By Judy Szablak
If last year’s market was any indicator of things to come, we should be in good stead for 2013.
This home at 30 Ellery Lane is listed at $3,195,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport
Taking into account Case/Shiller indices, the National Association of Realtors Pending Home Sales (PHSI) and the National Association of Home Builders reports, along with other respected sources, and reviewing their findings along with our town’s activity, 2013 has the potential to be the best market we’ve had in years.
2012: Year in Review
The average sales price increased almost 4.7 percent from last year to $1,401,041, and the highest sale price reported through our MLS was $5.25 million.
Unit sales also increased by 4.7 percent on a year-over-year basis to 361 single family homes sold.
Westport homebuyers sought out larger homes in 2012 than they did in 2011. The average size of a home sold last year increased by almost 7.5 percent to 3,761 square feet from the prior year.
Condo sales were down almost 15 percent to just 30 units sold. Just as with single family homes, buyers opted for larger condominiums than they did in 2011, with an average size of units sold at 1,836 square feet.
While annual sales have not reached the 400-unit per year mark as they did in 2007 and previously, the market is more active than it has been since that time.
On average, Westport values are just about at 2005 levels, which is much better than what Case/Shiller reports for the country as a whole.
2013: Year Ahead
The numbers look good for increased sale prices and units sold for the coming year, although it will be interesting to see what effect, if any, that the new “Obamacare” tax of 3.8 percent will have on Westport’s real estate market.
Market Stats
There are now only 188 homes that are actively on the market, representing a drop off of about 10 percent from just last week, but expect inventory to grow steadily in the weeks ahead.
The average list price of these available homes is $2,352,421 and these properties have been listed for average of 164 days, with a cumulative market time of 275 days. The median price is now $1,712,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $360,000.
Eight new listings came on the market in the last seven days, and seven homes came back on the market after being under deposit. Twelve properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and four properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these four pending properties is $1,419,725. There are currently 16 homes in CTS status throughout Westport, and another 38 properties scheduled to close town-wide, with an average price of $1,572,189.
Closings: Four properties were reported as sold in the last week. Their average list price was $1,296,500, with an average market time of 137 days. There were 70 status changes in the last seven days.
Condos: There are six condominiums that are available, and they have been listed an average of 344 days. Their average listing price is $635,000, and the median price is $632,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $299,000.
There was no new listing activity reported in the last week, and no homes came back on the market after being under deposit. One property had a price change, and one property was entered the CTS stage of deposit. No homes went into pending status.
There is one property town wide that is currently in CTS status, and one home is scheduled to close that is listed at $329,000.
Closings: There were no condos reported as sold this past week, and just two status change.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 44 homes or apartments available. The median price is $4,825 per month and the average price is $4,721 per month. These year round rental opportunities have been on the market an average of 62 days.
There are 21 short-term rental opportunities that are available, and they have been on the market an average of 50 days. Their average price is $13,095, and the median price is $6,000.
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 GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This home at 30 Ellery Lane is listed at $3,195,000.
Simply stunning. This newly built traditional style 9,50- square foot colonial has 16 rooms, an open floor plan, and is located on a superbly landscaped 1.07-acre lot on a prestigious cul-de-sac in Greens Farms.
With a commanding presence, the columned two story barrel ceiling entrance is the perfect doorway to an elegant interior.
Double and triple crown molding, 9-, 10- and 12-foot ceiling heights, room entry archways with custom mill work, and 8-foot white oak plank flooring are just a few of the numerous exceptional details in this finely crafted home by Toth Development.
The living room has a coffered ceiling, recessed built-in cabinetry, and two sets of 9-foot French doors to patio.
The masterfully designed library is exquisite with detail, has rich wood paneling, coffered ceilings and a fireplace.
The dining room has a tray ceiling with crown molding, recessed panel wainscoting and bay area for plenty of natural light. A butlers pantry has walnut cabinetry with a calcutta stone top.
The custom kitchen is grand in size, functionality and charm. Fully equipped with top of the line appliances, including two dishwashers, and highlighted by a beautiful Calcutta marble top, the chef’s kitchen also includes a center service island that seats five comfortably.
A very special detail includes accent cabinetry which was crafted from a fallen black walnut tree that was a mere 100 yards away on Prospect Road, and aged over five years.
A charming and sky-lit breakfast nook opens to the family room area, which has a floor to ceiling stone fireplace with raised hearth and reclaimed pine beam mantel, built in cabinetry, and 10-foot and 12-foot ceiling height.
Also on this level is a music room, which is just off the family room, as well as a main level en suite bedroom.
The master bedroom suite is upstairs, has a sitting room with fireplace, and a 50- square foot customizable walk in closet, which also has access to a large cedar closet. An exceptionally sumptuous bath has an air tub, glass enclosed shower, and dual vanities.
There are another three en suite bedrooms on level, one of which also has its own built-in office.
The walkout lower level has a recreation room, family room, additional en suite bedroom.
Extras and items to note: Four stop elevator, 700-plus bottle custom wine cellar and wine tasting room, central vacuum, Dobson irrigation system, security system, energy efficient windows with built in Ultraviolet reflector, thermal bluestone patio with outdoor fireplace.
Taxes have yet to be determined.
Listing/photo courtesy of William Raveis/Westport.
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(Editor’s Note: Judy Szablak of RE/MAX- 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.)
