By Judy Szablak
Special to WestportNow
Although springtime is mostly associated with the best real estate market, historical data indicates that the best time to purchase a home in Westport may very well be the fall season.
Featured Home: This home at 21 Crooked Mile Road is listed at $1,149,000. Photo courtesy of Higgins Group Bedford Square
Based upon RealtyTrac’s 15-year analysis of more than 32 million homes, data suggests that these seasonal buyers saved an additional 2.6 percent from the estimated market value by purchasing this time of year. That number may or may not have included price reductions that had taken place.
According to our Multiple Listing Service, 433 single family homes closed last year, and 22 percent of them closed in the last quarter. While it’s not quite up to the 32 percent that closed in the second quarter, or the 30.5 percent in Q3, the number is still significant.
Westporters, or hopeful Westporters can expect to save an additional 1.4 percent by purchasing a home in the next few months based upon prior year averages, and that’s on top of whatever price reductions may have occurred since springtime.
Market Stats
There are now 318 homes actively on the market that have been listed for an average of 136 days, with a cumulative market time of 207 days. The average list price is now $2,160,187 and the median price is now at $1,588,500.
A home on Beachside Avenue is the highest priced property for sale at $22.5 million, and the lowest available priced single-family is a three-bedroom home on Crescent Park for $378,500.
Eighteen new listings came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn. Nine properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS or Show, and five 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 five pending properties was $1,607,600. There are currently 23 homes in CTS/Show status throughout Westport, and another 30 properties scheduled to close townwide, with an average price of $1,588,697.
Closings: There were 15 single-family homes reported as sold in the last week, and they were listed on average at $1,463,867 with an average market time of 117 days. There were 80 status changes in the last seven days.
Condos: There are 18 condominiums available, and they have been listed an average of 87 days, with an average cumulative market time of 152 days. Their average listing price is $625,324 and the median price is $624,000.
The highest priced condo in town is listed at $1,125,000 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 $234,933.
There were no new listings in the last seven days, and no properties came back on the market. One property had a price change, and two homes took an initial deposit. No homes entered into pending status.
There is one property townwide in CTS/Show status, and one property is currently scheduled to close which is listed at $790,000.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 79 homes or apartments available. The median price is $4,500 per month and the average price is $6,405 per month.
These year-round rental opportunities have been on the market an average of 85 days.
There are 43 short-term rental opportunities that are available, and they have been on the market an average of 117 days. Their average price is $9,731 and the median price is $6,650.
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 21 Crooked Mile Road is listed at $1,149,000.
This undeniably charming direct riverfront French country-style 2,629-square foot jewel in the Red Coat area has been fully remodeled, and includes a studio/guesthouse.
Storybook charm begins at the stone foyer with custom millwork, which opens up to a dramatic two-story living room with stunning stone fireplace.
An exceptionally sunlit sitting area that has full height French door sliders out to the deck and overlooks 1.24 tranquil acres of private and lush landscape.
The octagonal dining room bay is open to the kitchen, and French doors lead out to the 893-square foot stone patio with sitting wall with fabulous flowing river views.
The French-style kitchen has marble countertops and top grade stainless steel appliances, and inlaid walnut perimeter accent hardwood flooring.
The family room has more custom millwork and built-in shelving, and extensive windows bring the stunning landscape indoors.
A hard to find main level master suite has cathedral ceilings, charming built-ins, cedar closet and a spa-like marble bath with soaking tub, and separate shower with skylight.
Upstairs there are three bedrooms, two share a spacious bath and one of which is en suite, and another which has a private balcony.
A separate 300-square foot guest cottage with cathedral ceilings and two skylights includes a kitchenette, full bath and patio; and is perfect for a home office, or studio.
Extras and items to note – four bedrooms and three and one-half baths in the main house, fireplace cottage with kitchenette and one full bath, high efficiency Fujitsu air heating and air conditioning system, security system, public water, hot tub, riverfront property.
Annual taxes are $15,904.
Listing/photo courtesy of Higgins Group Bedford Square.
(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.
