By Judy Szablak
Special to WestportNow
The average days on market for a home to sell in Westport has been slowly creeping up over the last six years. However, it is not cause for alarm.
Featured Home: This home on 10 Northgate Lane is listed at $1,499,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group-Westport
According to our Multiple Listing Service (SmartMLS), we currently are experiencing a market time of 121 days, with a low of 100 days in 2011, and a high of 134 days in 2009.
Agents and buyers seem to pay close attention to the days on market. It’s a clear hint as to pricing and perception of value from a buyer’s standpoint, as well as market performance.
Market time is measured in a few different ways; active listings and sold homes are two entirely different figures. The active days on market is current, and assists with market projection, where the sold figures establish a baseline.
In our market statistics section, we note days on market for active listings, which is currently at 120 days, as well as the average market time for any homes that have sold in the past week.
While this data certainly plays a role in determining a possible future move date as well as the state of the market, its weight need not be overemphasized when determining market health, especially when the difference is only a few weeks over a period of many years.
As of today, there have been 221 sales reported this year. However, we may not reach the 299 sales in 2016, which had an average market time of 115 days. The longest time on market to close this year was a home on Gray Lane which took 794 days.
Market Stats
There are now 275 homes actively on the market that have been listed for an average of 120 days, with a cumulative market time of 209 days. The average list price is $2,183,538 and the median price is now at$1,675,000.
A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a three-bedroom home on Crescent Park for $365,000.
Seventeen new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-two properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS or Show, and another 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 those nine pending properties was $1,320,222. There are currently 19 homes in CTS/Show status throughout Westport, and another 27 properties scheduled to close townwide, with an average price of $1,390,222.
Closings: There were 10 single family homes reported as sold in the last week, and they were listed on average at $1,461,100 with an average market time of 87 days. There were 87 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 97 days. Their average listing price is $795,114 and the median price is $700,000.
The highest priced condo in town is listed at $1,395,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Whitney Glen for $450,000.
There was one new listing this week, and no homes came back on the market. There was one price change, and no properties went under the initial stage of deposit. One home entered pending status.
There is one property townwide that is currently in CTS/Show status, and there are three properties scheduled to close that are listed on average at $815,188.
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 77 homes or apartments available. The median price is $4,500 per month and the average price is $6,379 per month.
These year-round rental opportunities have been on the market an average of 73 days.
There are 37 short-term rental opportunities that are available, and they have been on the market an average of 128 days. Their average price is $11,178 and the median price is $10,000.
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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home on 10 Northgate Lane is listed at $1,499,000.
This 4,747-square foot Roseville area colonial was built to exacting standards in 2008, and has four levels of highly versatile finished living area.
A stunning entry foyer, 9-foot ceilings on both the main and upper levels and exceptional millwork throughout this 12-room home contribute to an elegant atmosphere, and its beautifully landscaped 1.06-acre lot is situated at the end of a quiet cul-de-sac.
The living room has crown molding and recessed panel wainscoting, as well as a fieldstone fireplace with built in shelving on either side.
A banquet-sized dining room also includes custom millwork, and has a transom topped entry.
The designer white kitchen with farmers sink also has crown molding, and features high-end appliances, honed Absolute Black granite tops and a custom designed backsplash. The breakfast area is open to the family room, and French doors allow beautiful views of the private property.
The family room also has rich crown molding, and a fireplace with custom mantel.
Upstairs, the master bedroom suite has a romantic fireplace, an oversized closet, and a spalike bath with claw foot tub, separate steam shower, water closet and radiant heated floors.
Three additional bedrooms are on this level and two share a Jack and Jill-style bath.
The possibility of a fifth bedroom, nanny suite or media room exists with a large bonus room currently being utilized as a gym.
Additionally, the sunlit office with Palladian window has a double French door entry.
The 600-square foot finished third floor offers a perfect space for yet another bedroom, and the walkout lower level includes a recreation or game room with a floor-to-ceiling stone fireplace, and a full bath, which could easily be an au pair suite if so desired.
Schools — Long Lots Elementary, Bedford Middle, Staples High
Extras and items to note — four to five bedrooms, four full and one half baths, four fireplaces, security system, hydro-air heating, outdoor kitchen with built-in grill and fireplace, upper and lower bluestone patios, three-car garage, generator.
Annual taxes are $17,098.
Listing/photo courtesy of The Riverside Realty Group-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.
