By Judy Szablak
There are more than 350 single-family homes available for sale in Westport, and competition is fierce among starter homes.
Featured Home: This home at 6 Hidden Hill is listed at $7,995,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker, Westport-Riverside.
However, we do expect to see the higher ranges pick up in the coming weeks, and into the early summer.
Less than 18 percent of the inventory currently available is listed for under $1 million, and that’s not an awful lot to choose from.
This price pocket should not be taken lightly as it is an integral part of the health of the overall Westport real estate market, and speaks volumes for the future sales of upper price range homes.
Inventory is increasingly tight in the lower ranges, and some of these homes are selling within days, and with multiple bids.
This positive indicator is a blessing for the coming season, especially in the mid-brackets to upper-tier homes.
Move-up buyers bring about a chain reaction in sales, which only add to the out-of-towners looking to purchase a home in Westport.
Starter-home sellers move up a notch, while those mid-level homeowners are also upgrading.
So while a very active market in a lower range may not look like it is particularly good news for our luxury market, the trickle effect has proven it to be just that.
There are 84 homes available in the $3 million-plus range, and they account for 23.7 percent of the towns inventory.
In fact, there are 20 homes for sale in town listed at more than $5 million, and all stand to benefit from an active entry-level market.
Market Stats
There are now 354 homes that are actively on the market. These properties have been listed for an average of 103 days, with a cumulative market time of 188 days.
The average list price is $2,384,280 and the median price is at $1,899,000.
A contemporary home on Bluff Point is the highest priced home for sale at $11.5 million, and the lowest available priced home is a three-bedroom home on Crescent Park Road for $368,000.
Thirty-five 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-four properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, 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 properties was $1,308,200. There are currently 39 homes in CTS status throughout Westport, and another 49 properties scheduled to close town-wide, with an average price of $2,336,978.
Closings: There were eight single-family homes reported as sold in the last week, and they were listed on average at $1,612,613, with a market time of 88 days. There were 94 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 65 days, with a cumulative market time of 75 days. Their average listing price is $732,685 and the median price is $559,900.
The highest priced condos are both listed at $1,279,000 and both are three-bedroom homes at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home at Whitney Glen for $380,000.
There were no new listings, and no homes came back on the market after being under deposit. There were three prices changes, and no property entered into the initial stage of deposit.
One home entered into pending status, and was listed at $824,900.
There are two properties town-wide that are currently in CTS status, and there are three homes scheduled to close.
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 31 homes or apartments available. The median price is $3,750 per month and the average price is $4,951 per month.
These year-round rental opportunities have been on the market an average of 66 days.
There are 35 short-term rental opportunities that are available, and they have been on the market an average of 42 days. Their average price is $15,406 and the median price is $14,000.
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 6 Hidden Hill is listed at $7,995,000.
This stunning 14-room shingle-style colonial in the Compo Beach area has lovely water views and a wonderfully open and flexible floor plan.
Designed by noted architect Robert Storm and built in 2008, this masterfully planned and flawlessly finished six-bedroom home has more than 11,800-square feet throughout four levels of living space.
The living room has coffered ceilings, custom wainscoting, and a fireplace with Absolute Black granite surround.
A refined and elegant dining room has recessed panel wainscoting, and an octagonal tray ceiling.
The custom designed chef’s kitchen has marble counters with a glass mosaic backsplash, and features top-of-the-line appliances including a Wolfe six-burner cooktop, double ovens, two Miele dishwashers, and a built-in wine cooler and beverage fridge. The walk-in pantry has additional storage.
The center island seats four comfortably, has a contrasting black walnut counter, and flows freely to the breakfast area, which has French doors out to the bluestone patio, and overlooks a lushly landscaped and private1.2-acre lot.
In a continuous flow from the breakfast area, the sunlit family room has another fireplace, along with a coffered ceiling, and custom built-ins. built in desks shelving wainscoting
Upstairs, a luxurious and romantic master bedroom suite has custom milled molding, a fireplace with Misty Blue limestone surround. The sitting area is perfect for relaxing moments, and a private office has double French doors to the balcony with water views.
Three additional bedrooms are on this level and two share a Jack and Jill-style bath, while the other is en suite.
The third level has vaulted ceilings, and is perfect for a game room, or teen suite.
The lower level offers almost 3,500-square feet of finished area which can also be easily transformed into staff quarters, or an au-pair suite, =with plenty of room remaining for additional living areas.
Currently the walk out lower level has two bedrooms, two baths, a wine room with constant temperature zone, and a gym/exercise room.
This home offers outstanding space with a versatile floor plan on a sought after cul-de-sac in the Compo Beach area.
Schools—Greens Farms, Bedford, Staples.
Extras and items to note – 10-foot ceilings on the main level, first floor office/chart room with teak floors, four fireplaces, seven full and two one-half baths, hydro-air heating system with Eco-Power co-generation unit, central vacuum system, audio system, wired for home-theater, Crestron home automation system for lighting sound, alarm, media and climate control, heated Gunite pool and spa with solar cover, 308-square foot cabana with kitchenette, half bath and outdoor shower, rear patio with outdoor kitchen.
Annual taxes $51,055.
Listing/photo courtesy of Coldwell Banker, Westport-Riverside.
(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.
