By Judy Szablak
After a rough beginning this year for condos, this segment of the Westport real estate market has been going under deposit at an unusually brisk pace.
This home at 13B Dogwood lane is listed at $2,250,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Fran Burger Realty Group
In fact, in the last 90 days, 13 of the 16 sales recorded through our local Multiple Listing Service (MLS) year-to-date were reported as closed. Compared to the two units that sold in the first quarter of the year, this is quite a significant jump.
Also worth noting is that two condominiums sold at their listing price with no negotiations, and one unit sold in Harvest Commons for $47,500 more than the asking price.
Right now, the condo supply is very low, with only six units available throughout town, and demand remains high.
We are also starting to see the the entry level to lower mid-level single family inventory start to diminish. The appeal of this segment of the market has a lot to do with affordability, as we have also seen almost 78 percent of single family property sales year to date under the $1.8 million median asking price .
All of this points to an interesting remainder of the year—watch the real estate market very closely in the next few months. There appears to be a change looming, and it may just be another positive wave in the more affordable price ranges throughout town.
Market Stats
There are now 276 homes that are actively on the market. The average list price of these available homes is holding close to steady at $2,210,093, and these properties have been listed for average of 120 days, with a cumulative market time of 187 days. The median price is currently at $1,814,500.
The highest asking price for all homes currently on the market is $12 million and the lowest available priced home is $309,000.
Eighteen new listings came on the market in the last seven days, and six homes came back on the market after being under deposit. Eighteen properties had a price change.
Fifteen properties have gone under the initial deposit stage, which we call CTS, and 15 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 15 pending properties is $1,143,150. There are currently 32 homes in CTS status throughout Westport, and another 75 properties scheduled to close town-wide, with an average price of $1,613,117.
Closings: There were 12 single family homes reported as sold in the last week, were listed on average at $1,644,750, and sold with an average market time of 84 days. There were 95 status changes in the last seven days.
Condos: There are just six condominiums that are available, and they have been listed an average of 146 days. Their average listing price is $550,125 and the median price is $525,000. The highest priced condo in town is listed at $999,000 and the lowest offering price is $289,000.
There were no new listings this week, no homes came back on the market after being under deposit, and there were no price changes. Three properties entered into the initial stage of deposit
There are eight properties town-wide that are currently in CTS status, and three homes are scheduled to close that are listed on average at $695,000.
One sale was reported during the last week, and the property was listed at $375,000. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 52 homes or apartments available. The median price is $4,175 per month and the average price is $4,901 per month. These year-round rental opportunities have been on the market an average of 45 days.
There are 37 short-term rental opportunities that are available, and they have been on the market an average of 63 days. Their average price is $10,200, and the median price is $9,500.
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 13B Dogwood lane is listed at $2,250,000.
This 13-room stone and shingle style colonial has beautiful architectural lines, soaring ceilings, four fireplaces, and attractive accents inside and out.
Sited perfectly on 1.71 acres in a sought after in-town location, this sun-drenched 6,325-square foot home was originally built in 1987, completely redesigned in 2001, and further expanded with an extensive addition in 2006.
A columned entrance to the living room is an elegant touch, and the tray ceiling with layered crown molding adds to the rooms charm. A custom fireplace is the main focal point, and French doors lead out to the 828 square foot deck.
The library has rich cherry woodwork with built in cabinetry and shelving, and layered crown molding to match.
The dining room has elegant molding and gleaming hardwood floors, as does much of the home.
The kitchen has exposed beams for character, and ebony type wood cabinetry with stainless steel appliances and granite tops. An L-shaped center island also has a tiered triangular breakfast bar.
The comfortably sized and informal eating area has tall windows to let the sun shine in, and a floor to ceiling stone fireplace with raised hearth and recessed storage area make this a warm place to gather.
The great room is open to the kitchen and has two-story height ceilings with exposed wood beams and another stone fireplace.
The master bedroom has cathedral ceilings, and a fireplace with marble surround, and raised hearth with built in shelving on either side. Quite spacious dual baths are positively sumptuous—one has a glass enclosed shower, and the other has a deep soaking tub. Each have a separate and private dressing area.
Three additional bedrooms are this level, and two share a “Jack and Jill-style” bath, wile the other is en suite.
The walk-out lower level has another en suite bedroom, a game room, and a play room with wet bar, and was specifically designed for additional entertaining.
Sunlit and spacious, gracious yet private.
Extras and items to note—generator, pool site, main level exercise room, home also available fully furnished.
Annual taxes are $25,804.
Listing/photo courtesy of William Raveis/Fran Burger Realty Group.
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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.
