By Judy Szablak
Special to WestportNow
Bigger may not always be better, especially in a Westport home buyer’s eye.
Featured Home: This home at 7 Cross Brook Lane is listed at $1,149,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s International- Westport.
While the average house that is currently for sale has five or more bedrooms, four bedroom homes have been selling at a faster pace over the last year.
Affordability is a key factor, as each additional bedroom will also add approximately $300,000 to the asking price.
The average four-bedroom home for sale in town is 3,697-square feet and is listed at $1,706,920.
Add one more bedroom, and the average price is $2,029,248. Homes with six bedrooms or more increases in price to just over $2.3 million.
When it comes to closed units, home sale percentages are higher for four bedroom homes, and properties are selling more rapidly.
Of particular note are homes within the 3,000- 4,000-square foot size range, which are selling approximately five weeks faster on average as compared to the larger homes.
The average four-bedroom home in town has 3,536-square feet, and has a market time of 99 days.
Homes with five bedrooms average 5,112-square feet and stay on the market for an average of 102 days until they close.
A home with six or more bedrooms typically has 7,515-square feet, and an average market time of 129 days
There are currently 101 four-bedroom homes on the market, 89 five-bedroom homes, and 77 homes available with six or more bedrooms.
Market Stats
There are now 316 homes that are actively on the market, which has increased by 9 percent over last year at this time.
These properties have been listed for an average of 116 days, with a cumulative market time of 222 days. The average list price is down approximately $60,000 from a year ago to $2,050,826 and the median price is at $1,552,500, which is also down $102,000 from this same time last year.
Nine new listings came on the market in the last seven days, which is 53 percent of the new inventory that entered the marketplace last year. No properties came back on the market after being under deposit, or temporarily withdrawn.
There were 24 properties in the past week that 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 a 1,065-square foot ranch on .50 acres at 11 Fragrant Pines Court that was built in 1957 and is listed at $449,999.
There are currently 35 homes under the initial stage of deposit town-wide, and another 40 scheduled to close.
The number of homes that are under the initial stage of deposit is down by five units from that of last year, and the pending sales are down from 2018 at this time by 12 percent.
Deposits to note: A four-bedroom Cape Cod-style home at 22 Old Hill Road took an initial deposit after just nine days. The 3,445-square foot home on .98 acres was listed at $1.3 million.
Also, a five-bedroom contemporary home at 13a Dogwood Green went under pending status after a cumulative market time of 1,584 days. The 4,955-square foot home was originally listed at $2,685,000 and went under deposit at a final asking price of $1,600,000.
Closings: The one sale that was reported during the last week was at 7 Riverfield Drive, which is a 2,816-square foot colonial with four bedrooms in the Coleytown area, and it has been on and off the market since April 2014.
The price began at $1,429,000, and had 12 price adjustments prior to its last list price of $1,049,000. It ultimately closed at 92.95 percent of that price, or $975,000.
Condos: There are 16 condominiums that are currently available, which is up by five units from this time last year. These condos have been listed an average of 92 days, with a cumulative market time of 115 days.
The average price is $540,206 and the median price is $609,000. The median price is up by over $105,000 from last year at this time.
There was one new listing entered in the last seven days, and no properties came back on the market. One home had a price change, and one home entered the initial deposit stage. No homes entered pending status.
The highest priced condo in town is listed at $998,000, and is a three-bedroom, three and one half bath townhome with 3,036-square feet of living area located at 31 Regents Park, and the lowest priced unit for sale is a one-bedroom unit with 750-square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $178,300.
There are two properties currently under the initial stage of deposit town-wide, and three that are scheduled to close, ranging in price from $410,000 to $699,000 and have an average market time of just 29 days.
One property had a price reduction and no properties sold this last week.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 48 homes or apartments available. The highest priced annual rental is $25,000 per month, and is at 66 Compo Mill Cove. This beachfront home consists of 4,000-square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach. The home is also available for summer rental at $40,000 per month.
The lowest priced rental is listed as a 400-square foot two-room apartment that was recently reduced to $1,195 monthly and is located at 8 Cross St.
The median price for town-wide annual rentals is currently $4,875, and is about $500 less than it was at this time last year, and the average price is $5,865 per month, which is also down by about $150 per month from last year at this time.
These year-round rental opportunities have been on the market an average of 82 days.
There are 45 short-term rental opportunities that are available, and at $40,000, 66 Compo Mill Cove is the highest priced home for rent, and it is also available as an annual rental.
Two others that were listed at $40,000 have just taken a deposit; a 7,629-square foot with five bedrooms on 4 Bluewater Lane, a six-bedroom colonial at 16 Burr Farms Road.
Seasonal rentals currently have an average price is $13,981 and a median price of $9,450, with an average market time of 125 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 7 Cross Brook Lane is listed at $1,149,000.
Once in a while, you come across a home with an unanticipated interior that surprises you the moment you enter, such as this extensively remodeled eight-room modern-style home.
Far from what one might generally expect, the 3,640-square foot interior which was originally built in 1967 is a wonderful sunlit home with an open spacious floor plan, and is sited nicely on a 1.06-acre lot on a cul de sac which is less than a mile to the Merritt Parkway.
The generously sized living room with exquisite contemporary-style fireplace custom layered mantel, opens to the dining room, which has Mission-style French doors that lead out to the covered deck and inground pool.
A beautifully designed chef’s kitchen with cathedral ceiling and two skylights offering glass front cabinets and Silestone Quartz counters, top grade stainless steel appliances and a beverage fridge.
Two contrasting center islands provide plenty more counter space; one for prep and one of which seats four comfortably as a breakfast area.
The family room is just a few steps down from the living room, and has a full wall of built-in cabinetry and shelving, and a bedroom/office, full bath and laundry room completes this level.
Upstairs, there are three bedrooms including the master suite which has French doors to private balcony. Two walk-in closets with custom built-ins, and a luxurious bath has a skylit vaulted ceiling, dual his/her vanities, a separate soaking tub and glass enclosed shower.
An added and unexpected bonus room could also potentially be used as office or playroom.
Extras and items to note – four bedrooms, three full baths, fireplace, three skylights, in-ground pool with bluestone patio leads to two separate decks, generator.
Annual taxes have yet to be determined after the remodel.
Listing/photo courtesy of William Pitt Sotheby’s International- Westport.
(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.
