By Judy Szablak
Available housing inventory in Westport is at its lowest point for the year. However, that will all start to change in the first few months of 2016.
Featured Home: This home at 3 Rodgers Way is listed at $2,495,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside
Part of this inventory shortage comes from the belief that buyers are not looking as earnestly as they would during other times of the year.
In fact, many homeowners wishing to sell remove their homes from the market during the holiday season and into January as well as February.
They wrongfully assume that it is not a good time to sell, and that they should wait for the Spring market.
As an example, 50 properties have been either withdrawn from the market or had their listings canceled within the last 60 days.
These homes may or may not come back on the market for another two months, thereby losing four months of potential buyer opportunities, and simultaneously increasing the chances for other homeowners wishing to sell.
What homeowners erroneously think is that extended or cumulative market time is by itself a detriment to the highest price possible. Most of the time, this is not necessarily so.
Even when a home’s MLS listing is canceled and re-listed, cumulative market time will indeed be evident. We even report those average cumulative market time statistics here.
With that being the case, it is better to continue to have your home on the market to attract buyers, rather than to remove it from the market and have no possibility at all.
Market Stats
There are now 251 homes that are are actively on the market, and these currently available properties have been listed for an average of 154 days, with a cumulative market time of 249 days. The average list price is $2,365,156 and the median price is $1,845,000.
A contemporary home on Compo Mill Cove is the highest priced home for sale at $13 million, and the lowest available priced home is another contemporary home on Valley Road for $389,900.
No new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. One property had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and 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 properties was $2,664,667. There are currently 16 homes in CTS status throughout Westport, and another 38 properties scheduled to close town-wide, with an average price of $1,740,761.
Closings: There were four single family homes reported as sold in the last week, and they were listed on average at $2,035,725, with a market time of 140 days. There were 33 status changes in the last seven days.
Condos: There are four condominiums that are available, and they have been listed an average of 140 days. Their average listing price is $680,250 and the median price is $549,000.
The highest priced condo in town is listed at $1,238,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Whitney Glen Drive for $385,000.
There were no new listings this week, and there were no price changes, and no properties went under the initial stage of deposit. However three properties entered pending status.
There are no properties town-wide that are currently in CTS status, and there are six properties scheduled to close.
One sale was reported during the last week, and was listed at $529,000. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 67 homes or apartments available. The median price is $4,200 per month and the average price is $4,624 per month. These year round rental opportunities have been on the market an average of 90 days.
There are 21 short-term rental opportunities that are available, and they have been on the market an average of 81 days. Their average price is $8,021 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 3 Rodgers Way is listed at $2,495,000.
Custom built and exquisitely designed, this six-bedroom home is on a exclusive cul-de-sac in the sought after Hunt Club area.
The gated entrance to this stylish 15-room home leads to a circular driveway, and the surrounding 2.8 acre lot is positively stunning with mature landscaping.
Originally built in 1998, the elegantly appointed interior has custom millwork throughout, and an especially warm, inviting and open floor plan.
Every room of this 9,272-square foot home has been carefully planned to include intimate and private spaces, as well as a variety of great entertaining areas.
The living room has a marble fireplace, and flows effortlessly into the generously sized dining room.
The custom kitchen with cathedral ceiling has granite counters, top of the line stainless steel appliances including double Sub-Zero refrigerators, and a Viking range. A contrasting center island with vegetable sink seats four comfortably, and a separate breakfast room overlooks private and lush grounds.
The family room is open to the kitchen, and has a floor-to-ceiling stone fireplace with raised hearth.
A spectacular study has Venetian plaster walls, a semi-circular bay affording beautiful views, and the versatility of the room easily serves a multitude of purposes.
Upstairs, an elegant landing leads to six en suite bedrooms, each having large walk-in closets.
The master suite has a tray ceiling with crown molding accents, and a romantic fireplace. The sitting room offers a wonderful place of respite, and the luxurious bath has basketweave marble flooring, whirlpool and separate shower.
The third floor is finished as a playroom and has a full bath.
The finished lower level has a custom beamed ceiling with specialty accent millwork, and adds another 2,150-square feet of space, which includes an impressive home theater, recreation room, exercise room, and service kitchen area.
Schools – Long Lots, Bedford, Staples.
Extras and items to note – nine full and one half baths, 9-foot ceilings, three fireplaces, natural gas, audio system, security system, laundry on both main and upper levels, home theater, three-car garage, two bluestone patios, built-in barbecue, room for tennis court and pool.
Annual taxes are $45,948.
Listing/photo courtesy of Coldwell Banker Westport-Riverside.
(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.
