By Judy Szablak
Special to WestportNow
Available single family homes in Westport historically take a dip this time of year. However, there, are some artificial aspects that affect both home sellers and buyers.
Featured Home: This home at 57 Crescent Road is listed at $1,349,000. (CLICK TO ENLARGE) Photo courtesy of the William Raveis Real Estate- WCBH Team
Some home-sellers withdraw their home from the market during the holiday season, only to reinstate its active status after the holidays.
As of now, almost 15% of the technically listed inventory is withdrawn, or temporarily off the market, which leaves us with just 259 homes actively for sale.
Changing a home’s status to withdrawn or temporarily off the market in the MLS also removes it from an active search from the various aggregators and real estate search sites.
This in turn becomes quite unfortunate if and when a serious buyer is looking to purchase, and the home doesn’t show up as available. As an example, none of these properties had the opportunity to be one of the eight homes that went under the initial stage of deposit last week.
While some of these homes are legitimately off the market for reasons other than the holiday season, 28 properties have been withdrawn in the last 45 days, including four from this past week alone.
Another 18 have been canceled in that same time frame, however six of those are now back on the market, and another two were rented instead.
Removing a home from the marketplace temporarily also removes the ability to sell it, as agents or buyers have no express knowledge that it is actually available for sale. The home will continue to accrue market time, and this will not reset the days on market indicator.
There may inevitably be a day or two when a showing is not convenient, however do not let that deter you from keeping your home actively on the market during this time.
Market Stats
There are now 259 homes that are actively on the market, which has decreased by 29 properties from last year at this time.
These currently available properties have been listed for an average of 160 days, with a cumulative market time of 280 days. The average list price is down approximately $104,000 from a year ago to $2,053,467 and the median price is at $1,399,000, which is down by $98,000 from a year ago at this time.
Five new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn, which is down 50 % from last year for these changes. There were six properties in the past week that had a price change.
An estate on Beachside Avenue is the highest priced home on the market, and is currently listed at $20 million. The Tudor-style home on 112-116 Beachside Ave. is an 8,482-square foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.
The lowest available priced single family is a three-bedroom two-bath bungalow-style ranch on .12 acres at 17 Hale St., which was built in 1939. The bank-owned home was recently reduced to $362,000.
There are currently 22 homes under the initial stage of deposit townwide, and another 24 scheduled to close. The number of homes that are under the initial stage of deposit is up by seven units from that of last year, and the pending sales are up by three units from last year at this time.
Eight homes entered the initial stage of deposit last week, and two homes went under pending status with an average price of $1,649,000.
A nine-room customized colonial at 46 Cross Highway was listed at $1,499,000 and took an initial deposit after three days on the market, although it had been listed previously. The 6,128-square foot home was built in 2006, and has five bedrooms and four and one-half baths
Closings: There were seven sales reported during the last week, and their average price was $1,252,714 with an average market time of 95 days and sale price to list price ratio of 93%.
A split-level home at 27 Warnock Drive closed after a cumulative market time of 403 days. The home was originally listed at $849,000 and had two price adjustments before it closed at $740,000, which was 92.62% of its final asking price of $799,000.
The highest priced sale occurred at 16 Weston Road, a newly built colonial on one acre with five bedrooms and six full and one half baths. The home closed at $2,143,000.
Condos: There are 22 condominiums that are currently available, which is up by 10 units from this time last year. These condos have been listed an average of 160 days, with a cumulative market time of 209 days.
The average price is $901,582 and the median price is $624,950. The average price is up by approximately $328,000 from last year at this time, however it is more indicative of the new upscale development rather than an increase in overall pricing.
There was one new listing entered in the last seven days, and no property came back on the market. Two properties had a price change and two homes entered the initial deposit stage. Two homes entered pending status.
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 $162,800.
There are two properties currently under the initial stage of deposit townwide, and three that are scheduled to close.
A condominium at 204 Lansdowne sold after just 16 days on the market for $100 over asking. The 2,050-square foot home has a main level master, and the unit was completely remodeled with custom millwork. It was last purchased in 2008 for $809,000.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 90 homes or apartments available. These homes have an average market time of 97 days.
The median price for townwide annual rentals is currently $4,317, which is consistent with that of a few weeks ago and is $317 more than it was at this time last year, and the average price is $5,172 per month, which is consistent from last year at this time. These year-round rental opportunities have been on the market an average of 127 days.
The highest priced annual rental is listed at $25,000, and is located at 12 Woody Lane. The 17-room colonial home is on a premier cul-de-sac and has 8,611-square feet of living area, a pool and outdoor kitchen and is also listed at $25,000 monthly, and includes an option to purchase, or lease-purchase.
The lowest priced rental is a 450-square foot three-room apartment that is listed for $1,250 monthly and is located at 42 Richmondville Ave.
There are 39 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price is $6,373 and a median price of $4,500, with an average market time of 127 days.
The highest priced short term rental home is located at 125 Harbor Road with direct waterfront and deep water dock at $32,000 for July and part of August. The 3,023-square foot colonial is on .17 acres and was built in 1988.
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 57 Crescent Road is listed at $1,349,000.
Located in central Westport, this sunlit 11-room colonial has both charm and elegance along with special attention to trim, finishes and millwork.
Custom built in 2008, four levels of finished living area provide 5,668-square feet of living area and a private spaces for all.
A grand two-story foyer opens up to the formal living room through French doors, and the main level features 9-foot ceilings.
The elegant dining room has a tray ceiling, recessed panel wainscoting, and double perimeter walnut inlaid floors. The butlers pantry with black granite counters incorporates a refrigerator and freezer drawers.
The gourmet kitchen with marble tops includes top of the line appliances, a center island with vegetable sink that seats three comfortably, and has wine rack storage.
The breakfast bay overlooks a private, level and professionally landscaped .57-acre property which is surprisingly deep.
Perfectly designed for the entertainer, the family room flows beautifully from the kitchen, and has coffered ceilings, a floor to ceiling stone fireplace, and sliders out to the slightly elevated 345-square foot stone patio.
Upstairs, an impressive master suite has a sitting area, French doors to private office with built ins, and spalike marble bath with heated floors, steam shower and separate deep tub.
Three additional bedrooms are on this level and two share a Jack and Jill style bath. A fifth bedroom, office or studio with full bath is one the third floor and has its own private covered balcony.
The finished lower level includes a large recreation room with plenty of built-ins as well as a media room.
Schools — Saugatuck Elementary, Bedford Middle, Staples High.
Extras and items to note — five bedrooms, four and one half baths, fireplace, security system, public water and sewer, natural gas, hydro air heating and cooling, 37-foot long covered front porch, generator, room for pool
Annual taxes are $16,459.
Listing/photo courtesy of the William Raveis Real Estate- WCBH Team.
(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.
