By Judy Szablak
Special to WestportNow
When someone asks how the real estate market is doing in Westport, answers can realistically range from very slow to quite busy — and both of these answers may be entirely accurate.
Featured Home: This home at 7 Bonnie Brook Lane is listed at $1,385,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group Bedford Square
What is valid in one area of town is not correct of another, and what is indicative of the market in one price range in town is not the same as in another.
In a similar fashion but on a grander scale, statewide and national averages cannot possibly paint an accurate picture of a local market.
You may have seen The Hartford Courant article stating that Connecticut home sales fell in May but prices were up. According to the Warren Group, Connecticut home sales continuously declined for the past 10 months, while the median price increased by 7% statewide. It was also noted that statewide sales fell 2% year over year in May.
While the figures are informative and accurate on a statewide basis, they are simply not indicative of Westport’s market performance.
Contrary to the state average, Westport has not had 10 months of continuous decline in unit home sales. January through March were in fact slow months for us, with a total of 46 sales in the first quarter, however four of the previous 10 months has an increase in unit sales over the previous month.
In fact, according to our Multiple Listing Service, April and May of this year doubled the amount of sales in February and March. Year over year unit sales in the month of May increased by one sale in 2019.
Average market time has increased by approximately one month, and we experienced an average increase in price of 3.1% over last year.
Real estate remains hyperlocal, and it is always important to remember that while statewide, or national averages carry weight on the larger scale, what is happening “in your backyard” affects you more.
Note- The Warren Group tracks housing trends in New England, and gathers information from land records throughout Connecticut’s 169 towns and cities.
Market Stats
There are now 372 homes that are actively on the market, which has increased by nine homes over last year at this time.
These currently available properties have been listed for an average of 118 days, with a cumulative market time of 212 days. The average list price is up approximately $60,000 from a year ago to $2,104,997 and the median price is at $1,472,000, which is just under $128,000 from this same time last year.
Twenty-three new listings came on the market in the last seven days, which represents an increase of seven properties over 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, which is down by five homes as compared to last year at this time.
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 7.67 acres with 365 feet of waterfront.
The lowest available priced single family is a 1,104-square foot ranch on .10 acres at 19 Crescent Park Road. The home was built in 1983, has three bedrooms, two full baths, and is listed at $369,000.
There are currently 67 homes under some stage of deposit in town, and include 33 homes under the initial stage of deposit, and another 34 scheduled to close. Last year, that same calculation brought us to 104 homes.
A six bedroom antique colonial at 2 Wake Robin Road went under initial deposit status in just three days. The 4,422-square foot home on 1.03 acres has five bathrooms, perennial gardens, and a heated gunite pool, and a generator. The home is listed at $1,199,000.
Closings: There were 18 sales that were reported during the last week, and that was up by 11 units from last year. At just 70 days on the market, average market time was less than half of what it was in 2018.
One home sold at full asking, and was located at 222 North Ave., not far from Coleytown Elementary School. The 2,714-square foot colonial on two acres has four bedrooms, three and one half baths, a wine cellar and private waterfall. The home listed and sold at $1,035,000.
A five-bedroom contemporary chalet style home at 28 High Point closed at 94% of its final asking price after 1,474 days on the market, and sold after 16 price adjustments. The original list price to sale price ratio would have been 47%.
Condos: There are 20 condominiums that are currently available, which is up by three units from this time last year. These condos have been listed an average of 78 days, with a cumulative market time of 111 days. The average price is $579,650 and the median price is $624,500. The median price is up by $88,000 from last year at this time.
There were three new listings 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 $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 two properties currently under the initial stage of deposit townwide, and two that are scheduled to close, with an average list price of $680,000.
Three homes sold at an average price of $506,000 and closed at 96% of asking price.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 77 homes or apartments available.
The highest priced rental is at 5 Charmers Landing that has five bedrooms, six and one half baths, and includes a private peninsula, over 70 feet of shoreline, and a deep water dock.
The two lowest priced rentals are both 495-square foot efficiency apartment-style units in the heart of downtown Westport at 14 Post Road East, and they are both listed at $1,465 per month.
The median price for townwide annual rentals is currently $4,795, and is about $1,200 less than it was at this time last year, and the average price is $6,261 per month, which is down about $1,200 per month as compared to last year at this time. These year round rental opportunities have been on the market an average of 49 days.
There are 46 short-term rental opportunities that are available, and 9 Cockenoe Drive is the highest priced home and is listed at $45,000. This 1,800 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 27% from last year at this time.
Seasonal rentals currently have an average price is $16,006 and a median price of $12,000, with an average market time of 127 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 Bonnie Brook Lane is listed at $1,385,000.
This five-bedroom Cape Cod-style home blends traditional flavor with a modernized European style, and the end result is an atmosphere that is remarkably warm and inviting.
There are plenty of areas to entertain, and it appears that this 5,273-square foot home was especially designed for just that.
The floor plan is open and elegant, and takes full advantage of the magnificent 1.63-acre professionally landscaped parklike property with exceptional scenery.
The living room has crown molding, a fireplace with raised hearth, and gleaming hardwood floors.
The formal dining room with crown molding and chair rails has a provincial “al fresco” charm, with its three oversized and gently arched eyebrow-topped windows that overlook the private and lush grounds.
The understated European flair continues into the designer white kitchen with terra-cotta tile flooring. The breakfast nook with sliders leads out to the 574-square foot deck, which includes a grand staircase to the entertaining area outside.
The skylit family room has a beamed cathedral ceiling, and another set of sliders out to the deck, and the expansive solarium with rich Cherry flooring provides a wonderful place to relax.
A stunning maple paneled library has plenty of built ins, and floor to ceiling custom millwork.
The master bedroom suite has cathedral ceilings, a dressing room, and a fabulous Tuscan-style bath with separate tub and glass enclosed shower, and the other three bedrooms are also en suite with beautifully remodeled baths.
The garden level has another bedroom area and changing room with full bath, and could easily be a nanny suite with its own access.
French doors lead outside to the artisan crafted stone patio and walkway to the heated in-ground pool with waterfall, which is also surrounded by extensive landscaping.
Extras and items to note — four bedrooms, five full and one half baths, two fireplaces, security system, natural gas, public water, wine cellar, heated in-ground Gunite pool, 614 square foot stone patio.
Annual taxes are $16,583.
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.
