By Judy Szablak
Special to WestportNow
It was an active year for Westport real estate, with 433 single-family home sales representing an increase in unit sales of 18 percent over 2016.
Featured Home: This home at 267 Sturges Highway is listed at $1,150,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/ Leslie Clarke Homes.
Average pricing has remained stable year-over-year, and that is not necessarily a bad thing, and should not be construed as such.
Sixty-six additional sales with a total townwide volume of $663,692,969 were reported through the SmartMLS in 2017, which added over $103 million in additional closed volume over 2016.
Sales activity is an important indicator of continued growth, regardless of whether the average sales price reflects an increase.
The seemingly flat pricing end result has more to do with the number of sales that were in price pockets that were closer to last year’s average, and the amount of sales that were recorded under $1 million.
Broken down further, the most active range in 2017 was between $1.5-$1.6 million with 27 sales, thereby contributing to an average townwide sales price of $1,527,152.
Also important to note were 149 units sold under $1 million, as opposed to just 130 in 2016.
The amount of properties that sold under the $1 million mark will have an effect on the townwide average, just as a few high priced sales will skew an average on the high side, which gives the appearance of a price increase when it is not really the case.
The recent changes to the maximum allowable tax deductions in neighboring states—as well as here—may very well prove to be of benefit to Westport and other parts of Fairfield County, and the consensus is that this will in fact be a boon to our local market this coming year.
Market Stats
There are now 222 homes that are actively on the market, which have been listed for an average of 159 days, with a cumulative market time of 259 days. The average list price is now $2,255,787 and the median price has increased to $1,785,000.
A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a three-bedroom home on Promised Road for $449,000.
Three 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market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. One property had a price change.
Four properties have gone under the initial deposit stage, which we call CTS or Show, and another 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 those five pending properties was $1,232,600. There are currently 21 homes in CTS/Show status throughout Westport, and another 30 properties scheduled to close townwide, with an average price of $1,892,133.
Closings: There were six single-family homes reported as sold in the last week, and they were listed on average at $1,877,833 with an average market time of 110 days. There were 63 status changes in the last seven days.
Condos: There are seven condominiums that are available, and they have been listed an average of 99 days, with a cumulative market time of 138 days. Their average listing price is $735,161 and the median price is $659,000.
The highest priced condo in town is listed at $1,249,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Bridge Street for $254,330.
There were no new listings this week, and no homes came back on the market. There was one price change, and no property went under the initial stage of deposit. One property entered pending status, and is listed at $729,000.
There are no properties townwide that are currently in CTS/Show status, and three properties are currently scheduled to close.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 79 homes or apartments available. The median price is $5,400 per month and the average price is $5,882 per month. These year-round rental opportunities have been on the market an average of 104 days.
There are 48 short-term rental opportunities that are available, and they have been on the market an average of 109 days. Their average price is $7,156 and the median price is $6,188. 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 267 Sturges Highway is listed at $1,150,000.
This 10-room contemporary colonial in Coleytown embodies a transitional flavor emphasized with custom high end finishes throughout its four finished levels.
Originally built in 1959, this stylish and chic 5,913-square foot home has undergone a carefully planned and exceptionally executed transformation.
The living room has a vaulted cathedral ceiling, soaring windows, and a contemporary fireplace.
A sophisticated dining room has oversized sliders to the deck.
A sleek and modern kitchen has stunning light maple cabinetry with black granite tops and stainless appliances. The matching center island has custom pendant lighting, and the breakfast nook overlooks the well landscaped, private and level two acre property.
The main level family room with soaring ceilings has another fireplace, a 14-foot long wet bar, and multiple sliding glass doors which bring the sunlight in, as well as the beautiful outdoor scenery
Upstairs there are three-bedrooms that all have exceptional closet space, and one is en suite, while the other two share a hall bath.
The master bedroom suite has three walk-in closets, and an attractive marble bath with water closet, whirlpool, and glass enclosed shower.
An office is also upstairs, and the room’s versatility lends itself to be a large exercise room, or media room as well.
The walkout finished lower level includes another full bath, a game room with fireplace, and a kitchenette with pocket doors to laundry area, which could also easily be transformed to an au pair suite or nanny quarters.
Extras and items to note — five bedrooms, five and one-half baths, three fireplaces, security system, audio system, three car garage, heated in-ground pool, generator.
Annual taxes are $16,263.
Listing/Photo courtesy of William Raveis Westport/ Leslie Clarke Homes.
(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.
