By Judy Szablak
Special to WestportNow
Whether buying or selling a home in Westport, market time is always considered when determining price.
Featured Home: This home at 22 Broadview Road is listed at $2,500,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport
When a home enters the market, the homeowner anticipates receiving asking price or minimal negotiation, and hopes for a bidding war. As the weeks go by, that probability diminishes, although it still happens occasionally.
Buyers swarm to newly listed properties in their range which explains the immediate activity that winds down after a few weeks.
Their hopes of negotiating a lower price on a home that’s fresh on the market is not as likely when it enters the marketplace. However the perception and most likely reality is that negotiating ability increases as the weeks go by.
The only concern there is that a home that “checks all the boxes” for that particular buyer may do the same for someone else who is not willing to risk losing the property.
What many overlook is the cumulative days on market statistic and listing history, which is helpful to either buyers or sellers when evaluating a home’s pricing.
As the current average market time for active listings is approximately 138 days, it should be noted that over the last year the average days on market was 116 days, which is about a two-week difference.
However, the full picture should include cumulative days on the market, and in that case, the difference is an additional 55 days.
While it is important to view townwide statistics for an overview, each home’s analysis should be tailored to that particular home without generalization to arrive at pricing and market time.
Market Stats
There are now 323 homes that are actively on the market, which is four homes less than it was last year at this time.
These currently available properties have been listed for an average of 141 days and have a cumulative market time of 246 days. While the days on market is just slightly above where we were last year at this time, the cumulative days on market has increased by 36 days.
The average list price of $2,148,319, and is up by $61,000 from a year ago. The median price is at $1,399,000, and is down $100,000 from this same time last year.
Ten new listings came on the market in the last seven days, which represents an decrease of seven properties over last year. Two properties came back on the market after being under deposit, or temporarily withdrawn.
There were 17 properties in the past week that had a price change, which increased by two 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 1,026-square foot ranch on .17 acres at 37 High St., which is listed for $317,000 and subject to probate court approval. Built in 1959, the home has three bedrooms, one bath, and a two-car garage.
There are currently 56 homes under some stage of deposit in town, and include 30 homes under the initial stage of deposit, and another 26 scheduled to close. Twelve homes took an initial deposit this past week, another seven entered pending status. Our townwide deposits are down by just one unit over last year at this time.
A new construction home on 34 Oak St. with 4,720-square feet of living area on .30 acres went under pending status after 24 days on the market. The five bedroom, four and one half bath colonial was listed at $1,585,000.
Closings: There were seven sales that were reported during the last week, and that was up by one unit from last year. The average sale price to list price ratio was 94 percent.
One home sold above list price this past week. The farmhouse colonial at 109 Greens Farms Road was listed at $699,000 and closed at $710,000 after 217 days on the market. The three bedroom, two and one half bath home on .97 acres was built in 1860.
Condos: There are 26 condominiums that are currently available, including three units in a new luxury development. Townwide, condos have been listed an average of 99 days, with a cumulative market time of 149 days. The average price is $860,042. The median price is $860,042, as opposed to last year’s median price of $688,000.
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 Street at The Saugatuck, which is an adult complex and listed at $162,800.
Two new listings entered the market in the last seven days, and no properties came back on the market. One home had a price change, and three homes entered the initial deposit stage. No homes entered pending status.
There are four properties currently under the initial stage of deposit townwide, and two that are scheduled to close which are listed on average at $1,024,500.
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 $4,550, which is up by $225 from this time last year. The average price is $5,442 per month, which is down about $446 per month as compared to last year at this time. These year round rental opportunities have been on the market an average of 68 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 45 short-term rental opportunities that are available, and 125 Harbor Road is the highest priced home and is listed at $32,000. This direct waterfront 3,023-square foot colonial home with four bedrooms and three baths includes a deep water dock.
Seasonal rental opportunities are up by 18% from last year at this time.
Seasonal/short term rentals currently have an average price of $5,736 and a median price of $4,600, with an average market time of 85 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 22 Broadview Road is listed at $2,500,000.
This sophisticated and luxurious 7,046-square foot colonial is on a premier street in the distinguished and sought after Old Hill neighborhood.
A gated stone entry sets a grand stage for this fully renovated 13-room home on 1.02 acres with a lush lawn and exceptional landscaping.
An elegant living room has coffered ceilings, a custom marble fireplace, built-in shelving, and layered moldings.
The dining room with tray ceiling includes another fireplace and custom wainscoting, as well as a set of French doors that lead outside to the patio, in addition to another set that lead to fully paneled library/office with built-ins and an intricately designed coffered ceiling.
The gourmet kitchen has professional grade appliances and Caesarstone quartz marble countertops. The center island seats four comfortably, and has a vegetable sink and beverage fridge.
The breakfast area overlooks lush grounds stone walls and gardens through a large window, and is open to the family room through a columned and gently arched entrance.
A floor-to-ceiling fieldstone fireplace with built-ins on either side is the focal point of the sunlit family room.
Upstairs, the romantically inspired master bedroom suite with vaulted ceilings has a fireplace and Juliette balcony, along with dual walk-in closets and a luxurious marble bath with freestanding tub and glass enclosed shower.
Three additional bedrooms are on this level, one is en suite with another Juliette balcony, and the others share a Jack and Jill style bathroom. A bonus room on this floor can also be used as another bedroom if so desired.
The walkout lower level is beautifully finished with a granite floor and French doors lead out to the 759-square foot stone patio and pool.
Extras and items to note — five bedrooms, four full and one half baths, four fireplaces, full guest suite on main level, 9-foot ceilings on both levels, three-car garage, inground pool, 20K whole house generator
Annual taxes are $30,341.
Listing/photo courtesy of Coldwell Banker 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.
