By Judy Szablak
Special to WestportNow
The Westport real estate market has begun to change for the better. Now more than ever, pricing your home to sell should be of tantamount importance.
Featured Home: This home at 88 Compo Road South is listed at $1,899,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group/Bross Chingas Bross
Pricing any home should not be left to guesswork. A number of detailed and thorough analyses are necessary to arrive at a proper dollar figure for your home, which should also be finely tuned to the current market conditions
There are two ways to look at pricing in the most intelligent way. One would be the highest side of reasonable, while the other would be priced right at market value to encourage multiple offers, and a higher than asking final sales price.
A Comparable Market Analysis, commonly referred to as a CMA, is an analysis of homes that are similar to yours in one respect or another. The comparison generally includes a few homes that are on the market, a few more that are under deposit, as well as a few recent sales.
This type of bare-bones analysis can never give you a truly accurate price for your home. Rather, the price would indicate an average of the houses that were included, which may not necessarily be representative of the overall market.
Current real estate market trends are important in determining an appropriate price.
No matter which strategy you determine is right for you, the methodology is still the same. Statistical substance matters when pricing your home, especially in the very beginning of the selling season.
Market Stats
There are now 292 homes that are actively on the market, which have been listed for an average of 129 days, with a cumulative market time of 251 days. The average list price is $2,313,698 and the median price is $1,815,000.
A home on Beachside Avenue is the highest priced property for sale at $28 million — a recent $4 million reduction — and the lowest available priced single-family is a two-bedroom cape on Hale Street for $470,000.
Thirty 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Thirteen properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and another 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 pending properties was $1,621,750. There are currently 22 homes in CTS status throughout Westport, and another 34 properties scheduled to close townwide, with an average price of $1,617,744.
Closings: There were five single-family homes reported as sold in the last week, and they were listed on average at $1,901,000 with an average market time of 123 days. There were 67 status changes in the last seven days.
Condos: There are nine condominiums that are available, and they have been listed an average of 77 days. Their average listing price is $697,322 and the median price is $739,000.
The highest priced condo in town is listed at $1,025,000 and is a three-bedroom home located at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $289,000.
There was one new listing this week, and no homes came back on the market. There were no price changes, and two properties went under the initial stage of deposit. Two properties entered pending status.
There are four properties townwide that are currently in CTS status, and there are five properties scheduled to close.
No sales were reported during the last week. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 71 homes or apartments available. The median price is $4,300 per month and the average price is $6,192 per month.
These year-round rental opportunities have been on the market an average of 83 days.
There are 47 short-term rental opportunities that are available, and they have been on the market an average of 80 days. Their average price is $17,731 and the median price is $17,500.
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 88 Compo Road South is listed at $1,899,000.
This 12-room Compo area colonial has the perfect blend of modern elegance and convenience which has been flawlessly incorporated with its vintage charm, and is located in a highly desirable commutable location.
Originally built in 1930, this totally rebuilt 5,685-square foot home is exceptionally bright and cheerful throughout and has a modern, open flow.
The sunlit living room with fireplace is seen as you enter the home and step through the arched entry.
The oversized dining room has a bank of windows across the front of the room.
A custom cherry kitchen has granite counters, stainless steel appliances and a breakfast bar with seating for three. The breakfast area which has French doors leading to the level and private .79-acre yard with mature plantings is extremely private.
The front-to-back family room with bay window has hardwood floors under wall-to-wall carpeting.
Upstairs, the beautifully rebuilt master bedroom suite with tray ceiling has a large walk-in closet with custom built shelving and storage. The master bathroom with inlaid design work has dual sinks, glass enclosed shower, and whirlpool tub.
Four additional bedrooms are on this level, and three are en suite.
A large bonus room with full bath on the second level can be used as an exercise room, recreation area, teen or au pair suite.
The 492-square foot finished level is used as an exercise room but could also be a playroom.
Schools — Saugatuck Elementary, Bedford Middle, Staples High
Extras and items to note — six bedrooms including a main level en suite bedroom, seven full and one-half baths, security system, public water and sewer, room for pool.
Annual taxes are $21,874.
Listing/photo courtesy of The Riverside Realty Group/Bross Chingas Bross.
(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.
