By Judy Szablak
Westport property sales have been through the roof this year, and we have not seen such brisk activity like this since 2006.
This colonial at 6 Sprucewood Lane is listed at $3,200,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport
In the first half of 2013, there were 211 single family homes reported as closed through our MLS. Let’s put that in perspective—last year, the same time period yielded 167 sales. That’s a 26 percent jump year-over-year.
In 2009, for example, there were only 250 sales reported from Jan. 1 through Dec. 31. Our first half of the year unit sale figures are over 84 percent of what the annual sales were just four years ago.
Looking back to when the market was still good in 2006, there were 400 sales reported throughout the year, and we may match that, or surpass it in 2013.
Total sales volume is up almost $100 million for the first half of the year from 2012, and the average sales price is up, too, by just over $131, 000.
The weather is heating up, and the market is still hot. The bottom of the market has come and gone, and interest rates are creeping up, but we are not expecting anything to dramatically change anytime soon barring any unforeseen financial crisis.
Market Stats
There are now 270 homes that are actively on the market, down 17 properties from just two weeks ago. The average list price of these available homes is up again to $2,231,540, and these properties have been listed for average of 114 days, with a cumulative market time of 171 days. The median price is now at $1,799,000.
The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.
Nine new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Thirteen properties had a price change.
Twenty-five properties have gone under the initial deposit stage, which we call CTS, and seven 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 seven pending properties is $1,492,557. There are currently 43 homes in CTS status throughout Westport, and another 75 properties scheduled to close town-wide, with an average price of $1,590,512.
Closings: There were 19 single family homes reported as sold in the last week, were listed on average at $1,533,042, and sold with an average market time of just 52 days. There were 77 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 73 days. Their average listing price is $577,643, and the median price is $576,000. The highest priced condo in town is listed at $919,000 and the lowest offering price is $289,000.
There were no new listing activity of any type reported this past week.
There is one property town-wide that is currently in CTS status, and three homes are scheduled to close that are listed on average at $520,000.
One sale was reported during the last week, and was listed at $299,000. There was one status change reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 50 homes or apartments available. The median price is $4,250 per month and the average price is $4,835 per month. These year round rental opportunities have been on the market an average of 41 days.
There are 40 short-term rental opportunities that are available, and they have been on the market an average of 62 days. Their average price is $12,468, and the median price is $12,000. 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 colonial at 6 Sprucewood Lane is listed at $3,200,000.
Quite the picture of elegance both inside and out, this seven-bedroom home on a sought after cul-de-sac in the Hunt Club area has more than 7,000 square feet of outstanding architectural detail, refinement, and taste.
This five-year-old regal colonial feels like it was newly built, and from the moment you drive up to the home through its stone-pillared entry, to each of its 14 rooms, you will certainly find something special about every part of this classically designed home that has an old world flavor to its design.
There are 9-foot ceilings and white oak flooring throughout. The foyer features walnut perimeter trim, and an elegant three story staircase.
Enter the living room through a columned entrance, and a custom fireplace with granite surround warms the room, both in spirit and style.
The office/sun room has crown molding and built-ins, as well as French doors to a covered porch, and offers a quiet place for concentration or respite.
The dining room has a tray ceiling, and a service pantry as well as a butlers pantry with granite counter, sink and wine refrigerator.
A gourmet kitchen has custom raised panel beaded inset cabinetry with top of the line appliances and granite counter-tops.
A center island with vegetable sink seats three comfortably, and a large sun-filled breakfast nook has French doors to a 40-foot blue stone patio with sitting wall which overlooks the exceptionally well landscaped 1.01-acre property.
The family room has richly coffered ceilings, and a field stone surround fireplace with raised hearth. French doors lead to a covered porch.
Upstairs, the master bedroom suite has a romantic fireplace with marble surround, and a dressing area two dressing areas. A sumptuous old world style bath has dual vanities, a spa-tub and separate shower, and is highlighted with rich wood, marble and a crystal light fixture.
Four additional bedrooms are on this level, and the third floor offers another bedroom and bath and a recreation room with built in shelving which could also serve as a seventh bedroom.
An additional playroom is on the lower level, has a full bath, and exits out to the rear yard.
Extras and items to note—six-zone hydro air heating system, security system, central vacuum, irrigation system, proposed pool site with pool plans available
Annual taxes are $34,020.
Listing/photo courtesy of William Raveis/Westport.
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(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.
