By Judy Szablak
Special to WestportNow
This is a crucial time for those looking to either by or sell a home in Westport.
Featured Home: This home at 25 Edgemarth Hill Road is listed at $2,945,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis-Southport
There is a need to review the market very carefully, as it continues to shift toward favoring sellers.
Specifically, certain “price pockets” are full of activity, and others are not at all.
It could be that some properties are priced beyond their value and are positioned in an incorrect price range, which would certainly contribute to a lack of movement.
Nonetheless, it behooves anyone looking to buy or sell to pay close attention to how the market is performing in their suggested range.
For example, there are 24 homes priced between $1.7 million and $1.9 million, and 17 homes priced between $2.5 million and $2.75 million.
There have been no initial deposits in these ranges for nearly a month.
Conversely, seven homes priced between $1.1 million and $1.3 million have taken a deposit in that same time period, and the $1.5 million to $1.7 million range is even stronger.
Additionally, three homes priced between $5 million and $10 million have gone under deposit in this short time frame.
So it is imperative to analyze the specific range to assess where the best listing price or optimum selling price would be, given the current market.
Market Stats
There are now 317 homes on the market, and although inventory continues to enter the market, just as many if not more homes go under deposit.
These properties have been listed for an average of 123 days, with a cumulative market time of 229 days. The average list price is now $2,190,183 and the median price is $1,725,000.
A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single-family is a three-bedroom ranch on Northgate for $459,000.
Seventeen new listings came on the market in the last seven days, and five properties came back on the market after being under deposit, or temporarily withdrawn. Fourteen properties had a price change.
Nineteen properties have gone under the initial deposit stage, which we call CTS, and another eight 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 eight pending properties was $2,405,250. There are currently 53 homes in CTS status throughout Westport, and another 39 properties scheduled to close townwide, with an average price of $1,778,997.
Closings: There were four single-family homes reported as sold in the last week, and they were listed on average at $827,950 with an average market time of 99 days. There were 75 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 88 days. Their average listing price is $763,138 and the median price is $798,900.
The highest priced condo in town is listed at $1,199,999 and is a two-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $289,000.
There were two new listings this week, and no homes came back on the market. There were no price changes, and one property went under the initial stage of deposit.
One property entered pending status, and was listed at $320,000.
There are two properties townwide that are currently in CTS status, and there are seven properties scheduled to close, with an average list price of $688,369.
No sales were reported during the last week. There were three status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 65 homes or apartments available. The median price is $4,975 per month and the average price is $6,697 per month.
These year-round rental opportunities have been on the market an average of 74 days.
There are 57 short-term rental opportunities that are available, and they have been on the market an average of 68 days. Their average price is $18,800 and the median price is $18,000.
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 25 Edgemarth Hill Road is listed at $2,945,000.
This 13-room custom built colonial is on a level lot on a sought after Greens Farms cul-de-sac.
Built by widely respected Milton Development in 2014, this 6,337-square foot home has 9-foot ceilings with elegant detailing, sophisticated finishes and specialty millwork throughout its three finished levels.
The office/study is to the right of the foyer as you enter, and has floor to ceiling wood paneling and custom built-ins. The flexible layout allows this room to have multiple purposes, including a living room, or parlor area.
A sunlit dining room has a lightly coffered tray ceiling, and the butlers pantry is complete with wet bar and plenty of cabinetry.
The designer white gourmet kitchen has Calacatta Marble countertops, and top of the line stainless steel appliances including double ovens and two dishwashers. The service island seats three comfortably, and the breakfast area has French doors leading out to the patio.
The sun drenched great room is open to the kitchen, and has a rich coffered ceiling, stone fireplace, and three sets of French doors out to the 863-square foot bluestone patio overlooking a level and private one acre lot.
Upstairs, the master suite has elegant ceiling detail, a romantically inspired fireplace, and two walk-in closets. The luxurious marble master bath is sure to please with an oversized steam shower, deep soaking tub and radiant heated flooring.
Four additional bedrooms are on this level, and two are en suite. Two others share a “Jack and Jill” style bath.
The walkout lower level has 1,500-square feet of finished area, which includes a sixth en suite bedroom, playroom, theater room with kitchenette, and full height Viking wine cellar.
Schools — Greens Farms Elementary, Bedford Middle, Staples High.
Extras and items to note — six bedrooms, five full and two half baths, two fireplaces, audio system, central vacuum system, security system, hydro-air heating, second floor homework/computer nook, three car garage, Energy Star rated, 10KW generator, third floor ready to be finished with plumbing in place, room for a pool. Also available for rent at $11,500 monthly.
Annual taxes are $31,280.
Listing/photo courtesy of William Raveis-Southport.
(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.
