By Judy Szablak
Ask many of the real estate agents in Westport about 2014, and they will tell you, “business was down.”
Featured Home: This home at 6 Harbor Road is listed at $2,395,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Southport/Snyder & Pritchard Homes
While that may hold true for overall units sold, the sales price for new construction saw a double digit increase on average, and that’s according to statistics gleaned from the Greater Fairfield County Multiple Listing Service.
Existing home sales remained relatively the same price-wise with no loss of equity.
The highest priced sale in 2014 was at 4 Charmers Landing for $7.6 million, and 20 Wassell Lane sold for the lowest price in town at just $185,000.
Unit sales overall were in fact down by 17.2 percent. However, prices were up marginally (1.2 percent) on existing home sales to $1,552,416 .
New construction homes continued to be a hit among buyers in 2014, and although the unit sales were also down by the same percentage of existing home sales, prices have increased on average 11.3 percent to $2,624,957.
The average size of a new home showed a modest decrease of 1.5 percent to 6,128 square feet .
Prices were expected to moderate in 2014, which for the most part held true in town.
The year ahead looks positive, and the economy should be able to sustain a 3 percent growth rate, according to Frank Nothaft, Freddie Mac’s chief economist.
In a poll conducted by Fortune, economists also predicted that home values would rise, but at a slower pace. The majority of the analysts all agree that 2015 will be another positive step, albeit slow and gradual.
Westport’s real estate market promises to meet or exceed those predictions.
Market Stats
There are now 221 homes that are are actively on the market. These currently available properties have been listed for an average of 136 days, with a cumulative market time of 245 days.
The average list price is $2,564,271 and the median price is $2,149,000.
A four-bedroom home on Beachside Avenue with 7.13 acres is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $399.900.
Fourteen new listings came on the market in the last seven days, and six properties came back on the market after being under deposit, or temporarily withdrawn. One property had a price change.
Three properties have gone under the initial deposit stage, which we call CTS, and another two 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 two pending properties is $2,542,000. There are currently nine homes in CTS status throughout Westport, and another 38 properties scheduled to close town-wide, with an average price of $2,457,227.
Note: One property in pending status for $12,985,000 was excluded from this average, so as not to give an elevated reading on the market.
Closings: There were six single family homes reported as sold in the last week. These homes were listed on average at $1,481,150 and sold with an average market time of 199 days. There were 69 status changes in the last seven days.
Condos: There are three condominiums that are available, and they have been listed an average of 96 days. Their average listing price is $527,267 and the median price is $533,800.
The highest priced condo in town is $699,000 and is a two-bedroom home located at Harvest Commons, and the lowest priced unit for sale is a three-bedroom home on Hills Lane for $349,000.
There were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. No homes entered into pending status.
There is one property town-wide that is currently in CTS status, and there are two homes scheduled to close.
One sale was reported during the last week, and was listed at $699,000. There were two status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 50 homes or apartments available. The median price is $4,600 per month and the average price is $5,209 per month.
These year-round rental opportunities have been on the market an average of 83 days.
There are 15 short-term rental opportunities that are available, and they have been on the market an average of 87 days. Their average price is $5,330 and the median price is $4,500.
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 6 Harbor Road is listed at $2,395,000.
This newly built five-bedroom colonial in Saugatuck Shores is just steps to the private Covlee Association with a private beach and boat mooring.
Luxurious details abound throughout in this 14-room home that was built by family-owned and operated Desiderio Construction Co.. Exceptional stone work is a beautiful enhancement to the exterior, and quality craftsmanship is evident in almost 4,100-square feet of living area with custom moldings and trim.
The formal living room has stunning custom moldings, and is adjacent to the dining room, which has a butlers pantry with wine cooler.
A gourmet kitchen has been custom designed by Greenfield Kitchen Cabinetry, and features Wolfe and Sub-Zero stainless steel appliances, granite counter-tops, and a center island with sink. The sunlit breakfast area is open to the family room and overlooks the rear yard.
The family room has a stone fireplace, coffered ceiling, and French doors to raised blue-stone patio.
Additionally, a main level study/office is in front turret area.
Upstairs, the master bedroom suite has a tray ceiling accented with cove lighting, a dressing area, and two large walk in closets, as well as an octagonal sitting room in the turret. The sumptuous Carrera marble bath has a slipper soaking tub, separate shower with multiple body sprays, dual vanities and radiant heated flooring.
An additional four en suite bedrooms are on this level, and there is a finished bonus room on the third floor with balcony/sun deck.
Extras and items to note—9-foot ceilings on the main level, four full and two one-half baths, security system, central vacuum system, four-zone heating, second floor laundry, generator hookup, pre-wired for sound system, .26-acre lot, rights to private beach and boat launch.
Schools: Kings Highway, Coleytown, Staples.
Annual taxes have yet to be determined.
Listing/photo courtesy of William Raveis Southport/Snyder & Pritchard 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.
