By Judy Szablak
Special to WestportNow
It may not feel like spring outside lately, and it doesn’t really feel like a typical spring market in Westport, either.
Featured Home: This home at 6 Buena Vista Drive is listed at $1,975,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group Bedford Square.
That is, unless you are lucky enough to be in one of the “price pockets” enjoying an uptick in activity. It is critical to pay attention as to what kind of activity is happening in your range, so that you can plan to buy or sell at the most opportune time
It is important to remember that the available amount of inventory in a particular range translates to a lot of competition, which adds to market time and puts the supply vs. demand factor into play, which has an effect on pricing.
For example, the price pockets with the most available homes for sale are within the $2.25-$2.5 million range with 25 properties available, and they have an average market time of 110 days, with a cumulative market time of 317 days.
The $2.75-$3 million range has 25 properties available with an average market time of 97 days, and cumulative market time of 176 days.
These two ranges represent 13.7% of the overall inventory, however they do not account for the same percentage of upcoming sales. In fact, only one home is reported through our MLS as being under the first stage of deposit in the $2.25-$2.5 million range, and no properties fit that description in the $2.75-$3 million range.
In contrast, 39% of the properties that have gone under the initial stage of deposit in the last 45 days are in the $850,000 to $1.1 million range.
That disparity is not necessarily that worrisome, as the homeowners who are selling their homes move up to the next range, and those homeowners in turn move up to their next range category. It really is a matter of time. While not all buyers come from within town, we must take this into account.
The price ranges to watch in the coming months are anywhere between $1.1-$1.5 million, closely followed by the $1.5-$1.9 range. Research is key in order to time your move to maximize your goal.
Market Stats
There are now 349 homes that are actively on the market, which is fairly consistent with last year at this time.
These currently available properties have been listed for an average of 111 days, with a cumulative market time of 209 days. The average list price is down approximately $127,000 from a year ago to $1,948,907 and the median price is at $1,499,000, which is also down $180,000 from the same time last year.
Twenty-seven new listings came on the market in the last seven days, which is down by 13% of the new inventory that came on at this time last year. No properties came back on the market after being under deposit, or temporarily withdrawn. There were 33 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 $20 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 1,056-square foot ranch on .10 acres at 20 Oakview Circle, that was built in 1957, has three bedrooms, two full baths, and has recently been reduced by $10,000 and is now listed at $415,000.
There are currently 85 homes under some stage of deposit in town, and they include 34 homes under the initial stage of deposit, and another 51 that are scheduled to close. The number of overall homes that are under deposit has decreased by 11 units over this time last year.
A four-room cottage/ranch on 94 Partrick Road went under pending status in just six days. The 1,272-square foot home in the Old Hill area on 1.5 acres was listed at $630,000 and was originally built in 1920.
Closings: There were three sales that were reported during the last week, and that was down by six units from last year. However, the average market time decreased by 30 days.
Two of those three homes sold were over 5,000 square feet. A short sale at 226 Bayberry Lane which was originally listed at $1,795,000 in March 2018 and had four price changes, closed at $1,284,000, which was 98.85% of its final asking price of $1,299,000. The 1997 colonial with 7.250-square feet has 12 rooms, five bedrooms, and five full and two half baths.
The newly built home at 3 Eno Lane had 6,294 square feet of living area and closed at 94.55% of its asking price of $1,798,000. The 12-room home is on .50 acres in the Saugatuck area, and has four bedrooms, and five and one-half baths.
Condos: There are 15 condominiums that are currently available, which is up by two units from this time last year. These condos have been listed an average of 53 days, with a cumulative market time of 59 days. The average price is $604,420 and the median price is $580,000. The median price is up by over $80,000 from last year at this time.
There were two new listings entered in the last seven days, and no property came back on the market. Two homes had a price change, and no homes entered the initial deposit stage. No homes entered pending status.
The highest priced condo in town is listed at $1,049,000, and is a three-bedroom, two and one half bath townhome with 3,260-square feet of living area located at 30 Terra Nova Circle 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 six properties currently under the initial stage of deposit townwide, and three that are scheduled to close, with an average list price of $577,677.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 60 homes or apartments available. The highest priced annual rental is $25,000 per month, and is at 66 Compo Mill Cove. The 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 500 square foot three-room cottage at $1,500 monthly and is located at 343 Wilton Road.
The median price for townwide annual rentals is currently $5,000, and is about $800 less than it was at this time last year, and the average price is $5,984 per month, which is fairly consistent with last year at this time. These year round rental opportunities have been on the market an average of 59 days.
There are 50 short-term rental opportunities that are available, and 9 Cockenoe Drive is the highest priced home at $45,000. This 1800 square foot ranch home with three bedrooms has a private beach and panoramic views of the Westport and Norwalk islands.
Seasonal rental opportunities are down by 22 units from last year at this time.
Seasonal rentals currently have an average price is $15,4381 and a median price of $11,750, with an average market time of 115 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 6 Buena Vista Drive is listed at $1,975,000.
This eight-room Compo Beach area colonial is loaded with charm and character and offers one of the town’s highest and best water views of Long Island Sound, along with a picture perfect interior that everyone can enjoy as well.
The home was originally built in 1954, and has been beautifully remodeled to meet today’s standards and lifestyle with elegant finishes and details throughout its 2,900-square feet of living area. The height of the third floor is an added bonus as it has been “grandfathered,” and is no longer attainable.
The living room includes crown molding, custom raised panel wainscoting and a wood-burning fireplace with custom mantel. You can also step out on to the 34-foot long covered front porch and enjoy the views.
The gourmet eat-in kitchen with Absolute Black granite countertops includes professional grade stainless steel appliances, as well as a wine chiller. The breakfast bar seats three comfortably, and the adjacent dining area has French doors that lead out to the .20 -acre rear yard which are flanked on either side by floor to ceiling windows that allow for additional sunlight.
The family room is open to the kitchen, has “peek-a-boo” water-views, and also has oversized French doors out to the patio.
Upstairs, two of the three bedrooms offer stunning views from their shared 34-foot long balcony, including the master bedroom suite which has a walk-in closet and attractive bath with a dual vanity and a glass-enclosed shower.
Another bedroom has a beamed cathedral ceiling, and a den on the third floor can easily be a fourth bedroom or office space, and has spectacular views.
Extras and items to note — four bedrooms, three full and one half baths, fireplace, natural gas, public water and sewer, full basement, 668-square foot wood deck, 192-square foot patio, no flood insurance required.
Annual taxes are $18,030.
Listing/photo courtesy of Higgins Group Bedford Square.
(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.
