By Judy Szablak
When looking to buy or sell a home in Westport, it’s easy to find estimates of value online, and pricing your home through these online sources without a Realtor is easier than ever. Or is it?
Featured home: this home at 2 Medwell Lane is listed at $1,299,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group – Westport
The pricing disparity between sites like Zillow, Homes.com, Trulia and others can leave you scratching your head as to which one is correct.
Prices can vary on these sites as much as 25 percent—for the same property. For instance, the average price of a home on the market right now in Westport is about $2.4 million.
One site would say that home would be priced at $3 million, while another could say the value is more in line with $1.9 million. That would be a very costly six-figure mistake.
Sellers who look for an online estimate can certainly find one that makes them happy, and so can buyers, for that matter.
The problem is that the sellers want the highest estimate, and the buyers want the lowest estimate, and the overwhelming majority of the time, neither are correct .
These real estate websites have pricing algorithms which do not take into account interior condition of the subject home or its comparables, the exact location of the property, or neighborhood nuances.
For example, we all can think of streets where one side of the road is more desirable than the other.
Homes that have similar square footage and amenities will also be priced quite differently based upon the particular style of home, and the lot configuration.
A local agent knows and understands these differences, but websites just don’t have that capability.
Although these sites initially appear to be a great source of information, they are not nearly as reliable as one might think. Just because something is published online, does not make it accurate.
For buyers and homeowners alike, the best way to price a home is through the expertise, advice and local knowledge of Realtor.
Market Stats
There are now 335 homes that are actively on the market, and the net inventory has only risen slightly since last week. These currently available properties have been listed for average of 106 days, with a cumulative market time of 165 days.
The average list price is now $2,443,687 and the median price is fairly stable at $1,897,000.
A new five-bedroom colonial at 8 Bluewater Lane is the highest priced home for sale at $14.5 million, and the lowest available priced home is a two-bedroom home on Conte Place for $375,000.
Twenty new listings came on the market in the last seven days, and six properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-eight properties had a price change.
Eighteen properties have gone under the initial deposit stage, which we call CTS, and another seven 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 seven pending properties is $1,517,571. There are currently 44 homes in CTS status throughout Westport, and another 62 properties scheduled to close town-wide, with an average price of $1,664,702.
Closings: There were 13 single family homes reported as sold in the last week, and were listed on average at $1,590,088, and sold with an average market time of just 60 days. There were 99 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 83 days. Their average listing price is $694,786 and the median price is $737,000.
The highest priced condo in town is $1,265,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $304,000.
There were no new listings this week, and no homes came back on the market after being under deposit. There were three price changes, and no property entered into the initial stage of deposit.
There is one property town-wide that is currently in CTS status, and one homes that is scheduled to close, and is listed at $530,000.
One sale was reported during the last week, and was listed at $1,195,000. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 31 homes or apartments available. The median price is $5,500 per month and the average price is $6,333 per month.
These year-round rental opportunities have been on the market an average of 43 days.
There are 49 short-term rental opportunities that are available, and they have been on the market an average of 43 days.
Their average price is $17,204, and the median price is $16,000. 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 2 Medwell Lane is listed at $1,299,000.
This handsome 12-room center hall colonial on a cul-de-sac in the Compo Beach area, has been meticulously maintained and is in like-new condition.
Originally built in 2001, and with a floor plan that exudes today’s lifestyle, this 3,454-square foot home is bright and sunny throughout.
A two-story foyer with Palladian window has picture frame molding and chair rails, with a beautifully designed custom banister. Nine-foot ceilings on the main level enhance the wonderful space and comfortable flow.
Both the living and dining rooms have transom window topped entrances from the foyer, and the dining room has additional millwork, along with a butler’s pantry with granite tops and sink.
A gourmet kitchen has granite counters with a tumbed marble backsplash, stainless steel appliances, and a breakfast bay area with calming views of the rear yard, as well as French doors out to the 276-square foot deck.
The sunlit family room is open to the breakfast nook area, has a fireplace with raised hearth and wet bar. Just beyond the family room is an office or den.
The stunning master bedroom privacy suite has a tray ceiling, and luxurious bath with dual vanities, whirlpool and glass enclosed shower, as well as two large walk in closets.
Three additional bedrooms are on this floor, as well as a fifth bedroom in the garden level, which is en suite.
The walk-out lower level adds another 875-square feet of living area, and also includes an en suite bedroom, entertaining area and exercise room,
Extras and items to note— three full and one half baths, four-zone hydro-air heating/cooling, security system, audio system, large flat .87-acre yard, city water and city sewer.
Annual taxes are $11,332.
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.
