By Judy Szablak
Special to WestportNow
In today’s Westport real estate market, the healthiest “price pocket” is homes priced under $1 million.
Featured Home This home at 87 Hillandale Road is listed at $725,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/Westport
There are currently 67 homes available in this range that have an average listing price of $747,872, and have an average size of 2,142 square feet.
There are 33 homes under contract which equates to 34.7 percent of everything in town that is currently under deposit. Considering that this price pocket makes up only 17.8 percent of the available inventory, this segment of the market is particularly “hot.”
The unique aspect of this price point is that many of these homes not only appeal to buyers looking for an entrance to owning real estate in Westport, they also appeal to builders looking for teardown opportunities.
If the neighborhood is right, and the cost of acquisition meets a builder’s criteria, which is generally about one-third of the cost of the estimated finished rebuilt new construction price, these two distinctly different types of buyers compete for the same properties.
Year-to-date figures from 2015 showed 37 home sales under $1 million, and we have already exceeded that number by 13.7 percent in 2016.
Market Stats
There are currently 376 homes on the market. They have been listed for an average of 93 days, with a cumulative market time of 179 days. The average list price is $2,309,291 and the median price is $1,870,750.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a two-bedroom cape on Valley Road for $449,000.
Nineteen new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-six properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and 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 properties was $1,251,222. There are currently 41 homes in CTS status throughout Westport, and another 54 properties scheduled to close town-wide, with an average price of $1,544,718.
Closings: There were nine single family homes reported as sold in the last week, and they were listed on average at $1,312,167 with a market time of 127 days. There were 79 status changes in the last seven days.
Condos: There are eight condominiums that are available, and they have been listed an average of 57 days. Their average listing price is $522,488 and the median price is $502,000.
The highest priced condo in town is listed at $910,000 and is a two-bedroom home at Regents Park. The lowest priced unit for sale is a one-bedroom home on Bridge Street for $209,000.
There was one new listing this week, and no homes came back on the market, There were no price changes, no properties went under the initial stage of deposit, and none entered pending status.
There are two properties town-wide that are currently in CTS status, and there are four properties scheduled to close.
No sales were reported during the last week, and there was just one status change.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 53 homes or apartments available. The median price is $6,500 per month and the average price is $7,678 per month.
These yea-round rental opportunities have been on the market an average of 57 days.
There are 64 short-term rental opportunities that are available, and they have been on the market an average of 70 days. Their average price is $20,708 and the median price is $18,000.
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 87 Hillandale Road is listed at $725,000.
This nine-room vintage cape in Green Farms oozes with rustic charm, and is full of possibilities; whether it be to live in as is, expand, or teardown and start anew.
Originally built in 1900, this 2,273-square foot home has a comfortable and charming feel throughout with crown molding, as well as warm wood paneling, built-ins and beams.
The living room has a fireplace, and built-in cabinetry and shelving, and the dining room has a bay window, chair rails, and built-in buffet.
A charming vintage kitchen with ample cabinetry has a dining area, and opens up to a sitting area with French doors to a 408-square foot deck.
The family room has a beamed ceiling, and a floor-to-ceiling brick fireplace with raised hearth and recessed wood storage.
A screened in sun-room overlooks a lovely level .53-acre property with established landscaping.
All three bedrooms are upstairs, including the master bedroom suite.
The lower level has a built-in workshop area.
Schools – Greens Farms, Bedford, Staples.
Extras and items to note – three bedrooms, three baths, two fireplaces, generator, two-car garage, public water, minimal wetlands, sewer in street.
Annual taxes are $8,857.
Listing/photo courtesy of The Higgins Group/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.
