By Judy Szablak
Special to WestportNow
The Greens Farms area of Westport continues to enjoy one of the highest absorption rates in town, along with the Hunt Club, Compo Beach, and Long Lots areas.
Featured Home: This home at 67 West Parish Road is listed at $1,599,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis / Westport
The absorption rate is most easily defined as to how quickly the homes available in a given market will sell, and it is determined by the number of homes on the market divided by the average number of sales in a month.
The end result is an average time frame for the current inventory to be sold.
In Westport’s case, our townwide absorption rate for the last three-month rolling sales period is currently just under eight months, as compared to 10 months in the prior four to six month period.
All that would seem to suggest that the market is steadily improving. However, those closings were actually deposits that most likely took place six to eight months ago.
The absorption rates do not take into account any type of seasonal adjustments, and can be misleading. It is not improbable to assume that it will edge back to that 10-month mark very soon.
While this statistic is useful, it’s also crucial to cross-reference these figures with further analyses that include the amount of homes that have entered the initial stage of deposit, as well as those well on their way to closing, which will give a hint as to how the market will perform in the next few months.
Market Stats
There are now 365 homes actively on the market, which have been listed for an average of 123 days, with a cumulative market time of 216 days. The average list price is $2,157,595 and the median price is at$1,649,000.
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 four-bedroom home on Saugatuck Avenue for $339,000.
Twelve new listings came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn. Seventeen properties had a price change.
Ten properties have gone under the initial deposit stage, which we call CTS or Show, and another six 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 six pending properties was $1,073,333. There are currently 34 homes in CTS/Show status throughout Westport, and another 45 properties scheduled to close townwide, with an average price of $1,411,820.
Closings: There were 14 single-family homes reported as sold in the last week, and they were listed on average at $1,566.850 with an average market time of 117 days. There were 79 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 89 days. Their average listing price is $822,771 and the median price is $737,000.
The highest priced condo in town is listed at $1,395,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Whitney Glen for $450,000.
There was one new listing this week, and one home came back on the market. There was one price change, and one property went under the initial stage of deposit. No homes entered pending status.
There is one property townwide that is currently in CTS/Show status, and there are two properties scheduled to close that are listed on average at $805,282.
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 76 homes or apartments available. The median price is $4,688 per month and the average price is $6,319 per month. These year-round rental opportunities have been on the market an average of 68 days.
There are 39 short-term rental opportunities that are available, and they have been on the market an average of 120 days. Their average price is $11,156 and the median price is $10,000.
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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 67 West Parish Road is listed at $1,599,000.
This better than new 11-room Greens Farms colonial has three levels of exceptionally finished living area, and was built by award winning SIR Development.
Built in 2009, this 4,184 -square foot home has been significantly improved and upgraded from an already well designed and constructed home.
The interior design and flow is beautifully complemented by 9-foot ceilings on both the main and upper levels, as well as custom millwork and trim throughout.
The formal living room has custom crown molding and oversized French doors that open to the family room.
The dining room includes crown molding and picture frame wainscoting.
A custom chef’s kitchen with stainless steel appliances has Carrera marble counters and backsplash. A solid mahogany top over the center island lends a nice contrast, and includes a vegetable sink.
The large and sunlit breakfast area has oversized sliders to 17-foot by 20-foot bluestone patio and overlooks the extensively landscaped level .35 acre property.
The family room opens to the kitchen, has richly designed coffered ceilings, and a handsome stone fireplace with raised hearth and built-ins on either side.
Upstairs, the master bedroom privacy suite with tray ceiling occupies the left wing of the home, and the spalike marble bath has a whirlpool, glass enclosed shower, and separate water closet.
Three other bedrooms are on this level, and one is en suite, while the other two share a Jack and Jill-style bath.
An exceptionally finished lower level has another bedroom, full bath, recreation area and game room, and is finished to main level standards with crown molding and specialty trim.
Extras and items to note — five bedrooms, four full and one half baths, fireplace, 9-foot ceilings on two levels, security system, natural gas, public water and sewer, room for pool.
Annual taxes are $16,530.
Listing/photo courtesy of William Raveis / Westport.
(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.
