By Judy Szablak
Special to WestportNow
The spring real estate season is exceptionally busy in Westport, more so than it has been for a very long time.
Featured Home: This home at 10 Winding Lane is listed at $2,195,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group
The market has now changed from a buyer’s market to that of one favoring sellers, and many homes have had multiple bidders.
The numbers certainly tell the story — 82 single-family homes entered or re-entered the market in the last 60 days, and 49 homes have taken an initial deposit.
Eight homes have gone under deposit within two weeks of being listed for sale.
It should be also noted that these figures are in all probability higher than our Multiple Listing Service is showing, as some agents do not mark properties as under deposit in the system immediately.
In fact, the market has been so strong that 15 homes that have been previously listed have come back on the market and have taken a deposit in this same time period.
Buyers are out in force, and homes that did not sell previously have a very good chance of taking a deposit while the spring market continues to be in full swing.
Market Stats
There are now 323 homes actively on the market and are showing a decrease in average market time by as much as two weeks. These homes have been listed for an average of 113 days, with a cumulative market time of 211 days.
The average list price is now $2,125,562 and the median price is $1,689,000.
A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single-family is a two-bedroom home on Hales Road for $300,000.
Thirty new listings came on the market in the last seven days, and five properties came back on the market after being under deposit, or temporarily withdrawn. Fourteen properties had a price change (see separate story.)
Twenty-two properties have gone under the initial deposit stage, which we call CTS, and another 11 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 11 pending properties was $1,859,000. There are currently 60 homes in CTS status throughout Westport, and another 53 properties scheduled to close townwide, with an average price of $1,783,562.
Closings: There were six single-family homes reported as sold in the last week, and they were listed on average at $1,527,667 with an average market time of 135 days. There were 100 status changes in the last seven days.
Condos: There are 11 condominiums that are available, and they have been listed an average of 114 days. Their average listing price is $805,891 and the median price is $839,000.
The highest priced condo in town is listed at $1,275,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $285,000.
There was one new listing this week, and no homes came back on the market. There were no price changes, and no properties went under the initial stage of deposit, or pending status.
There are three properties townwide that are currently in CTS status, and there are five properties scheduled to close, with an average list price of $857,916.
Two sales were reported during the last week, and were listed on average at $552,000. There were four status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 66 homes or apartments available. The median price is $5,900 per month and the average price is $6,981 per month.
These year-round rental opportunities have been on the market an average of 66 days.
There are 65 short-term rental opportunities that are available, and they have been on the market an average of 70 days. Their average price is $17,278 and the median price is $16,000.
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 home at 10 Winding Lane is listed at $2,195,000.
This 12-room colonial cape in the sought after Old Hill area has exceptional attention to details with an outstanding cosmopolitan flair.
An open floor plan has a wonderfully modern take on Frank Lloyd Wright style, and every last inch of its over 4,600-square feet of living space has been impeccably designed.
A uniquely chic living room has cathedral ceilings, and the fireplace has a custom mantel with lightly raised geometric designs.
The dining room has French doors leading outside, and movable shiplap paneled walls.
The expansive custom-designed white kitchen with soapstone countertops has top of the line stainless steel appliances and a center island with vegetable sink, and is open to the dining area through a columned entry.
The family room has skylit cathedral ceilings, and a fireplace with raised hearth that is surrounded by built-ins, as well as a movable sliding shiplap wall that opens up to the dining area creating an outstanding large-scale entertaining space.
Two sets of French doors lead out to the 936-square foot granite patio and private and well manicured one-acre grounds.
The main level study is open to the living room through another columned entry, and has French doors out to the patio.
Additionally, a main level en suite bedroom and play room with wet bar could easily be an in-law suite au pair area or the perfect future main level master suite if needed.
Upstairs, the master suite with cathedral ceilings has a sitting area, large walk-in closet and a luxurious master bathroom with separate tub and steam shower.
Two additional bedrooms are on this level and have cathedral ceilings, as well as a second floor playroom.
Schools — Kings Highway, Coleytown, Staples
Extras and items to note- five bedrooms, four full and one half baths, two fireplaces, security system, indoor/outdoor audio system, skylights, heated 800-square foot Gunite in-ground pool and spa with auto-cleaner, outdoor lighting, built-in firepit, sprinkler system, 216-square foot pergola, automatic 20KW generator
Annual taxes are $24,958.
Listing/photo courtesy of The Riverside Realty Group.
(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.
