By Judy Szablak
While Westport’s real estate market may have been faring reasonably well over the last few years with all things considered, nationally it may be worse than first thought.
This home at 219 Compo Road South is listed for $699,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property, Westport.
This week the chief economist of the National Association of Realtors (NAR), Lawerence Yun, disclosed that estimates of previously-owned home sales have been erroneously inflated going back to 2007.
He said this “double counting” which occurred through October of this year has given a false picture of the state of the national real estate market. NAR’s reports are closely followed as a gauge of the health of the housing industry.
This week’s market stats: there was a 6.5 percent drop an inventory last week alone, and there are now just 258 single family homes that are actively on the market.
The average list price of the available homes is $2,172,539, and these properties have been listed for sale an average of 156 days.The median price is now $1,300,500.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.
Three new listings came on the market in the last seven days, and one home came back on the market after being under deposit. One property had a price change.
Four properties have gone under the initial deposit stage, which we call CTS, and 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 was $931,686 and they were on the market an average of 168 days.
Closings: Three homes were reported as sold in the last seven days, and they were listed at an average price of $1,165,667, and their average market time was 90 days. There were 43 status changes in the last seven days.
Condos: There are 15 condominiums that are available, and they have been listed an average of 173 days. Their average listing price is $697,453, and the median price is $562,000.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.
It was a very slow week for Westport condominium activity. No new listings came on the market this week, and no properties came back on the market after being under deposit.
One property had a price change, and one property went into CTS status. No properties went into pending status.
Closings: One condominium was reported as closed in the last week, and it was listed for 179 days before it sold, and was listed at $370,000. There were three status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 65 homes or apartments available. The median price is $3,500 per month and the average price is $5,215 per month.
These year round rental opportunities have been on the market an average of 100 days.
There are two seasonal rental opportunities available, and they have been on the market an average of 97 days, and at an average price of $34,500.
The median price of both furnished and unfurnished seasonal rentals is $34,500. 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 219 South Compo Road is listed for $699,000
This three-bedroom, two-bath stucco and clapboard home was originally built in 1920, and has retained its original charm while offering the great style and modern conveniences of today.
The double columns on either side of the covered front porch is a nice touch to the exterior, and once inside this 2,077 square foot home, it is obvious that great thought was taken to design its interior space.
Surprisingly spacious and positively enchanting, the sky lit living room has cathedral ceilings and a fireplace, and there is a nice open flow from the dining room to the kitchen.
The kitchen has been remodeled with deep cherry cabinetry, granite countertops and stainless steel appliances.
The cheerful family room has three sets of contiguous French doors out to the private patio overlooking its .17-acre property that is filled with perennials. There is also a den and a bedroom on the main level.
The second floor has another bedroom, and the master bedroom suite is with cathedral ceilings a spa tub and shower, and a walk in closet.
This is a great home for a great price, and in a great location near Compo Beach, Longshore, and the train station.
Annual taxes are $6,838. Photo/Listing courtesy of Halstead Property, Westport.
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(Editor’s Note: Judy Szablak of RE/MAX- Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
