By Judy Szablak
Special to WestportNow
The Westport market has been experiencing a minor buzz at a time when it’s generally a little slower.
Featured Home: This home at 16 Turkey Hill Road South is listed at $1,795,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s-Westport
Single-family home inventory is down by 8% from just 30 days ago, and the number of listings that came on this last week were mirrored by the amount of initial deposits, which means there is no inventory gain over last week.
Dwindling inventory is a seasonal aspect of the real estate market. However, this last month’s blip in the radar presents some unique opportunities for buyers and sellers alike.
Currently, there are 9.13 months of inventory as compared to 10.48% from the prior four- to six-month period, and this is welcome news for the market in general; especially if one uses this time sensitive information to their benefit.
Entry level homes of under $1 million comprise 31% of our inventory, and 49% of our deposits.
The health of the entry level market also points to these sellers “moving up,” along with out of town buyers entering Westport in the same range. Higher ranges also benefit, as evidenced by deposits.
There are currently 68 homes under some stage of deposit, and seven are between $1-1.2 million, nine in the $1.2-$1.5 million range, and another eight between $2-2.5 million.
If one is planning on buying in any of these ranges, be prepared for a bit more competition than expected, and if one is selling, pay attention to where your home falls in a suggested price range.
It may be time to push the envelope in your situation, or to relax it.
Market Stats
There are now 336 homes actively on the market, which is on par with last year at this time.
These properties have been listed for an average of 142 days, with a cumulative market time of 240 days, and that is an increase of about a week over last year. The average list price of $2,188,151 is up by $30,000 from a year ago, however the median price of $1,490,000 is down $109,000 from this same time last year.
Seven new listings came on the market in the last seven days, which represents an decrease of six properties over last year. Two properties came back on the market after being under deposit, or temporarily withdrawn.
There were 15 properties in the past week that had a price change, which has increased by three 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 has recently been reduced to $350,000.
There are currently 68 homes under some stage of deposit in town, and include 46 homes under the initial stage of deposit, and another 44 scheduled to close. Last year, that same calculation brought us to 84 homes.
The property at 91 Beachside Ave. that is listed at $2.1 million took an initial deposit after a cumulative market time of 882 days. The 2.37-acre parcel was formerly owned by Briggs Swift Cunningham as part of his estate, and includes an 11-room cottage and a 10-car garage.
Closings: Closings: There were 11 sales that were reported during the last week, and that was down by four units from last year. These 11 homes had an average sale price to list price ratio of 96%, however market time increased by 26 days from last year at this time.
No properties sold over asking price last week, and one home closed at list price.
A 3,639-square foot home on 12 Highland Road listed and sold for $848,000 in just 25 days. Fully renovated, this 1956 Cape Cod-style home has five bedrooms, two and one half baths, two stone fireplaces and is on a 1.03-acre parcel in the Coleytown area.
Condos: There are 25 condominiums that are currently available, including a new luxury development on Wilton Road which has placed three of its 12 units on the market, ranging in price from $2.6 -$3.45 million.
Townwide, condos have been listed an average of 81 days, with a cumulative market time of 112 days. The average price is $898,783 which takes into account the three luxury units. The median price is $635,000, and is up by $42,000 from last year at this time.
The highest priced condo in town is listed at $3,450,000, and is a two-bedroom, two and one half bath luxury home on the third floor of the new Bankside House on the Saugatuck River, and has 2,432-square feet of living area. 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 $168,300.
One new listing was entered in the last seven days, and no properties came back on the market. One home had a price change, no homes entered the initial deposit stage. Two homes entered pending status.
There is one property currently under the initial stage of deposit townwide, and five that are scheduled to close with an average price of $631,000.
No sales were reported last week.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 100 homes or apartments available.
The median price for townwide annual rentals is currently $4,825, which is consistent with this time last year. The average price is $6,000 per month, which is down about $100 per month as compared to last year at this time. These year round rental opportunities have been on the market an average of 61 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 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 22% from last year at this time.
Seasonal/short term rentals currently have an average price of $11,408 and a median price of $6,000, 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 16 Turkey Hill Road South is listed at $1,795,000.
This 11-room Greens Farm shingle-style colonial has an open concept floor plan brimming with understated elegance, outstanding features and exemplary workmanship throughout.
Although the 4,980- foot home was completely rebuilt in 2008, it still looks and feels like it was built yesterday. Exceptional features include custom detailing and top of the line fixtures, along with an effortless flow.
An eight-sided cupola sits atop the grand foyer with elegant millwork, which sets the stage for a gracious and welcoming home. Pocket doors on the left open to the living room with triple layered crown molding and custom fireplace, and the family/gathering room to your right.
The formal dining room continues with the triple layered crown molding, and has a flush interior lit glass-front cabinet, as well as French doors that open to a semicircular balcony overlooking the .50-acre yard.
The new sleek and sophisticated white Quartz kitchen is complemented beautifully with an antique center island, and top quality appliances including a Wolf six-burner range, Thermador double wall-ovens, and three Fisher & Paykel dishwashers.
The breakfast bar seats four comfortably and serves as a subtle distinction between the kitchen and large informal dining area, which is open to the family room with floor to ceiling built ins, and leads to the three season wood paneled screened porch through French doors on another side.
Upstairs the master bedroom suite with tray ceilings occupies the entire left wing of the home and includes a sitting area, two full luxurious baths including one with a whirlpool, separate glass enclosed shower with rain head, handheld and wall jets along with towel warmers. Two incredibly spacious walk-in closets ensure more than enough storage for the fussiest fashionista.
Three additional bedrooms are on this level, one is en suite, and the other two share a Jack and Jill style bath.
A separate den on this level is perfect for an office/reading room or homework area.
The walkout lower level includes a family room, exercise room, half bath and French doors that lead outside, another en suite bedroom, and a wine room, and plenty of room for storage left over.
Extras and items to note — five bedrooms, five full and two half baths, fireplace, hydro air heating and cooling, public water, heated Gunite pool and spa.
Annual taxes are $21,028.
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.
