Real Estate Report: Best 1Q in Years

By Judy Szablak

This has been Westport’s best first quarter for unit volume that we have seen for a number of years, with 60 sales reported for the first three months.

This 14-room home at 22 Marion Road is listed at $1,895,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside / Westport Beach (+) Country Homes

Sales during this same time period over the last three years were somewhat stagnant, and realizing over a 10 percent increase in sales in these first three months of 2012 is a very positive sign for the rest of the year.

The average sales price in this quarter was $1,380,570 and is up very slightly rom the year end averages of 2011.

What has remained a fairly constant average is the sales price to list price ratio, which is still around 93 percent, and that is just what it was last year.That percentage tends to move higher as the market improves.

There are positive signs for the coming months, but the best recoveries for the long term are slow and steady.

Market Stats: there are now 341 homes that are actively on the market, and their average list price is $2,099,056.

These properties that are currently available have been listed for average of 100 days, and the median price has risen slightly again this week to $1,354,000.

The highest asking price for all homes currently on the market is $19,900,000, and the lowest available priced home is $192,900.

Twenty-three new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Nine properties had a price change.

Eleven 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 these six pending properties was $1,319,083 and they were on the market an average of 103 days.

Closings: Seven homes were reported as sold in the last week, and their average list price was $1,184,286. Average market time for these sold properties was 127 days. There were 79 status changes in the last seven days.

Condos: There are 18 condominiums that are available, and they have been listed an average of 167 days. Their average listing price is $648,666, and the median price is $532,500.

The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $299,000.

There were no new listings this past week, and no properties came back on the market after being under deposit. One property had a price change.

Three properties went into the CTS stage, while no properties entered into the pending stage of deposit.

No condominiums were reported as sold in the last seven days. There were five status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 61 homes or apartments available. The median price is $4,150 per month and the average price is $5,683 per month.

These year round rental opportunities have been on the market an average of 75 days.

The short-term rental market is continuing its seasonal rise in inventory and there are now 48 rental opportunities that are available, and they have been on the market an average of 39 days. 

Their average price is $20,580, and the median price is $13,750. 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 22 Marion Road is listed at $1,895,000.

This new 14-room “transitional colonial” in Old Hill was built by Westport’s own SIR Development LLC.

A perfect blend of modern finishes in this shingle-styled home give it a graceful and elegant flair inside and out.

There is 6,480 square feet of living area on four levels, and the premium finishing touches and custom millwork are evident on each floor.

Recessed panel wainscoting, crown molding and an intricately designed hardwood floor with walnut inlay grace the foyer, and a transom window above the front door lets the natural light in to accent the beautifully designed entry.

There are 9-foot ceilings on the first floor, and transom windows top the entrance to the living room which has one of two fireplaces in the home.

The spacious first floor study has plenty of built ins, a beamed ceiling, and oversized French doors to the family room. This versatile room can easily be a library, billiard room or an office.

The family room has a floor to ceiling stone fireplace, coffered ceilings, and flows beautifully to the breakfast are of the kitchen.

The custom-designed kitchen has elegant lighting, premium stainless appliances and Carrera marble countertops, along with a center service island and walk in pantry.

The dining room is spacious and sun drenched with peaceful views of the private and deep .45-acre fenced yard with mature trees.

There are six bedrooms and four full and two one-half baths. Five bedrooms are on the second level, including the master, which has dual walk in closets and a luxurious marble bath.

Another bedroom and a media/recreation room are on the third floor, which could also very easily be au-pair quarters if needed.

The finished lower level has an additional playroom, and another finished area suitable for an exercise room and/or a second office.

Quality built with attention to detail, this home in desirable Old Hill is comfortably elegant throughout.

Annual taxes are yet to be determined

Listing/photo courtesy of Coldwell Banker Riverside / Westport Beach (+) Country Homes.
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.