By Judy Szablak
Special to WestportNow
As the fall season is upon us, there are strong and valid reasons to buy or sell a home during this time of year in Westport.
Featured Home: This home at 14 Brooklawn Drive is listed at $1,899,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate — Westport
In fact, last year, 92 sales occurred during the fall season which accounted for 21% of all sales in 2018.
One popular misconception is that the majority of homebuyers move to coincide with the educational calendar. However, families are still looking in the fall since it is still considered to be early enough in the season.
Keep in mind that not all buyers have children of school age, and don’t forget about the empty nesters either, who can move any time without regards to the school years.
It is also still light enough in the early evening to have weeknight showings of substance, rather than waiting for daylight on the weekends.
It is understood that the buyer pool is more serious at this time of year, and is not just looking when its convenient, or if the mood strikes. Fall buyers tend to be more serious and motivated to purchase before the colder weather sets in, and the holiday season arrives.
Buyers have their advantages, too. There is a better opportunity to negotiate with sellers who have had their home on the market for a while, or who wish to close in 2019.
Additionally, new listings are generally priced in accordance with the market in order to effect a quick sale. Those same homes would most likely be listed for more money come springtime.
Low interest rates are key for the majority of home purchasers, but especially entry level buyers in the $1 million and under range, where just a 1% increase in rates could have an effect on their buying power. Do not underestimate the importance of these buyers to our market, as they also fuel the market for the mid and upper tiers.
Market Stats
There are now 363 homes that are actively on the market, which represents a 7.5% increase in inventory over last year at this time.
These currently available properties have been listed for an average of 136 days, with a cumulative market time of 229 days, and that is a slight increase over last year. The average list price of $2,166,516 is down by $51,000 from a year ago, and the median price is at $1,490,000, and is down $99,500 from this same time last year.
Thirteen new listings came on the market in the last seven days, which represents an decrease of nine properties over last year. One property came back on the market after being under deposit, or temporarily withdrawn. There were 28 properties in the past week that had a price change, which decreased 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 $20 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 51 homes under some stage of deposit in town, and include 23 homes under the initial stage of deposit, and another 28 scheduled to close. Five homes took an initial deposit this past week, another four entered pending status, and our townwide deposits are up by three units over last year at this time.
A 2,563-square foot colonial at 7 Bushy Ridge in the Coleytown area took an initial deposit after just four days on the market. The four-bedroom home with three full baths and a generator is on 1.24 acres and was listed at $635,000
A new construction home built by CCO Habitats at 48 Bayberry Lane with 6,025-square feet and on 1.01 acres went under pending status after 62 days on the market. The six-bedroom, five and one half bath colonial was listed at $1,899,999
Closings: There were 13 sales that were reported during the last week, and that was up by five units from last year. The average sale price to list price ratio was 96%.
Three homes sold at or above list price, including an eight-room colonial at 22 Colony Road, which closed at its asking price of $949,000 after 107 days on the market. The 2,900-square foot four-bedroom home has two fireplaces and was professionally staged.
Also, a home at 16 Covlee Drive, which closed $77,500 over asking price at $927,500. The 1,803-square foot ranch on .30 acres has two bedrooms, and two and one half baths. The third was a 4,422-square foot home on 1.03 acres at 2 Wake Robin Road which was originally built in 1860. The home has six bedrooms, five baths, and two fireplaces. The home closed at $1,352,000, which was $152,501 over asking price.
A notable sale occurred at 261 Hillspoint Road and was last listed at $14.9 million, and closed at $10 million. Originally listed at $20 million in November 2018, the 5,206-square foot home on a 1.48 acre peninsula had one price reduction before it closed with a cumulative market time of 300 days. (See WestportNow Sept. 13, 2019)
Condos: There are 26 condominiums that are currently available, including a new luxury development on Wilton Road in the old Save Our Children location which has placed three of its 12 units on the market.
Townwide, condos have been listed an average of 98 days, with a cumulative market time of 128 days. The average price is $870,234 which takes into account the three luxury units ranging in price form $2.6 -$3.45 million. The median price is $642,450, as opposed to last year’s median price of $679,000.
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 entered the market in the last seven days, and no properties came back on the market. Three homes had a price change, and no homes entered the initial deposit stage. One home entered pending status.
There are no properties currently under the initial stage of deposit townwide, and one that is scheduled to close that is listed at $799,000.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 106 homes or apartments available.
The median price for townwide annual rentals is currently $4,500, which is up by $175 from this time last year. The average price is $5,599 per month, which is down about $475 per month as compared to last year at this time. These year round rental opportunities have been on the market an average of 73 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 lowest priced rental is a studio apartment at 8 Cross St. with heat and hot water included, and is listed at $1,225 monthly.
There are 36 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 20% from last year at this time.
Seasonal/short term rentals currently have an average price of $9,025 and a median price of $5,550, with an average market time of 122 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 14 Brooklawn Drive is listed at $1,899,000.
This custom-built Coleytown colonial has a wonderfully open and flowing floor plan, and elegant finishes and trim-work throughout its 7,117-square feet of living area.
This one-owner home on one level acre was built in 2008, with strict attention to design, livability and flexibility, and has been professionally landscaped to perfection.
The open floor plan is perfect for the casual to the formal affair, and includes an expansive entertaining area that consists of a great room with a floor to ceiling fieldstone fireplace and nicely tucked away wet bar with plenty of cabinetry and storage.
The informal dining area is open to the great room on one side, and to the chef’s kitchen on the other, and also leads out to the 960-square foot bluestone patio with sitting wall through French doors.
The provincially styled kitchen with granite counters and professional grade stainless steel appliances also has a two-tiered granite topped island as well as a pantry.
Enter the formal dining room with custom wainscoting and millwork through transom-topped French doors. A butler’s pantry with glass front cabinetry and granite counters ensures that additional preparation areas stay private.
A handsome cherry library with well executed built-ins includes a gas fireplace, and has an elegant transom topped French door entry.
Upstairs, the master bedroom suite with spacious sitting area has dual walk-in closets, and a stunning marble bath with separate glass enclosed shower and whirlpool.
Four additional bedrooms are on this level, and two share a Jack and Jill-style bath, and another is en suite.
The finished walkout lower level includes a recreation room, media room, and a 100-square foot wine cellar.
Extras and items to note — 11 rooms, five bedrooms, three full and two half baths, two fireplaces, 9-foot ceilings on all three levels, security system, hydro-air heating and cooling, three-car garage, heated saltwater Gunite pool with automatic cover and waterfall, wine cellar with custom built in storage, generator, bocce court, irrigation system.
Annual taxes are $25,776.
Listing/photo courtesy of William Raveis Real Estate — 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.
