By Judy Szablak
With the start of school a week off and many new residents already in place, there is a downward change in pending home sales. But there is no sign that the market is about to grind to a halt.
This home at 116 Harbor Road is listed at $1,365,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside.
Sales in the Westport real estate market still continue to be fairly strong during the changing seasonal market.
Pending home sales, however, have been trending downward since their peak in mid-May through mid-June.
There were 30 homes this past week that entered into the initial stage of deposit, and another 60 in pending stage, equaling 90 homes that were somewhere in the deposit stage.
The last time we were close to this week’s 90 combined deposits was back in the first week of March, when there were a total of 85 homes under deposit.
For comparison purposes, we hit our peak in mid May, with a total of 139 homes under deposit.
The most recent Pending Home Sales Index (PHSI) released by the National Association of Realtors in late July indicates that contract signings were down from the month before on a national level, although still higher than one year ago.
Expect much of the same for their next report, and expect Westport’s market to continue at a slightly better rate than the national average.
Market Stats
There are now 287 homes that are actively on the market. The average list price of these available homes is fairly steady at $2,251,594, and these properties have been listed for average of 118 days, with a cumulative market time of 189 days.
The median price is down by nearly $35,000 from last week and is currently at $1,799,000.
The highest asking price for all homes currently on the market is $12,985,000, and the lowest available priced home is $309,000.
Twenty-one new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Seven properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and nine properties also went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these nine pending properties is $1,523,611. As mentioned above, there are currently 30 homes in CTS status throughout Westport, and another 60 properties scheduled to close town-wide, with an average price of $1,700,043.
Closings: There were 17 single family homes reported as sold in the last week, were listed on average at $1,441,921, and sold with an average market time of 93 days. There were 73 status changes in the last seven days.
Condos: There are just six condominiums that are available, and they have been listed an average of 124 days. Their average listing price is $690,000 and the median price is $739,000.
The highest priced condo in town is listed at $899,000 and the lowest offering price is $389,000.
There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and no properties were entered into the initial stage of deposit.
One property entered the pending stage, and was listed at $750,000.
There are five properties town-wide that are currently in CTS status, and six homes are scheduled to close that are listed on average at $687,167.
No sales were reported during the last week. There were just two status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 56 homes or apartments available. The median price is $5,300 per month and the average price is $5,496 per month.
These year-round rental opportunities have been on the market an average of 40 days.
There are 33 short-term rental opportunities that are available, and they have been on the market an average of 57 days. Their average price is $9,039, and the median price is $7,900.
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 116 Harbor Road is listed at $1,365,000.
This completely remodeled four-bedroom contemporary home on Saugatuck Island has views of Long Island Sound, and features soaring ceilings, skylights, and multiple oversized windows throughout its 2,834 square feet of living area.
A dramatic and sophisticated interior has an abundance of natural light throughout, and all three levels have been redesigned with the utmost of style.
The open floor plan consists of eight rooms, and the main living areas are open to one another.
A sky lit living room has quite a dramatic feel with cathedral ceilings and nearly a full wall of windows, in addition to three sets of sliders to the entertaining balcony.
The kitchen is not only beautiful with imported Italian cabinetry, top of the line appliances, and Caesarstone Quartz counters, but especially functional and designed to perfection for the entertainer as well as the chef.
There is also an accompanying Quartz-topped breakfast bar that seats three, which also serves as a boundary between the kitchen and living room.
The dining room has cathedral ceilings, tall windows, and is directly adjacent to the kitchen.
The family room has a king-sized deck and is also equipped with built in speakers.
The master bedroom has a luxurious bath with a separate tub and steam shower, and a private balcony offering spectacular water views that is specifically situated to enjoy the most beautiful sunsets. The remaining three bedrooms are all en suite.
Perfect for either a vacation home or a year round residence, this home is simply the epitome of style.
Extras and items to note—Surround Sound, built-in indoor and outdoor speaker system, steps to Island amenities that include private beach and boat launch.
Annual taxes are $17,786.
Listing/photo courtesy of Coldwell Banker Westport-Riverside.
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(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.
