By Judy Szablak
Special to WestportNow
If you have closely followed the real estate market in Westport, you’ll notice that some homes have been on and off the market for years before they sell.
Featured Home: This waterfront home at 19 Otter Trail is listed at $2,750,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/ WBCH Team.
That fact in itself does not signify a slow market. It is more indicative of setting an initial list price which is not in tune with current market trends coupled with comparable inventory.
Some homes seem to linger on the market longer than others, and it could be due to any one of a variety of factors, including having too high of an expectation of price, the marketing of the home, or the condition of the home, or a combination of these.
While it is true that the overall market is favoring buyers at the moment, there are some areas, and some price points that are experiencing a better than average turnaround for quicker sales.
However, one fact remains. Price your home in accordance with the market and its condition to begin with, and the home will not be in inventory for too long.
Market Stats
There are now 309 homes that are actively on the market, which has continued its seasonal decline in inventory. These currently available properties have been listed for an average of 128 days, with a cumulative market time of 212 days.
The average list price is down nearly 10 percent from last month at this time to its current $2,052,174 and the median price is now at $1,495,000, and both are down approximately $100,000 from last month.
Seventeen new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Nineteen properties had a price change.
A Tudor-style home on 114 Beachside Ave. is the highest priced property listed for sale at $22.5 million and 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 an 840 square foot two bedroom bungalow on 21 Hale St. that was built in 1900 and was recently reduced to $390,000.
Eight homes have gone under some stage of deposit, including a new contemporary at 10 Gray Lane which is a five-bedroom waterfront home in the Greens Farms area designed by David Preusch that is listed at $5.998 million.
There are currently 12 homes under the initial stage of deposit townwide, and another 39 scheduled to close, which is fairly consistent with last month at this time.
Closings: There were nine single family homes reported as sold in the last week, and the highest priced sale reported occurred at 10 Westport Ave., and that home was a 2,867-square foot new construction colonial with unobstructed views of Long Island sound.
The stunning contemporary home has four bedrooms, three and one half baths, and an elevator. The home was listed at $3.399,000, and closed at $3,300,000.
The lowest price sale was at 3 Jonathan Lane which is an 1,814-square foot Saugatuck area raised ranch with four bedrooms and three full baths. It closed at $735,000 which was 94.96 percent of the asking price, and had a cumulative market time of 177 days.
Two noteworthy sales this week were each on Burnham Hill, and both were built by Bluewater Construction. The 14-room colonial on over a half acre at 41 Burnham Hill was built in 2017, and had a total of 7,525-square feet, and the upscale six-bedroom home has exceptional craftsmanship and details.
It was originally listed on the MLS in March 2017 for $4,399,000 and sold this past week at $3.2 million.
Another home on the same street was a five-year-old colonial with 7,595-square feet and four finished levels. The colonial at 38 Burnham Hill is on over three quarters of an acre and has six bedrooms. The home was last sold in October 2013 at $3,695,000 and closed this past week at $2.8 million.
Condos: There are 15 condominiums that are currently available, and they have been listed an average of 95 days, with an average cumulative market time of 122 days. This represents three more homes that are available as compared to 30 days ago.
Their average listing price is also up by $24,000 to $664,133 and the median price is up by $16,000 to $698,000.
There was one new listing in the last seven days, and no properties came back on the market. No properties had a price change, and one entered the deposit phase.
The highest priced condo in town is listed in the Terra Nova gated community for $1,150,000, and is a three-bedroom, two and one half bath home with 9-foot ceilings located at 30 Terra Nova Circle, and the lowest priced unit for sale is a one bedroom home with 741 square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and was recently reduced to $209,000.
There are five properties currently under some stage of deposit townwide, and two homes closed at an average sales price of $505,000.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 73 homes or apartments available. The highest priced annual rental is a 7,629 square foot home with outstanding water views was designed by Laurent Dupont and built by the renowned Hobbs LLC. The architecturally significant fifteen room colonial has five bedrooms and is located at 4 Bluewater Lane. The home is being offered at $20,000 per month and flexible rental terms will also be considered. The property is also available for sale at $7,950,000
The lowest priced rental is listed as a 350 square foot two-room apartment for $1,200 monthly and is located at 19 Hale Street.
The median price for townwide annual rentals is down a few hundred dollars this week to $4,200 per month, and the average price is $5,027 per month. These year round rental opportunities have been on the market an average of 84 days.
There are 41 short-term rental opportunities that are available, and the highest priced home is a furnished four-bedroom Mediterranean-inspired summer rental with four bedrooms and is offered at $35,000 monthly, and also at $10,000 monthly for the winter season. The home is located at 10 Bluewater Hill South.
Seasonal rentals currently have an average price is $7,705 and a median price of $5,850. 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 waterfront home at 19 Otter Trail is listed at $2,750,000.
This turn of the century waterfront home with direct access to Long Island Sound was built in 1880, has its own boathouse and dock, and is perched just high enough so that no flood insurance is required.
Dramatic Saugatuck River views and spectacular sunsets are seen throughout the home with a multitude of windows which also create an exceptionally sunlit interior.
Lovingly referred to as “Saugatuck Bluff,” this 5,006-square foot home with a European flavor has 160- feet of direct water frontage, and has been nicely updated while still maintaining some of its original charm.
Walls of windows in the living room take advantage of the beautiful views.
An elegant dining room has crown molding and a fireplace with custom mantel.
The custom chef’s kitchen with granite counters has top of the line stainless steel appliances, a center island that seats four comfortably, and the breakfast area includes a charming banquette that overlooks the water and the .74-acre property.
The library is a perfect place to unwind, has floor to ceiling built in shelving, and is also suited quite well for a music room/conservatory.
The master suite is on the main level, has cathedral ceilings, and a luxurious marble bath with oversized recessed shower and separate tub. A separate entrance leads outside to enjoy the beautiful views and the gardens.
Upstairs, there are three bedrooms including one with a fireplace, and another with a private balcony.
The lower level has the potential for an in-law suite with a kitchenette and full bath already in place.
Extras and items to note- Four bedrooms, four full and two half baths, nine foot ceilings throughout much of the main level, two fireplaces, public water, 160 feet of direct waterfront with a 210 square foot boathouse and dock.
Annual taxes are $21,437.
Listing/photo courtesy of William Raveis Westport/ WBCH 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.
