By Judy Szablak
Special to WestportNow
The market appears to be transitioning early this year in Westport, and is well poised for the start of an early spring selling season.
Featured Home: This home at 40 Park Lane is listed at $1,599,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport
Most people tend to think of the beginning of the spring market as arriving in March.
However deposits have been on the upsurge over the past few weeks, and the low inventory has created a slight imbalance of supply and demand, which is favoring the seller.
Current activity levels are stronger than usual in the early part of February, and the next 90 days look positive on a townwide basis, especially in a few neighborhoods that are outperforming others.
As of this writing, the Long Lots area is the strongest, followed by Old Hill and Compo.
The percentage of available homes as compared to the number of properties in the beginning stage of deposit and those waiting to close are a strong indicator of the coming months sales, and assists in the local market forecast.
Market Stats
There are now 245 homes that are actively on the market, which have been listed for an average of 117 days, with a cumulative market time of 236 days. The average list price is now $2,174,778 and the median price is now $1,775,000.
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 Oakview Circle for $249,000.
Twenty-two 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market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Fifteen properties had a price change.
Fourteen 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 $1,990,622. There are currently 34 homes in CTS/Show status throughout Westport, and another 33 properties scheduled to close townwide, with an average price of $1,784,230.
Closings: There were six single-family homes reported as sold in the last week, and they were listed on average at $1,296,000 with an average market time of 210 days. There were 79 status changes in the last seven days.
Condos: There are 10 condominiums that are available, and they have been listed an average of 75 days, with a cumulative market time of 131 days. Their average listing price is $670,681 and the median price is $551,950.
The highest priced condo in town is listed at $1,249,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Bridge Street for $254,330.
There were no new listings this week, and no homes came back on the market. There were no price changes, and two properties went under the initial stage of deposit. No property entered pending status.
There are two properties townwide that are currently in CTS/Show status, and one property is currently scheduled to close.
One sale was reported during the last week, and was listed at $699,900. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 66 homes or apartments available. The median price is $5,975 per month and the average price is $6,113 per month.
These year-round rental opportunities have been on the market an average of 125 days.
There are 60 short-term rental opportunities that are available, and they have been on the market an average of 105 days. Their average price is $11,829 and the median price is $7,250.
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 at 40 Park Lane is listed at $1,599,000.
This postcard-perfect colonial has a circular driveway, a 20-foot covered front porch, and a beautifully landscaped .70-acre level lot with Koi pond and waterfall.
Built in 2009, this 10-room Compo colonial has 9=foot ceilings throughout, a flexible floor plan, and is in an exceptional location that is close to town, beach, train and shopping.
The living room has crown molding and a large bay window for added sunlight.
A formal dining room features hardwood flooring with double perimeter inlaid walnut trim and crown molding.
The gourmet kitchen has strategically placed glass-front upper cabinetry, granite counters and top of the line stainless steel appliances, as well as a built-in hutch.
A contrasting center island seats three comfortably, and the adjacent breakfast area with oversized bay window also has French doors to the 350-square foot bluestone patio
Enter the two story family room through a gently arched opening from the breakfast area, and enjoy the warmth of the fireplace that has French doors on either side leading out to the level rear yard that is entirely fenced in and private.
A main level en suite bedroom with bay window is also perfect for a guest suite or office.
Upstairs, the master bedroom suite with tray ceiling has a sitting area with custom transom windows, a gas fireplace with marble surround, and a large walk in closet with built-ins.
The elegant marble bath includes a soaking tub, separate glass enclosed shower, double sinks and a water closet.
Three additional bedrooms that each have crown molding are also on this floor; one is en suite while the other two share a Jack and Jill-style bath.
The third floor bonus room is well suited for a teen suite or au pair quarters, and the lower level is already heated and easily finished for an additional 1,500-square feet of living area.
Extras and items to note — four to five bedrooms, four full and one half baths, two fireplaces with heat-o-lators, over 4,200-square feet of living area, security system, five zone hydro-air heating system, natural gas, public water and sewer, completely fenced in yard, Koi pond, waterfall and stream, generator, pool site
Annual taxes are $18,833.
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.
