By Judy Szablak
Special to WestportNow
It certainly looks like the Westport spring market has already begun in a big way.
Featured Home: This home at 6 Tranquility Lane is listed at $1,885,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis-Westport
The significance of the activity in just the first week of March signals a greater that usual seasonal upswing.
Inventory is growing at a nice pace, and deposits are already on the rise. In fact, the active listings as compared to the initial deposit ratio is better than it has been in many months. The ratio is important, as it speaks to where the market is headed in the next 60 days.
The initial deposits are also approaching the same number of pending properties, which is also another indicator of heightened activity. While some may argue that this is merely a seasonal trend, the numbers speak just a bit differently, especially at this early stage.
All signs point to a very healthy spring market that will be fruitful for sellers as well as buyers.
Market Stats
There are now 318 homes that are actively on the market. These currently available properties have been listed for an average of 123 days, with a cumulative market time of 229 days. The average list price is now $2,221,572 and the median price is $1,749,500.
A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single family is a two-bedroom cape on Hale Street or $459,000.
Thirty-six 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Fourteen properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS, and another 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 pending properties was $1,673,889. There are currently 31 homes in CTS status throughout Westport, and another 37 properties scheduled to close town-wide, with an average price of $1,485,576.
Closings: There were six single family homes reported as sold in the last week, and they were listed on average at $1,568,500 with an average market time of 82 days. There were 89 status changes in the last seven days.
Condos: There are 11 condominiums that are available, and they have been listed an average of 96 days. Their average listing price is $673,855 and the median price is $736,500.
The highest priced condo in town is listed at $1,025,000 and is a three-bedroom home located at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $289,000.
There was one new listing this week, and no homes came back on the market. There were no price changes, and no properties went under the initial stage of deposit. One property entered pending status, and was listed at $665,000.
There are two properties town-wide that are currently in CTS status, and there are five properties scheduled to close. Their average price is $731,916
One sale was reported during the last week, and was listed at $450,000. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 65 homes or apartments available. The median price is $5,500 per month and the average price is $7,209 per month.
These year-round rental opportunities have been on the market an average of 77 days.
There are 53 short-term rental opportunities that are available, and they have been on the market an average of 66 days. Their average price is $19,625 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 6 Tranquility Lane is listed at $1,885,000.
Just minutes to Longshore and the train station, this stunning and well-appointed 10-room colonial located on a quiet neighborhood cul-de-sac is a commuter’s dream.
Built in 1999, the sunlit interior features intricate mill-work and custom finishes throughout its 5,170-square feet of living area.
The living room has crown molding and a fireplace with custom mantel.
The dining room has layered crown molding and specialty ceiling trim along with recessed panel wainscoting and double perimeter Walnut inlaid hardwood floors. The butler’s pantry has additional storage, another sink and a second dishwasher.
A spacious gourmet kitchen has top of the line appliances, granite counters, and a diagonally positioned two-tiered center island that seats three comfortably.
A columned entrance brings you to the cheerful and bright breakfast nook with transom topped French doors that open up to the 471-square foot blue-stone patio and professionally manicured .54-acre grounds.
The family room is open to the kitchen and has a floor-to-ceiling stone fireplace with raised hearth, and beautifully designed built-ins.
The cherry study with transom topped French doors has custom cabinetry and shelving, and leads to the extensive patio.
Upstairs, the master bedroom suite has a tray ceiling, wood burning fireplace and two walk-in closets. A stunning marble bath has a whirlpool and separate oversized glass enclosed shower.
Four additional bedrooms are on this level, and three are en suite.
A walk-up attic offers great expansion if so desired, and the lower level can also be finished for another recreation area.
Schools—Saugatuck Elementary Bedford Middle, Staples High.
Extras and items to note—five bedrooms, four full and two one-half baths, 9-foot ceilings on the main level, security system, public water and sewer, natural gas, walk-up attic, three car garage, heated in-ground Gunite pool, waterfall and spa with auto cover, outdoor grill and fireplace
Annual taxes are $19,635.
Listing/photo courtesy of William Raveis-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.
