By Judy Szablak
Special to WestportNow
It’s all about strategic timing for Westport home sellers who have a unique and very short window of opportunity to take advantage of a midsummer spike in activity.
Featured Home: This home at 35 Burnham Hill is listed at $3.9 million. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s-Westport
The market has picked up due to buyers who are looking specifically to get into contract or move prior to the commencement of the school year.
Much of the month of August is slower due to many vacation goers and buyers who are getting prepared for back to school. The market picks up again after Labor Day when buyer are again looking to meet another deadline of moving in prior to the new year.
Make sure your home is priced correctly, and stage it as well as possible. That includes paying very close attention to curb appeal, interior décor and staging, and minimal clutter inside and out.
Do not underestimate the competition. It is important that the home shows as well as it possibly can, and you are prepared to move quickly with a time sensitive sale.
Market Stats
There are now 365 homes on the market, which is an increase of 13 homes over last year at this time.
These currently available properties have been listed for an average of 126 days, with a cumulative market time of 222 days. The average list price is almost exactly the same as it was a year ago at $2,151,306, however the median price is at $1,469,000, which is down $143,500 from this same time last year.
Fourteen new listings came on the market in the last seven days, which represents an decrease of five properties over last year. Two properties came back on the market after being under deposit, or temporarily withdrawn. There were 22 properties in the past week that had a price change, which is up by just one home 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 has recently been reduced to $350,000.
There are currently 74 homes under some stage of deposit in town, and include 30 homes under the initial stage of deposit, and another 44 scheduled to close. Last year, that same calculation brought us to 84 homes.
The home at 34 Maple Lane went under the initial stage of deposit after a cumulative market time of 1,387 days. The 5,170-square foot home on 1.32 acres was built in 2016, and has five bedrooms and four and one-half baths.
Closings: There were eight sales that were reported during the last week, and that was down by 12 units from last year. Average market time increased by 26 days from what it was at this time in 2018.
Two homes sold over asking price this past week.
A 1,979-square foot cape cod style home with two bedrooms at 361 Wilton Road sold at over $95,000 above its final list price at $575,000. Interestingly enough, the home was originally listed at $594,900 and had three price reductions over its 131 days on the market.
The 3,318-square foot contemporary home with massive windows at 12 Stonybrook Road also sold $10,000 over its asking price of $1 million, after being on the market for 210 days. The six-bedroom home with three and one half baths is on 1.94-acre level lot.
Condos: There are 22 condominiums that are currently available, which is up by three units from this time last year. These condos have been listed an average of 70 days, with a cumulative market time of 95 days. The average price is $654,500 and the median price is $614,258. The median price is up by just over $99,000 from last year at this time.
The highest priced condo in town is listed at $1,375,000, and is a three-bedroom, two and one half bath townhome with 3,354-square feet of living area located at 32 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 were three new listings entered in the last seven days, and no properties came back on the market. Four homes had a price change, and one home entered the initial deposit stage. No homes entered pending status.
There are two properties currently under the initial stage of deposit townwide, and one home that is scheduled to close that is listed at $665,000.
One sale was reported, and was a ranch style unit located at 38 Hills Lane. The two bedroom, two bath home was listed at $347,000 and closed at $342,500.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 90 homes or apartments available.
The median price for townwide annual rentals is currently $4,848, and is approximately $340 less than it was at this time last year. The average price is $6,097 per month, which is down about $900 per month as compared to last year at this time. These year round rental opportunities have been on the market an average of 47 days.
The highest priced rental is at 5 Charmers Landing at $26,000 per month. The 11,759-square foot home on 1.12 acres has five bedrooms, six and one half baths, and includes a private peninsula, over 700-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.
There are 40 short-term rental opportunities that are available, and these opportunities are down by over 32% from last year at this time.
Seasonal rentals currently have an average price is $14,7652 and a median price of $10,000, with an average market time of 127 days
A home at 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.
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 35 Burnham Hill is listed at $3.9 million.
This spectacular 10-room custom Nantucket shingle style colonial is sited perfectly on a sought after cul-de-sac in the Compo Beach area.
Custom built in 2013, the 8,272-square foot home has 10-feet ceilings on the main floor, 9-feet on upper floors, and superb detailing which includes custom millwork, gently arched entryways with arched detailing throughout to match, specialty ceilings, and transom topped French doors.
As you enter through the mahogany front door, the grand two-story entrance and foyer awaits, and there is just nothing average about this outstanding home.
The living room is straight ahead, and has a marble fireplace, two transom topped French doors to the 1,009-square foot patio and another French door to the L-shaped covered porch.
To your right as you enter is a gently arched entrance that leads to the dining room with large bay window and recessed panel wainscoting. Two butlers pantries ensure that the entertainer is well equipped.
A gourmet kitchen with granite counters and top of the line stainless steel appliances has a contrasting center island with vegetable sink and beverage fridge that seats three, and a breakfast area that overlooks a wonderfully private .65-acre property.
Rich coffered ceilings in the family room with stone fireplace add to the charm, and three sets of French doors lead out to the expansive rear patio.
Upstairs, the master bedroom privacy suite with barrel ceiling has a marble fireplace, a sitting room with princess balcony, and two generously sized walk-in closets. The luxe marble bath with barrel ceiling includes a steam shower and separate whirlpool tub
Four additional en suite bedrooms each have a walk-in closet are also on this floor.
The garden level includes a climate controlled wine room, media room with stone fireplace, exercise room, and a recreation room with tray ceiling and two sets of French doors outside.
Extras and items to note — five bedrooms, six full and two half baths, five fireplaces, security system, audio system, central vacuum, hydro-air heating and cooling, public water and sewer, three car garage, climate controlled wine room, built in outdoor grill.
Listing/photo courtesy of William Pitt Sotheby’s-Westport.
Annual taxes are $43,983.
(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.
