By Judy Szablak
The market for contemporary-styled homes certainly appears to be a healthy one in Westport.
Featured Home: This home at 17 Burr Farms Road is listed a $1,690,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group, Westport/Ruta-Leo Associates.
Just over 11 percent of the available single-family homes are of this type, which typically includes mid-century moderns, and uniquely angled home designs among others.
Oftentimes, we look at contemporaries as being somewhat more affordable than a traditional colonial given the same square footage and amenities.
However, reviewing activity in general from the past year may reveal slightly different circumstances, as higher demand is evident.
Unit sales have actually increased more than 20 percent over the last six months from the prior six-month period, as town-wide unit sales of all home styles combined have decreased by the same percentage, which is an incredibly large gap.
As of today, the average list price of the 28 available contemporaries is more than $2.3 million. That figure is not too far off of the entire single family town-wide average price, but it really doesn’t tell the whole story.
The average list price for the 21 contemporary homes that closed in the last six months was $1,425,776.
Once you compare that to today’s average list price, it seems like quite a hefty increase in values, which did not happen. Prices have not increased to that extreme, even though unit sales are up substantially.
Prices are gaining ground, but not that much as it would seem to appear by these stats. The difference between what is available and what has sold has a lot to do with the size and/or price range of the home, but that’s not all of it.
Looking at all of these particular statistics, it’s easy to see precisely why understanding the market can get tricky for some.
One must look at anomalies as well as averages, and there are a few higher priced homes available that give us what is considered a “false” reading.
If we remove just one such anomaly from the equation, the average price of the available contemporary homes drops by $300,000. Coupled with the fact that five of the 28 homes available are listed under $1 million, a quick glance at the numbers would not be accurate.
Well-deciphered statistics tell much more of a story than just looking at averages, or just a few properties as comparables.
Pricing a home properly involves a thorough understanding of the market’s performance and current trends, and that is whether one is buying or selling.
Market Stats
There are now 253 homes actively on the market, which is a net gain of nine homes in inventory since last week.
These currently available properties have been listed for an average of 118 days, with a cumulative market time of 230 days. The average list price is now $2,611,128 and the median price is at $2,222,500.
A four-bedroom home on Beachside Avenue on 7.13 acres is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $405,000.
Twenty-five new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Nine properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and six 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 six properties was $1,451,500. There are currently 22 homes in CTS status throughout Westport, and another 37 properties scheduled to close town-wide, with an average price of $1,965,724.
Closings: There were five single-family homes reported as sold in the last week, These five homes were listed on average at $1,545,600 and sold with an average market time of 162 days. There were 65 status changes in the last seven days.
Condos: There are five condominiums that are available, and they have been listed an average of 47 days. Their average listing price is $718,540 and the median price is $559,900.
The highest priced condo in town is $1,300,000 and is a three-bedroom home located 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 this week, and no homes came back on the market after being under deposit. There were no price changes, and no property entered into the initial stage of deposit. One home entered into pending status, and was listed at $699,000.
There is no property town-wide that is currently in CTS status, and there are four homes scheduled to close, with an average list price of $699,475.
No sales were reported during the last week, There was one status change.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 51 homes or apartments available. The median price is $4,250 per month and the average price is $5.139 per month. These year-round rental opportunities have been on the market an average of 73 days.
There are 28 short-term rental opportunities that are available, and they have been on the market an average of 46 days. Their average price is $14,802 and the median price is $10,500.
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 17 Burr Farms Road is listed a $1,690,000.
This sun-drenched mid-century modern home in the Hunt Club area has nearly 3,900 square feet of living space and is simply stunning inside and out.
Originally built in 1951, and set back from the road through two stone pillars, this sophisticated and deceivingly spacious single level home has open and flowing gathering areas, and four private bedrooms.
Floor to ceiling windows provide an abundance of natural light throughout, and the entertaining areas overlook a beautifully landscaped 1.42-acre property.
An elegantly appointed living room with corner fireplace has 9-foot coffered ceilings, a wet bar, wine cooler and built in stereo system. Thoughtful built-ins were designed by Rose Adams.
The formal dining room also has a coffered ceiling. A set of columns lead to an amazing sun room with floor to ceiling windows and full ceiling skylights that can be opened and closed by remote control.
The open layout continues with beamed ceiling family room, which has another fireplace and wet bar.
The skylit white kitchen was designed by Rose Adams, and has La Dolce Vita granite counters, a breakfast bar that seats three, and a breakfast nook area that flows into the family room.
All four bedrooms are in a separate wing from the entertaining areas and afford much privacy. The master bedroom suite has a fireplace, a luxe bath with whirlpool and separate shower, and dressing area with closets.
Schools —Long Lots, Bedford, Staples.
Extras and items to note—four full baths, 9-foot ceilings, four-zone heating, security system, audio system, central vacuum system, multiple skylights, office with full bath, 450-square foot covered porch with Marine varnished maple ceiling, in-ground Marblelite pool and poolhouse.
Annual taxes are $13,923.
Listing/photo courtesy of Higgins Group, Westport/Ruta-Leo Associates.
(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.
