By Judy Szablak
Special to WestportNow
While sales are lower than they were this time last year, the Westport real estate market is experiencing activity throughout the pandemic and during the month of April.
Featured Home: This home at 19 Saint John’s Place is listed at $1,769,000. (CLICK TO ENLARGE) Photo courtesy of Compass Connecticut/ M & D Properties.
Dr. Lawrence Yun, chief economist for the National Association of Realtors, predicted in a recent meeting that he anticipates that the normally traditional spring market which we experience at this time should continue into the summer months due to pent up demand, and anticipated eased restrictions.
Locally, we have only had a net gain of seven homes that entered our inventory in April, as 28 homes came on the market, and 21 homes entered into the initial stage of deposit.
Twenty-three homes have either been temporarily withdrawn or canceled since the beginning of April and that also is a contributing factor to the lack of inventory which actually benefits those who continue to stay on the market during this time.
It is evident that no matter what the necessary protocols are, these additional and precautionary safety steps do not alleviate very real fears or concerns for some, especially high risk individuals.
For others who have a desire or necessity to move, virtual tours via Facetime or video assist greatly with everyone’s safety.
Market Stats
There are now 213 homes that are actively on the market, and the available inventory has significantly decreased by 118 properties from last year at this time.
The currently available properties have been listed for an average of 146 days, with a cumulative market time of 283 days, which is up by a over one month and two and one-half months respectively to that of last year.
The average list price is up approximately $57,000 from a year ago to $2,074,310 and up by $41,000 from 2018. The median price is at $1,559,000, which is also up by $60,000 from a year ago at this time.
Fourteen new listings came on the market in the last seven days, and eight properties came back on the market after being under deposit, or temporarily withdrawn. Fourteen properties were temporarily taken off the market or withdrawn.
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 $16.75 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 .35 acres at 9 Hales Road, which was built in 1900. The colonial is listed at $364,900.
There are currently 29 homes under the initial stage of deposit townwide, and another 43 scheduled to close. The number of homes that are under any stage of deposit has decreased by 14 units over last year at this time.
Twelve homes entered the initial stage of deposit last week, and an additional six homes went under pending status with an average price of $1,849,500.
The home at 13 Promised Road took an initial deposit after 90 days on the market, although its cumulative market time is 686 days. The home was first listed in June of 2018 at $989,000, and had four price reductions to its current price of $924,900.
The seven-room contemporary located in a Saugatuck Shores was built in 1930, and has 2,261 square feet of living area.
A new construction home in the Old Hill area at 17 Stony Brook Road entered into the deposit phase after 874 days on the market. The 11- room colonial consists of 5,300 square feet with four bedrooms, four full and two half baths, and was originally listed as an under construction home at $2,379,000 in November 2017, Since that time, the home underwent two price reductions to its current list price of $2,299,000.
Closings: There were eight sales reported during the last week, and their average price was $1,593,000 with an average market time of 111 days. The average sale price to list price ratio was 96%.
The contemporary colonial at 151 Compo Road South closed $5,000 over its asking price of $829,000 after just 19 days on the market. The two bedroom, two and one half bath home is on a .12 acre lot, was built in 2017 and had a finished lower level.
Condos: There are 23 condominiums that are currently available, which is up by seven units from this time last year. These condos have been listed an average of 142 days, with a cumulative market time of 175 days.
The average price is $667,120 and is up by approximately $90,000 from last year at this time, and the median price of $625,000 is up by $26,000 from a year ago.
There were no new listings entered in the last seven days, and no properties came back on the market. No homes had a price change, and one home entered the initial deposit stage. No homes entered pending status, and one home closed, which was located at 220 Riverside Avenue in the 15 unit Riverside Green complex. The 891 square foot home has one bedroom and one bath and sold in 43 days at 98.03% of its asking price of $407,000.
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 Street at The Saugatuck, which is an adult complex and listed at $157,800.
There is one property currently under the initial stage of deposit townwide, and two that are scheduled to close, with an average list price of $992,000.
Rentals If you are interested in renting year round, either furnished or unfurnished, there are 68 homes or apartments available, and inventory is up by 23 properties from last year. These homes have an average market time of 83 days.
The median price for townwide annual rentals is currently $4,498, which is down by $302 from this time last year. The average price is $6,420 per month, which is up by $1,129 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 567 square foot one bedroom apartment that is listed for $1,600 monthly and is located at Unit 1 on 91 Saugatuck Avenue.
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 a 3,840 square foot contemporary colonial at 16 Buena Vista Drive with five bedrooms and four full baths; a new eight room contemporary colonial on 27 Soundview Drive which is also listed for sale at $5,799,000 and has a lease option purchase available; 33 Ferry Lane East, a 5,000 square foot riverfront colonial on one acre with five bedrooms, and six and one-half baths; and a newly built 3,500 square foot contemporary on 23 Sterling Drive with water views from every room, as well as an infinity pool.
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 this information or these statistics.
Featured Home
This home at 19 Saint John’s Place is listed at $1,769,000.
This custom colonial built in 2018 has style, substance, and is in a sought after in-town location.
The 4,195 square feet of living area features exceptional architectural details and superb craftsmanship, along with nine foot ceilings throughout its nine rooms and three finished levels which incorporate both beauty and function.
A coffered ceiling in the great room adds to the home’s elegance, as does its crown molding and recessed panel wainscoting. The gas fireplace has entrances one either side to an expansive kitchen which creates a wonderful flow.
The transitional gray kitchen with Quartz countertops includes high end appliances that would make any chef happy such as an Aga gas range, and the center island that seats four comfortably also has a vegetable sink.
The dining area overlooks the private and professionally landscaped .20 acre level and fenced lot through French door sliders that lead out to the 336 square foot bluestone patio.
A main level office is a wonderfully sunlit and private from the living area.
Upstairs, there are three en suite bedrooms, including the master suite with double-height ceilings and two walk-in closets, and a sitting room with fireplace. The luxurious bath includes marble herringbone flooring, double sinks, a free-standing soaking tub, and a separate glass enclosed shower.
The lower level includes a bonus room, another bedroom and full bath, as well as room for storage and wine cellar.
Extras and items to note four bedrooms, four and one half baths, two fireplaces, audio system, public water and sewer, twp car garage
Annual taxes are $17,293.
Listing/photo courtesy of Compass Connecticut/ M & D Properties.
(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.
