By Judy Szablak
Special to WestportNow
Westport’s real estate market is going through a time of unique and unprecedented changes due to COVID-19.
Featured Home This home at 69 Whitney St. is listed at $874,950. (CLICK TO ENLARGE) Photo courtesy of Halstead Properties Westport
Some of these changes include how real estate agents market our homes, how we view homes, and how we get to the closing table during this time.
It is no longer beyond the realm of possibility that some will purchase a home without physically viewing it. However, it is becoming more commonplace in our local market. Overseas and nonlocal buyers have already done it. To some, it’s not “new.”
Specifically speaking, the selling season began a bit earlier this year due to the weather being unseasonably warm coupled with little precipitation. In fact, as we look at year over year statistics from this past week, we are actually up by six units in varying stages of deposits. Seems hard to believe, but it’s true.
Our stay at home directive has had an impact on what otherwise was the beginning of a bustling spring market, which is also evidenced by our current lack of inventory. Homes are still coming on the market, and going under deposit, just not at the pace we were hopefully set up and geared for.
Market Stats
There are now 224 homes that are actively on the market, and the available inventory has decreased by 29% from last year at this time.
The currently available properties have been listed for an average of 132 days, with a cumulative market time of 277 days, which is up by a over two weeks and almost two months respectively to that of last year.
The average list price is down approximately $76,000 from a year ago to $1,974,766 and the median price is at $1,485,000, which is down by $67,000 from a year ago at this time. Incidentally, both of these figures show a slight increase in the 2020 market over last year.
Eleven 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Two properties were temporarily taken off the market, and four others were withdrawn. There were four 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 $16.75 million, after a recent price reduction of $3.25 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 two bedroom one and one half bath antique on .26 acres at 29 North Street, which was built in 1776. The property is listed at $310,000.
There are currently 32 homes under the initial stage of deposit townwide, and another 49 scheduled to close. The number of homes that are under any stage of deposit has increased by six units over last year at this time, even throughout the pandemic.
Seven homes entered the initial stage of deposit last week, and an additional 10 homes went under pending status with an average price of $1,049,900.
The home at 38 Washington Ave. took an initial deposit after four days on the market. The eight-room colonial located in a sought after in-town location is listed at $699,000, was built in 1922, and had 1621 square feet of living area.
Closings: There were 10 sales reported during the last week, and their average price was $1,265,145 with an average market time of 101 days. The average sale price to list price ratio was 96%.
The split level home at 47 Sniffen Road sold at its asking price of $699,000 in just 17 days. The three bedroom, two bath home was renovated and had a finished lower level.
A newly built Long Lots area home at 13 Hunting Lane closed after a cumulative 510 days on the market, and sold at 92.12% of its list price of $2.095 million. The 5,400 square foot farmhouse style colonial has five bedrooms and is sited on a .46 acre level lot.
Condos: There are 26 condominiums that are currently available, which is up by 10 units from this time last year. These condos have been listed an average of 126 days, with a cumulative market time of 166 days.
The average price is $678,030 and is up by approximately $38,000 from last year at this time, and the median price of $625,000 is up by $14,000 from a year ago.
There were no new listings entered in the last seven days, and no properties came back on the market. One property had a price change, one home entered the initial deposit stage. No homes entered pending status or closed.
The highest priced condo in town is listed at $1,299,000 and is in a new nine unit adult development at Daybreak Commons, which is the former site of Daybreak Nursery. The luxury free-standing unit is 2,000 square feet and has two bedrooms and two full baths.
The lowest priced unit for sale is a one-bedroom unit with 682 square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $157,800.
There are two properties currently under the initial stage of deposit townwide, and two that are scheduled to close, with an average list price of $774,500.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 79 homes or apartments available, and inventory is up by 29 properties from last year. These homes have an average market time of 71 days.
The median price for townwide annual rentals is currently $4,153, which is down by approximately $725 from this time last year, and the average price is $4,938 per month, which is down $927 from last year at this time.
The highest priced annual rental is listed at $27,500. The Mediterranean-style waterfront home at 32 Edgewater Hillside was built in 2007 and has views of Sherwood Mill pond. The three bedroom home is 3,236 square feet of living area.
The lowest priced rental is a 430 square foot efficiency apartment that is listed for $1,200 monthly and is located at 19 Hale St., Apartment 2.
There are 58 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price of $12,840 and a median price of $7,350, with an average market time of 71 days.
The four highest priced short term rentals are all listed at $40,000. They include 126 Morningside Drive South, a 6,649 square foot contemporary with five bedrooms and five baths on 2.66 acres in Greens Farms; 33 Ferry Lane East, a 5,000 square foot riverfront colonial on one acre with five bedrooms, and six and one-half baths; a newly built 3,500 square foot contemporary on 23 Sterling Drive with water views from every room, as well as an infinity pool, and 10 Bluewater Hill South, a four bedroom three bath Mediterranean style colonial with historical gardens by famed Central Park designer Frederick Olmstead, and has varying monthly prices from May to August.
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 69 Whitney St. is listed at $874,950.
Walk to town from this endearing antique colonial that oozes with character throughout, and combines all the charm one has come to expect from a home of this vintage along with the necessary comforts that we all have grown accustomed to.
Known as the Meier-Reynolds house, this c. 1870 home with Greek revival frontispiece and diamond decoration is a wonderful example of a Colonial Revival style home, and is thought to be one of the earliest homes built on the street.
Charming details such as an extra wide center fireplace, gently arched doorways and original wide-board flooring along with a thoughtfully remodeled kitchen and beautifully redesigned baths give this 2,461 square foot home exceptional livability in each of its eight rooms.
The living room has period ceiling beams and wainscoting, as well as a stone fireplace with custom wood mantel to create warm and inviting atmosphere.
The banquet-sized dining room is large enough for a holiday dinner, and an original ceiling beam along with crown molding and chair rails give it the perfect formality for any occasion.
The remodeled kitchen incorporates just the right touches to include the home’s history as well as bring it up to today’s standards; and then some. Plenty of cabinetry, specialty hardware and granite counters give this kitchen style, while the high-end appliances such as the Sub-Zero refrigerator and gas Aga range would be certain to please any chef.
A sunlit breakfast room with an opening skylight and plenty of windows looks out to the professionally landscaped and well manicured 1.14 acre property. One may also choose to dine al fresco in the adjoining screened porch, which is also accessed through the living room.
A main level den/office also includes a half bath.
Upstairs, the master bedroom suite with recessed panel wainscoting features a large walk-in closet with built-ins, and a bath with radiant heated flooring, dual sink vanity, double sized glass enclosed shower and a free-standing tub.
Three other bedrooms are on this floor and are serviced by a full bath.
Extras and items to note — four bedrooms, two and one half baths, fireplace, eight foot ceiling height, security system, partially finished lower level, walk-up attic, newer mechanicals, generator
Annual taxes are $11,954.
Listing/photo courtesy of Halstead Properties 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.
