By Judy Szablak
The good news: we have just surpassed last year’s year to date sales The not so good news: it doesn’t appear that we will exceed 2010’s year-end sales figures.
This home at 5 Windy Hill Road in Westport is listed at $2,599,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Exceptional Properties, Westport.
It’s not all dismal though. There is still a small window of opportunity left, and it should be close, based upon the amount of reported sales and reported pending properties.
The dwindling of available inventory may have a lot to do with it, and may have even hurt our last quarter of 2011. We have continued to see that seasonal drop in available homes over the last month or so.
What happens is that as the year winds down, and the holidays approach, some homeowners choose to wait until after the holidays are over to begin the process of moving.
Although it can be a very busy personal season in many peoples lives, it also happens to be very good timing to sell a home. Less inventory means diminished competition and statistically, there would have to be a higher probability of sale, even in a slower market.
It may even be surprising to learn that slightly more than 10 percent of all the recorded sales for 2010 occurred within the holiday season. While location is important, strategic timing is also crucial in the real estate market. Here are the weekly statistics:
Homes: There are currently 300 single family homes that are actively on the market. The average list price for available homes is $2,115,092, and these properties have been listed for sale an average of 147 days. The median price is now $1,292,499.
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 two homes came back on the market after being under deposit. One property had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS, and four 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 four pending properties was $885,725 and they were on the market an average of 201 days.
Closings: Seven homes were reported as sold in the last seven days. Their average list price was $1,205,928 and these homes were on the market an average of 112 days. There were 45 status changes in the last seven days.
Condos: There are 20 condominiums that are available, and they have been listed an average of 148 days. Their average listing price is $675,810. The median price of a condo is $539,950. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $294,500.
No new listings came on the market this week, and no properties came back on the market after being under deposit. No properties had a price change. One property went into CTS status, and one property went into pending status.
Closings: Two condominiums were reported as closed in the last week, and their average list price was $514,500. They were on the market an average of 138 days. There were four status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 79 homes or apartments available. The median price is $3,650 per month and the average price is $5,553 per month. These year-round rental opportunities have been on the market an average of 84 days.
There are four seasonal rental opportunities available and they have been on the market an average of 97 days, and at an average price of $22,875. The median price of both furnished and unfurnished seasonal rentals is $16,250.
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 5 Windy Hill Road is listed at $2,599,000
This Colonial is located on a sought after quiet cul-de-sac in the heart of Westport. Custom built to perfection by Tryton Development in 2007, top grade materials and expert craftsmanship are evident throughout its 6,897 square feet of living area.
The main floor has 9-foot ceilings, wide planked hardwood flooring, and exceptional mill work. The fluted molding gracing the foyer entryways along with tall recessed panel wainscoting creates a wonderful initial aura, and sets the stage for the interior flavor of the remainder of the home.
The living room has a regally sized fireplace and the mantel is accented with fluted molding to match the foyer. Oversized windows let in an abundance of light, and French doors lead to the family room.
The focal point of the family room is an extra wide stone fireplace, and the beautiful millwork continues with finely coffered ceilings. The natural light is abundant here, with more oversized windows and French doors out to the patio.
A banquet-sized dining room has more custom millwork and crown molding
A gourmet kitchen is fully applianced, and has custom cabinetry with a few perfectly placed backlit glass front cabinets that add warmth and additional style to an already well designed room.
The breakfast island bar has ample storage, seats four, and has a matching granite countertop. The breakfast dining area has French doors out to the patio and is framed quite nicely by custom-milled double columned entryway to the family room..
A handsome Cherry library is suitable for inclusion in an English Manor, with its Cherry wood floors, tall recesed panel wainscoting and paneling, built in shelving and storage, and full Cherry coffered ceilings.
A recently added skylit four season sunroom overlooks 1.06 acres of lush lawn, and has cathedral ceilings, a stone floor, and two sets of French doors out to the patio.
Six bedrooms are all on the second floor, and each has its own oversized walk in closet. The three-room master suite has a custom tray ceiling, fireplace, its own lounge, sitting room and balcony. A luxurious master bath has a whirlpool as well as a glass enclosed shower, and is just one of five full and two one-half baths in the home.
There is a walk up attic, and a finished walk-out lower level.
Extras and items to note: security system; central vacuum system
With its classic New England exterior style and superb interior detailing, this solidly built six-bedroom home is comfortable, regal and absolutely befitting of its premier location.
Annual taxes are $28,725. Listing/photo courtesy of William Raveis Exceptional Properties, 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.
