By Judy Szablak
Available housing inventory in Westport has slowly dwindled as it normally does this time of year, however competitive pricing is still important.
Featured Home: This home at 1 Fairview Drive is listed at $1,099,999. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate-Westport
One of the biggest mistakes that sellers tend to make on pricing is placing a value on a home based upon another that is available, and that is flawed thinking. Yes, it helps for positioning your home in the marketplace, but another house listed for sale is not an indicator of your property’s value.
Bottom line—a home that is still available has not yet sold. Pricing is determined on past sales, and if/when a buyer obtains a mortgage, the lender will send out an appraiser to value the property and make sure that the lender’s investment in a loan will be a prudent decision.
When looking to place a value on your home to sell, it is most important to make a careful review of the market, including what has recently gone under deposit, what has sold and market performance as it pertains to your home specifically.
Market Stats
There are now 322 homes that are are actively on the market.. These currently available properties have been listed for an average of 126 days, with a cumulative market time of 213 days. The average list price is now $2,236,197 and the median price is fairly steady at $1,750,000.
A contemporary home on 50 Compo Mill Cove is the highest priced home for sale at $13 million, and the lowest available priced home is a four-bedroom antique home on Crescent Road for $399,000.
Eight 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn.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 four 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 four properties was $1,685,530. There are currently 21 homes in CTS status throughout Westport, and another 45 properties scheduled to close town-wide, with an average price of $1,752,909.
Closings: There were six single family homes reported as sold in the last week, and they were listed on average at $1,107,167, with a market time of 92 days. There were 63 status changes in the last seven days.
Condos: There are four condominiums that are available, and they have been listed an average of 98 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 at Whitney Glen for $385,000.
The only activity this week centered on two properties which entered into the initial stage of deposit.
There are six properties town-wide currently in CTS status, and there is one home scheduled to close that is listed at $879,000.
No sales were reported during the last week. There were two status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 76 homes or apartments available. The median price is $4,850 per month and the average price is $4,907 per month. These year round rental opportunities have been on the market an average of 63 days.
There are 25 short-term rental opportunities that are available, and they have been on the market an average of 58 days. Their average price is $5,554 and the median price is $4,750.
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 1 Fairview Drive is listed at $1,099,999.
This four-bedroom home has a wonderfully subtle hint of mission-style and mid-century modern design elements, and is certain to please the entertainer.
Beautifully sited on a two-acre lot on a quiet cul-de-sac, the approach and portico entrance speaks volumes about the thought that went into updating this lovely 10-room home, and the open and light filled interior will not disappoint.
The living room has a 9-foot ceiling, crown molding, and a fireplace with marble surround and custom- milled mantel. French doors lead to a screened porch that overlooks private and well manicured grounds.
The formal dining room has custom built ins, and a tray ceiling.
Vaulted ceilings in the custom kitchen with granite tops and high-end stainless steel appliances create an open and contemporary atmosphere.
Upstairs, the master bedroom suite has soaring ceilings, and the stunning contemporized master bath has a glass enclosed shower, soaking tub, and towel warmer.
There are two other bedrooms on this floor with large walk-in closets, and a fourth is en suite and in the lower level.
The garden level has family room with a beamed ceiling and solid cherry built-ins and sliders to the stone patio. A second and fully equipped kitchen on this level also has a wine cooler, and services the outdoor entertaining areas.
Extras and items to note—three full and one half baths, security system, central vacuum system, three car garage, all newer mechanicals, cedar closet, finished walk out 900 square foot lower level, heated salt water Gunite pool with spa and waterfall.
Schools—Coleyown, Coleytown, Staples
Annual taxes are $13,054.
Listing/photo courtesy of William Raveis Real Estate-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.
