By Judy Szablak
Special to WestportNow
The average price of homes in Westport has been holding fairly steady at over $2.2 million, and the median price is around $1.8 million.
Featured Home This home at 2 Brookside Park is listed at $959,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport
That being said, exactly what kind of home can your money buy for under $1 million?
As of this writing, there are 77 single-family homes available under $1 million. Fifty-one of them were built between 1940-1969, and just three are less than 20 years old.
Their average price is $780,792 and they have been on the market 101 days. You can also reasonably expect a home in this range to have seven rooms, three baths and 2,233-square feet on average.
According to agent remarks for homes listed through the Greater Fairfield County Multiple Listing Service, 22 show as completely remodeled, totally renovated or move-in ready, and they have an average listing price of $837,905.
These move-in ready homes are approximately 2,099-square feet and the average year built is 1954.
For some, purchasing a renovated home is more than preferable, since there may be no time or inclination to perform the work needed to make the home more livable.
Conversely, 23 are listed as needing updating, marketed as renovation-ready, or teardown opportunities and these properties have an average price of $686,535.
The average size to expect for this type of home is 1,914-square feet and you can expect them to be approximately 75 years old.
Reviewing what is considered as move-in ready as opposed to what needs work, be it cosmetic or structural or both, there are a number of opportunities that are present for the would-be Westport buyer in this range—especially if the work needed to get these properties up to par is less than $150,000.
While there certainly is no dearth or glut of available homes for buyers at this time in Westport for either type of property under the $1 million benchmark, the opportunities are very good for either type.
Market Stats
There are now 372 homes that on the market and have been listed for an average of 120 days, with a cumulative market time of 212 days. The average list price is now $2,260,118 and the median price is $1,797,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single-family is a three-bedroom cape on Richmondville Avenue for $477,500.
Thirteen new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Seventeen properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and eight 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 eight properties was $1,571,625. There are currently 20 homes in CTS status throughout Westport, and another 51 properties scheduled to close town-wide, with an average price of $1,473,310.
Closings: There were 13 single-family homes reported as sold in the last week, and they were listed on average at $1,119,915 with an average market time of 112 days. There were 68 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 54 days. Their average listing price is $633,757 and the median price is $574,000.
The highest priced condo in town is listed at $1,195,000 and is a two-bedroom home located at Terra Nova, and the lowest priced unit for sale is a two-bedroom townhome at Hills Lane for $335,000.
There were two new listings this week, and no homes came back on the market, There were two price changes, no properties went under the initial stage of deposit, and one home entered pending status.
There is one property town-wide that is currently in CTS status, and there is one property scheduled to close that is listed at $269,000.
One sale was reported during the last week, and was listed at $445,000. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 95 homes or apartments available. The median price is $6,000 per month and the average price is $6,802 per month.
These year round rental opportunities have been on the market an average of 53 days.
There are 48 short-term rental opportunities that are available, and they have been on the market an average of 90 days. Their average price is $14,432 and the median price is $10,750.
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 2 Brookside Park is listed at $959,000.
This newer colonial on a quiet road in the heart of town has three stories of perfection.
Crown moldings, picture frame detail and wainscoting, and cathedral ceilings with Palladium windows enhance an open and sunlit floor plan, and the entire home feels peaceful and cheery.
The living room has a gas fireplace flanked on either side by shelving and built-ins,a bay window for added light. Specialty millwork includes picture frame wainscoting with chair rails and crown molding.
The dining area flows effortlessly to the Cherry kitchen, with stainless steel appliances, and granite tops. A walk in pantry offers additional storage, and a center island has room for two. French doors lead out to the deck, and a 510 square foot stone patio.
The second floor has three well-sized bedrooms, and a full-sized laundry room.
Upstairs, the master bedroom suite has cathedral ceilings, a Palladian window and three walk-in closets. The bath has an extra large glass enclosed shower with dual spray-heads.
A lot of home is packed into 1,790-square feet, and a manageable .12-acre yard with patio and English gardens make it a pleasure inside and out.
Schools—Saugatuck, Bedford, Staples
Extras and items to note—Four bedrooms, two and one-half baths, security system, public water, public sewer, second floor laundry, built in 1997.
Annual taxes $7,863.
Listing/photograph 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.
