By Judy Szablak
The market for homes in Westport under $1 million is fairly healthy, and although the pricing appears to be somewhat static, further review shows that is simply not the case.
Featured Home: This home at 5 Witch Lane is listed at $859,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/Westport
An overall town-wide summary for this price pocket indicates that the median pricing of $780,000 for both active and sold properties has not changed one bit over the last year.
What has changed is that the homes that are available have gone down in size from an average of 2,369-square feet to just over 2,100-square feet from the beginning of the year.
In other words, the price per square foot has risen, even though the average and median values do not appear that way.
Currently, there are 63 homes available in this pricing category, and they represent 21.2 percent of the available inventory.
Interestingly enough, 34.2 percent of all sales in Westport in the last year were under $1 million.
That tells us that there is a shortage of inventory in this group, which could very well be part of the explanation for the increase in dollars per square foot.
Market Stats
There are now 296 homes that are are actively on the market, and this is a 4 percent drop from just last week. These currently available properties have been listed for an average of 136 days, with a cumulative market time of 221 days.
The average list price is now $2,272,987 and the median price is now $1,767,000.
A contemporary home on Compo Mill Cove is the highest priced home for sale at $13 million and the lowest available priced home is another contemporary home on Valley Road for $389,900.
Eight new listings came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn Four properties had a price change.
Four properties have gone under the initial deposit stage, which we call CTS, and seven 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 seven properties was $1,757,286. There are currently 11 homes in CTS status throughout Westport, and another 44 properties scheduled to close town-wide, with an average price of $1,739,607.
Closings: There were seven single family homes reported as sold in the last week, and they were listed on average at $1,727,729, with a market time of 89 days. There were 56 status changes in the last seven days.
Condos: There are five condominiums that are available, and they have been listed an average of 122 days. Their average listing price is $722,580 and the median price is $799,000.
The highest priced condo in town is listed at $1,238,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Cross Street for $314,900.
There was one price change, and one property went under the initial stage of deposit during this past week.
There are five properties town-wide that are currently in CTS status, and there are no properties scheduled to close.
One sale was reported during the last week, and was listed at $767,500. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 72 homes or apartments available. The median price is $4,625 per month and the average price is $4,936 per month. These year round rental opportunities have been on the market an average of 74 days.
There are 27 short-term rental opportunities that are available, and they have been on the market an average of 62 days. Their average price is $7,083 and the median price is $4,500.
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 5 Witch Lane is listed at $859,000.
This 10-room Garrison style colonial has been beautifully remodeled and is on a cul-de-sac in a prime in-town location.
This four-bedroom home has three sunlit levels and offers over 2,845 square feet of living area plus an expansive two-tiered deck.
The living room has crown molding and a brick fireplace, and the formal dining room is well sized for large get-togethers.
A stunning remodeled kitchen has granite counter-tops, stainless steel appliances and a matching center island, as well as a breakfast nook bay that overlooks the professionally landscaped and well manicured .73-acre property
The main level family room has sliders to the deck, which also has a spiral staircase that leads to the lower deck. Combined, both decks offer 1,372-square feet of carefree outdoor living space.
Upstairs, the master bedroom privacy suite has a full bath and walk-in closet. Three additional bedrooms are on this level, as well as a cedar closet for additional clothing storage.
The lower level is actually still above grade, is finished to main level standards and also has a half bath. A wall of full size windows and two French doors lead out to the fabulous deck which is great for entertaining.
Schools—Saugatuck, Bedford, Staples
Extras and items to note—two full and two one-half baths, city water, city sewer, full house generator, cedar closet, new roof, sewer assessment balance
Annual taxes are $9,072.
Listing/photo courtesy of William Pitt Sotheby’s/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.
