to main level standards, and can easily double as an au pair/in law suite. The 2,08-square foot area includes an en suite bedroom, recreation area with kitchenette, and a media/theater room.
Extras and items to note- six bedrooms, five full and two half baths, two fireplaces, nine foot ceilings throughout, audio system, central vacuum, security system, Energy star rated, three car garage, finishable walk-up attic with roughed in plumbing, 10 Kw generator, room for pool.
Annual taxes are $31,280.
Listing/photo courtesy of William Raveis Real Estate/Al Filippone Associates.
(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.
