By Judy Szablak
Westport’s condominium market is struggling. Unusually low activity over the past few months signals an uncertain year ahead for this segment of the market. It possibly may be the worst year for condo sales in over a decade.
This single family home at 75 Old Hill Road is listed for $1,998,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker/Westport
Prices are currently at 2001 levels. Sales peaked in 2007 with 41 units sold, and they had an average purchase price of $768,676. While last year looked promising for volume with 35 sales reported through our MLS system, the average sale price was just $507,742. There have only been three closed sales this year.
The lack of sales is most likely due to the selection of single-family homes that are available in comparable price ranges. These seem to be preferred among today’s buyers.
There also is certainly a lack of available inventory to choose from, and that also contributes to lackluster sales performance. Buyers are out this year and are still considering condominiums. But they need a compelling reason to purchase a condo rather than a single family house.
Seller incentives are key during this time to try and jump start this segment of the market.
The market stats: there are now 323 homes that are actively on the market, and their average list price is $2,111,861.
These properties that are currently on the market have been listed for average of 112 days, and the median price is now $1,324,500.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $192,900.
Twenty-three new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Nineteen properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS, and nine 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 nine pending properties was $1,562,000 and they were on the market an average of 157 days.
Closings: five homes were reported as sold in the last week, and their average list price was $1,363.980. Average market time for these sold properties was just 59 days. There were 84 status changes in the last seven days.
Condos: there are 17 condominiums that are available, and they have been listed an average of 153 days. Their average listing price is $659,758, and the median price is $524,500.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $325,000.
There was one new listing this past week, and one property had a price change. No condominiums were reported as sold in the last seven days. There were two status changes.
Rentals: if you are interested in renting year round, either furnished or unfurnished, there are 57 homes or apartments available. The median price is $3,400 month and the average price is $4,967 per month.
These year-round rental opportunities have been on the market an average of 95 days.
There are now 25 seasonal rental opportunities available, and they have been on the market an average of 39 days. Their average price is $19,926, and the median price is $15,375.
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 pristine colonial on 75 Old Hill Road is listed for $1,998,000.
This smart looking and totally renovated 10-room home in the heart of Old Hill was built in 1996, and truly is in better-than-new condition.
Natural sunlight fills the home through oversized windows, and each room has its own personality and charm.
The almost 4,000-square foot traditional colonial home is meticulously maintained, and thoughtfully remodeled.
The first floor has 9-foot ceilings and the living room has a stunning fireplace with a fluted pilaster mantel and classic frieze with marble surround.
The dining room has crown molding and a curved arch entry to the kitchen.
The Rose Adams kitchen incorporates arches in its design, and has granite countertops and an informal eating area with French doors to the oversized deck, as well a beautifully designed octagonal breakfast nook that looks out on 1.01 acres of landscaped and private property.
The family room has crown molding and is open to the kitchen.
The second floor has four bedrooms which are all en suite. The master bedroom has a tray ceiling, wainscoting, gently arched doorways and a sirtting room with French Doors to the balcony. The Waterworks bath is done in Carrera style marble, and has a claw tub as well as a glass enclosed shower, and is just one of five full baths in this home.
The finished walk-out lower level adds nearly 1,000 square feet of living area and includes a fifth bedroom, full bath, office and recreation room.
This is a beautiful home in a great commutable location which was exceptionally designed and renovated for today’s needs..
Annual taxes are $17,657.
Listing/photo courtesy of Coldwell Banker/ Westport
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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.
