By Judy Szablak
Special to WestportNow
While there is uncertainty over the real estate market due to the news about COVID-19 in the last few weeks, Westport is still showing strength.
Featured Home: This home at 148 Compo Road South is listed at $1,399,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis — Westport
Amid all of the news coverage, shortened business hours, paper goods supply shortages and closures during the last seven days, 10 homes went under the initial stage of deposit.
When we consider that there are 34 homes that went under the initial stage of deposit in the last 45 days, the 10 initial deposits that occurred last week alone represent almost 1/3 of townwide deposits.
Housing is still one our basic needs. People still need to sell, and buyers are out and about looking. The low interest rates are indeed quite helpful to all.
Many people have a different opinion on COVID-19, and while some may be perceived as underestimating or over-dramatizing, virtually everyone is in agreement that we all should be more cautious and safety-conscious in light of recent events.
The Connecticut Association of REALTORS has implemented guidelines for agents, and local office management has instituted policies as well.
There are 734 agents registered as having a Westport real estate office address with the SmartMLS, and hundreds more in the surrounding towns that also want everyone to stay safe while assisting them in one of the most basic of needs.
Procedures have changed to the benefit of all, and agents are doing their best to look after your safety and their own during this time. It’s still business as usual, just not so much in the usual manner.
Market Stats
There are now 251 homes that are actively on the market, which is an increase of 25 properties from 30 days ago. The available inventory has decreased by 62 homes from last year at this time.
These currently available properties have been listed for an average of 121 days, with a cumulative market time of 261 days, which is up by a week and a month respectively to that of last year. The average list price is down approximately $105,000 from a year ago to $1,966,287 and the median price is at $1,475,000, which is down by $100,000 from a year ago at this time.
Fifteen 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. There were five properties in the past week that had a price change.
An estate on Beachside Avenue is the highest priced home on the market, and is listed at $16.75 million. The Tudor style home on 112-116 Beachside Ave. is an 8,482 square foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.
The lowest available priced single family is a two bedroom, one and one half bath antique on .26 acres at 29 North Ave., which was built in 1776. The property is listed at $310,000.
There are currently 34 homes under the initial stage of deposit townwide, and another 48 scheduled to close. The number of homes that are under the initial stage of deposit is the same of that from last year, and the pending sales are up by 20 units from last year at this time.
Ten homes entered the initial stage of deposit last week, and an additional 10 homes went under pending status with an average price of $1,299,500.
The home at 68 Cross Highway took an initial deposit after 1,035 days on the market and four price reductions that brought it to its current list price at $695,000. The 10-room Long Lots area ranch was built in 1952, and has four bedrooms, and four full and one half baths.
Closings: There were six sales reported during the last week, and their average price was $1,547,317 with an average market time of 168 days.
The home at 57 Compo Beach Road at $1,375,000, and had a market time of 160 days. This home/property was being marketed as a proposed 3,737 square foot home to be built at $3,150,000, however the buyer bought the existing 2,958 square foot dwelling as is.
Condos: There are 26 condominiums that are currently available, which is up by 10 units from this time last year. These condos have been listed an average of 121 days, with a cumulative market time of 161 days.
Their average price is $663,308 and is up by approximately $176,000 from last year at this time, and the median price of $647,500 is up by $113,000 from a year ago.
There were three new listings entered in the last seven days, and no properties came back on the market. One property had a price change. No homes entered the initial deposit stage. No homes entered pending status or closed.
The highest priced condo in town is listed at $1,299,000 and is in a new nine unit adult development at Daybreak Commons, which is the former site of Daybreak Nursery. The luxury free-standing unit is 2,000 square feet and has two bedrooms and two full baths.
The lowest priced unit for sale is a one-bedroom unit with 682 square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $157,800.
There are no properties currently under the initial stage of deposit townwide, and none that are scheduled to close.
A two-bedroom unit at Playhouse Condominiums closed this past week at 94.25% of its asking price of $435,000, after being on the market for 27 days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 81 homes or apartments available, and inventory is up by 26 properties from last year. These homes have an average market time of 78 days.
The median price for townwide annual rentals is currently $4,400, which is consistent with that from this time last year, and the average price is $5,372 per month, which is down $273 from last year at this time.
The two highest priced annual rentals are listed at $25,000 each. The beachfront home at 66 Compo Mill Cove consists of 4,000 square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach.
A 17-room colonial home on a premier cul-de-sac at 12 Woody Lane has 8,611 square feet of living area, a pool and outdoor kitchen and is also listed at $25,000 monthly, and includes an option to purchase, or lease-purchase. This home also is available in July and August for $40,000.
The lowest priced rental is a 430 square foot efficiency apartment that is listed for $1,200 monthly and is located at 19 Hale Street Apartment 2.
There are 57 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price of $12,513 and a median price of $6,300, with an average market time of 63 days.
The three highest priced short term rentals are each listed at $40,000. They include 33 Ferry Lane East, a 5,000 square foot riverfront colonial on one acre with five bedrooms, and six and one-half baths; a newly built 3,500 square foot contemporary on 23 Sterling Drive with water views from every room, as well as an infinity pool; and 10 Bluewater Hill South, a four bedroom three bath Mediterranean style colonial with historical gardens by famed Central Park designer Frederick Olmstead, and has varying monthly prices from May to August.
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 — Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 148 Compo Road South is listed at $1,399,000.
This newer nine room Compo area colonial has incorporated just the right amount of charm to its transitional finishes, and the result is superb.
The home is perfectly designed for the entertainer, and 3,700 square feet of space throughout three levels gives everyone their own private areas at the same time.
Nine foot ceilings, exceptionally rich hardwood floors, specialty light fixtures, and upscale cable stair railings lend an elegant flair to the home, which also lives very comfortably.
The great room includes a fireplace that has a custom mantel with decorative frieze, and oversized windows present a beautiful and private view of the .28 acre level and fenced in yard.
The newly redesigned and remodeled custom chef’s kitchen with extra thick Quartz counters includes a Wolf gas range, Sub Zero refrigerator, and the center island with wine fridge seats four comfortably.
Great flow continues with the dining room that is open to the kitchen.
Upstairs, the master bedroom suite has twin closets, and the spalike bath features dual vanities, a glass-enclosed shower as well as a free-standing tub.
Three additional bedrooms are on this level, and two share a Jack and Jill style bath, while the other is en suite.
A recreation room with a second fireplace, and an office/fifth bedroom and full bath in the walkout lower level together create the perfect in-law, teen suite or au pair possibility if so desired.
Extras and items to note- Five bedrooms, four and one half baths, nine foot ceilings, two fireplaces, security system, smart home features, public water, public sewer, natural gas, stone pillared entry, 329 square foot bluestone patio, fenced in yard.
Annual taxes $12,003.
Listing/photo courtesy of William Raveis — 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.
