By Judy Szablak
Traditional and transitional colonial-style homes reign supreme in Westport, and continue to be the most marketable properties with the best resale value.
This home at 167 Compo Road South is listed at $1,799,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s-Southport/Fairfield
Comprising 63 percent of the 289 available homes for sale, these mostly five-bedroom homes average just over 4,250 square feet, with an average list price of $2,163,117.
In the past year, more than two-thirds of the reported sales through our local MLS were colonial-style homes, and the average sales price of these 273 homes during the last 12 months was $1,634,577.
Although there might seem to be a great disparity in the average pricing of what’s currently on the market as opposed to what has closed in the last year, the significant price increase is due largely in part to the amount of new construction.
The allure of a newly built home is undeniable due to its ease of customization, as well as not having any replacement/maintenance concerns.
Resale values on existing colonial homes remain strong, and offer an affordable alternative to new construction.
Market Stats
There are now 289 homes that are actively on the market. The average list price of these available homes is $2,158,847, and these properties have been listed for average of 99 days, with a cumulative market time of 166 days. The median price is now $1,830,000.
The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.
Thirty-one new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Sixteen properties had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS, and 13 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 13 pending properties is $1,350,069. There are currently 52 homes in CTS status throughout Westport, and another 77 properties scheduled to close town-wide, with an average price of $1,588,623. (Note that one pended property was significantly above the median price, and has been excluded from these averages.)
Closings: There were 16 single family homes reported as sold in the last week, were listed on average at $1,157,669, and sold with an average market time of just 69 days. There were 98 status changes in the last seven days.
Condos: There are 12 condominiums available, and they have been listed an average of 141 days. Their average listing price is $618,417, and the median price is $576,000. The highest priced condo in town is listed at $919,000 and the lowest offering price is $299,000.
There were no new listings, no homes came back on the market after being under deposit, and no price changes. Two properties entered into the initial stage of deposit, and three properties entered the pending stage of deposit. They were listed on average at $684,667.
There are two properties town-wide that are currently in CTS status, and eight homes are scheduled to close that are listed on average at $635,938.
One sale was reported during the last week, and the property was listed at $489,000. There were six status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 43 homes or apartments available. The median price is $4,000 per month and the average price is $4,597 per month. These year-round rental opportunities have been on the market an average of 32 days.
There are 44 short-term rental opportunities that are available, and they have been on the market an average of 35 days. Their average price is $15,705, and the median price is $14,500. 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 167 Compo Road South is listed at $1,799,000.
This 11-room, Saugatuck area colonial was custom built in 2005, and offers quite an open and versatile floor plan with over 4,430 square feet of living area.
Four levels of living space have expert finishes and custom craftsmanship. There is great flow, terrific space for entertaining, and perfect privacy as well.
Well sited on a professionally landscaped level half acre, the covered front porch leads to a two-story entry, which has an interior balcony from the second floor.
To your left is the parlor, which has a transom-topped French door entry.
A pluperfect dining room has an octagonal tray ceiling, and picture frame molding with chair rails.
The family room has a coffered ceiling, a stone fireplace with raised hearth, and is open to the kitchen.
The custom gourmet kitchen has granite counters, top grade stainless steel appliances, a service island that seats two, and a breakfast nook area that is beautifully sunlit.
There is also a main level guest room, which could easily be an office or library.
At the top of the landing upstairs, and across the hall is an impressive gathering area, and its columned step up entrance and custom mill-work create a warm ambiance.
Down the hall is the master bedroom suite, which has a sitting area with fireplace, an expansive walk-in closet with dressing area, and a luxurious bath with jetted tub and glass enclosed shower.
Three additional en suite bedrooms are on this level, and the skylit third floor bonus/recreation room with powder room could easily be a teen suite, or au pair quarters
The lower level is beautifully finished to main level standards, and has another full bath.
This home has a highly versatile floor plan, a sunny and spacious interior, and is just steps to the train and beach.
Extras and items to note—wine cellar, security system, audio system.
Annual taxes are $17,405.
Listing/photo courtesy of William Pitt Sotheby’s-Southport/Fairfield.
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(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.
