By Judy Szablak
Westport’s condominium market is shining brightly, with only five units available for sale, and a total of six under some stage of deposit.
Featured Home This condominium at 6 Terra Nova Circle is listed at $1,238,000.Type your caption here. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate-Westport
When deposit ratios are so high, the market favors sellers, and supply and demand is certainly evident in this segment of the market. Inventory is approximately 25 percent of what it was at its high earlier in 2015.
There are just not that many condominium communities in town, which also contributes to the brisk activity.
According to Assessor Paul Friia, there are just 16 complexes in town, and another two that are are comprised of commercial and residential use.
Market Stats
There are now 308 homes that are are actively on the market. These currently available properties have been listed for an average of 131 days, with a cumulative market time of 218 days. The average list price is now $2,338,796 and the median price is now $1,775,000.
A contemporary home on 8 Bluewater Lane is the highest priced home for sale at $11,995,000, and the lowest available priced home is another contemporary home on Valley Road for $389,900.
Eight new listings came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn. Four properties had a price change.
No properties have gone under the initial deposit stage, which we call CTS, and two 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 two properties was $1,287,500. There are currently 13 homes in CTS status throughout Westport, and another 42 properties scheduled to close town-wide, with an average price of $1,703,281.
Closings: There were four single family homes reported as sold in the last week, and they were listed on average at $1,571,333, with a market time of 108 days. There were 44 status changes in the last seven days.
Condos: There are five condominiums that are available, and they have been listed an average of 104 days. Their average listing price is $652,200 and the median price is $540,000.
The highest priced condo in town is listed at $1,238,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home at Whitney Glen for $385,000.
There was no condominium activity this past week.
There are five properties town-wide that are 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 no status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 74 homes or apartments available. The median price is $4,775 per month and the average price is $5,014 per month.
These year-round rental opportunities have been on the market an average of 72 days.
There are 24 short-term rental opportunities that are available, and they have been on the market an average of 68 days. Their average price is $5,420 and the median price is $4,475.
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 condominium at 6 Terra Nova Circle is listed at $1,238,000.
The Terra Nova condominium community is an exclusive 54-unit luxury complex located in the Old Hill area of town.
An impressive entry through stone pillars and secure iron gates assures privacy for the residents, and the self contained community pool offers summertime recreation.
This three-bedroom end-unit home was originally built in 2004, and as one of the largest units in the complex, has 3,282 square feet of sun-drenched living space on three levels.
The living room has a soaring vaulted ceiling, a gas fireplace with granite surround, and transom topped French doors that lead out to the balcony with private view.
There is an open flow to the formal dining room, which has crown molding, and a bay window for additional light.
An eat-in kitchen has ample cabinetry with custom tiled backsplash and granite counters, and stainless steel appliances include double ovens. The breakfast bar seats two comfortably, and is in addition to the breakfast nook area.
A double-door entry to the first floor master suite is elegant and impressive. Crown molding accents the room nicely,and there are two walk-in closets. The luxurious marble bath has a elegant bath that includes dual vanities, a whirlpool tub, separate glass enclosed shower.
There are two additional bedrooms on the second level and one is en suite with a vaulted ceiling, which could also double as an upper level master if so desired.
The garden level is finished to perfection and a fireplace adds warmth and atmosphere, while sliders lead outside to a private patio and grassy area.
Additionally, an office has a custom built-in desk with cabinetry and shelving on either side.
Extras and items to note—two full and one-half baths, gated community, security system, audio system, two car attached garage, main level laundry, community pool, common charges $850 per month.
Schools—Kings Highway, Coleytown, Staples.
Annual taxes are $10,910,
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.
