By Judy Szablak
Special to WestportNow
The $1 to 1.5 million price pocket appears to be alive and well in Westport, as long as the price reflects the home’s value.
Featured Home: This home at 203 Hillspoint Road is listed at $1,350,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis- Westport
Buyers’ perception of value is important in any price range.
However, this particular price pocket has maintained its activity, and is a reasonably close second to the under $1 million range.
When the less than median priced market is active and “moving,” the rest of the market usually follows suit, as it creates an upward domino effect.
Twenty percent of our single family home inventory falls within this range, and these 70 homes are listed on average at $1,268,313. They have been on the market an average of 117 days.
Fourteen homes are under some stage of deposit, and 102 have sold in the last year were listed on average at $1,300,239. These homes also sold at an average of 95.6 percent of asking price.
In fact, 37 percent of those sales occurred within the last 90 days.
This data points to first-time Westport buyers, who in turn create the local move-up buyer, all of which places our mid- to upper-range in good stead for the coming months.
Market Stats
There are now 343 homes actively on the market, which have been listed for an average of 124 days, with a cumulative market time of 215 days. The average list price is now $2,166,473 and the median price has further rebounded to $1,699,000.
A home on 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a four-bedroom home on Saugatuck Avenue for $339,000.
Eight 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market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Sixteen properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS or Show, and another 14 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those 14 pending properties was $2,122,779. There are currently 24 homes in CTS/Show status throughout Westport, and another 40 properties scheduled to close townwide, with an average price of $1,613,920
Closings: There were six single-family homes reported as sold in the last week, and they were listed on average at $1,153,483 with an average market time of 95 days. There were 75 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 106 days. Their average listing price is $808,225 and the median price is $725,950
The highest priced condo in town is listed at $1,395,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Main Street for $299,000.
There was one new listing this week, and no homes came back on the market. There was one price change, and no properties went under the initial stage of deposit. No properties entered pending status.
There are two properties town-wide that are currently in CTS/Show status, and there are three properties scheduled to close that are listed on average at $944,933.
No sales were reported during the last week. There were two status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 77 homes or apartments available. The median price is $4,250 per month and the average price is $5,616 per month.
These year-round rental opportunities have been on the market an average of 77 days.
There are 33 short-term rental opportunities that are available, and they have been on the market an average of 119 days. Their average price is $9,770 and the median price is $7,500.
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—Market data is compiled from the SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 203 Hillspoint Road is listed at $1,350,000.
This direct waterfront Nantucket shingle-style home has outstanding 180 degree views of Compo Mill Cove and beyond.
Built in 2000, this seven-room home was especially designed for the entertainer at heart. The open and airy floor plan has nine foot ceilings with crown molding, and plenty of sunlight fills its 1,783-square feet of living area.
The great room has a gas fireplace with marble surround and spectacular water views. Two sets of French doors open up to the 200-square foot deck and bring the calming effect of the water and nature scenes indoors.
The dining area is open to the kitchen and great room
A Cherry designer kitchen with granite counters has strategically placed decorative glass front uppers, and top quality stainless steel appliances including a Thermador gas cook-top and Viking refrigerator.
A matching two-tiered granite topped island doubles as a breakfast bar and seats three comfortably.
The main level study has built-ins, and could easily be a converted to a fourth bedroom if needed.
Upstairs, the master bedroom suite has dramatic cathedral ceilings,a large walk-in closet, and a private balcony which offers endless and simply amazing views. The master bath has a whirlpool tub and separate glass enclosed shower.
Two additional bedrooms on this level each have generous sized closets.
Schools Greens Farms Elementary, Bedford Middle, Staples High
Extras and items to note- three bedrooms, two full and one half baths, 9-foot ceilings, wired with Bose speaker system, natural gas, public water and public sewer, exceptional storage, parking for up to three cars, 12-foot elevation, nominal flood insurance premium transfers with home sale.
Annual taxes are $15,594.
Listing/photo courtesy of William Raveis- 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.
