By Judy Szablak
With 465 single-family home sales reported in Westport in 2013, the year certainly held the promise that we thought it would, and then some.
This home at 391 Riverside Ave. is listed at $2,995,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group-Bross/Chingas/Bross
We have not come near that many closed units in the past decade since 2005, when we had 487 sales. Our peak was in 2004, with 501 sales, and our low point was in 2009 with just 250 sales reported.
The year 2013 was a record-breaking one for overall volume with a total of more than $715 million as reported through our Multiple Listing Service. This also represents the highest volume in the past decade and beyond, and incidentally exceeded 2005 by more than $20 million.
Average closed price for last year was $1,535,047, and has increased steadily since 2009. Our averages in 2013 show pricing somewhere between 2005 and 2006, which is outpacing the Case-Shiller projected national average.
Market Stats
Although inventory is quite low at just 189 homes that are actively on the market, expect gains in the coming weeks. These currently available properties have been listed for average of 133 days, with a cumulative market time of 226 days.
The average list is now $2,162,639. The median price has increased again to $2,125,000.
A new five-bedroom colonial at 8 Bluewater Lane is the highest priced home for sale at $14.5 million, and the lowest available priced home is a three-bedroom ranch on Wassell Lane for $160,000.
Fifteen new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Five properties had a price change.
Three properties have gone under the initial deposit stage, which we call CTS, and five 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 five pending properties is $1,429,400. There are currently 14 homes in CTS status throughout Westport, and another 37 properties scheduled to close town-wide, with an average price of $1,841,568.
Closings: There were six single family homes reported as sold in the last week, were listed on average at $1,814,083, and sold with an average market time of just 71 days. There were 62 status changes in the last seven days.
Condos: There are nine condominiums that are available, and they have been listed an average of 97 days. Their average listing price is $787,278 and the median price is $774,000.
The highest priced condo in town is $925,000 and is a two-bedroom home located at Regents Park, and the lowest priced unit for sale is a two bedroom-home on Bradley Lane for $626,500.
There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and no properties entered into the initial stage of deposit. No homes entered the pending stage of deposit.
There are two properties town-wide that are currently in CTS status, and two homes that are scheduled to close, which are listed on average at $802,000.
One sale was reported during the last week, and was listed at $875,000.There were two status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 41 homes or apartments available. The median price is $5,900 per month and the average price is $5,608 per month.
These year-round rental opportunities have been on the market an average of 79 days.
There are 19 short-term rental opportunities that are available, and they have been on the market an average of 104 days. Their average price is $6,329, and the median price is $5,500.
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 GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This home at 391 Riverside Ave. is listed at $2,995,000.
This custom Nantucket shingl-style 12-room colonial offers four levels “of a lifestyle” in Westport.
Exceptional architectural details are both inside and out of this 5,122 square-foot waterfront home that was designed by accomplished local architect Peter Cadoux and built by Verdi Construction in 2006.
An open and wonderfully flowing floor plan pays close attention to the principles of feng shui, and is full of positive energy.
Each of the main level living areas also takes full advantage of outstanding unobstructed views of the Saugatuck River, and an abundance of natural light is evident throughout the entire home.
The living room has high ceilings and specialty millwork, including built in shelving and cabinetry on either side of the fireplace. Transom-topped French doors lead out to a semi-circular Brazilian hardwood deck
A custom gourmet kitchen has top of the line stainless steel appliances, granite counters, and a walk in pantry. The handsomely designed service island seats three comfortably and is open to the more formal dining area.
The stairwell to the upper levels is perfectly ensconced in the turret, as is a gently flowing copper “water wall”, which also adds to the peace and serenity of this home.
All four bedrooms are en suite, and a stunning master bedroom suite features beautiful waterviews, a fireplace, dual closets with cherry built ins , and a luxurious bath with steam shower and multiple jets.
The uppermost level has an office and private balcony with more scenic views, and a Zen/meditation room.
A finished walk-out lower level with 9.5-foot ceilings has an acoustically engineered in-home theater with a 7.1 sound system, 110-inch screen and tiered seating for eight, as well as a game room, exercise area, and full bath.
Extras and items to note—featured in Westport Magazine, radiant heating, 25KW generator, seven heating zones, Crestron automation system for audio, video, lighting, and shade controls, central vacuum, security system, heated garage.
Annual taxes are $15,018.
Listing/photo courtesy of The Riverside Realty Group-Bross/Chingas/Bross.
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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.
