By Judy Szablak
Special to WestportNow
Westport’s changing real estate market has brought about heightened interest in areas that are exceeding sales activity levels in 2015.
Featured Home: This home at 8 Easton Road is listed at $1,349,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport
Judging by the deposits so far this year, the Greens Farms and Coleytown neighborhoods along with “in-town” locations have been trending as the places that buyers want to be.
In fact, properties in various stages of deposits in just these three neighborhoods alone comprise almost 42 percent of all of the single family homes under deposit in the entire town.
While Greens Farms has traditionally been one of the more sought after neighborhoods in town, Coleytown has made its mark this year.
Sales in the Hunt Club area are slightly down percentage-wise, when it was bustling with activity just a year ago.
There are currently 11 properties in Greens Farms under some stage of deposit, with the highest price being one on Beachside for just under $10 million.
The Coleytown area has 10 properties currently under deposit, and when added to the seven properties that closed since Jan. 1,the market here is beyond active.
If it continues in this manner, we can reasonably project at least a 20 percent increase in sales over last year.
Market Stats
There are now 295 homes on the market representing a 5 percent increase over last week. These have been listed for an average of 106 days, with a cumulative market time of 217 days.
The average list price is $2,258,916 and the median price is $1,780,000.
A contemporary home on Compo Mill Cove is the highest priced home for sale at $9,999,999, and the lowest available priced single family is a ranch on Oakview for $439,000.
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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Fifteen properties had a price change.
Fifteen properties have gone under the initial deposit stage, which we call CTS, and 11 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 11 properties was $1,573,264. There are currently 33 homes in CTS status throughout Westport, and another 33 properties scheduled to close town-wide, with an average price of $1,638,561.
Closings: There were 11 single-family homes reported as sold in the last week, and they were listed on average at $1,837,239 with a market time of 195 days. There were 107 status changes in the last seven days.
Condos: This segment of the market continues to be very quiet. There are seven condominiums that are available, and they have been listed an average of 127 days. Their average listing price is $660,957 and the median price is $485,000.
The highest priced condo is listed at $1,199,700 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $211,000.
There were no new listings this week, and no homes came back on the market, There was one price change, and no properties went under the initial stage of deposit, or pending status.
There are no properties town-wide that are currently in CTS status, and there are no properties that are scheduled to close.
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 44 homes or apartments available. The median price is $4,775 per month and the average price is $5,351 per month.
These year-round rental opportunities have been on the market an average of 116 days.
The seasonal rental market continues to heat up. There are 57 short-term rental opportunities that are available, and they have been on the market an average of 58 days.
Their average price is $20,863 and the median price is $17,500.
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 8 Easton Road is listed at $1,349,000.
A certain elegance and unique charm await in this 10-room colonialized cape with its open and flowing floor plan, and architecturally interesting details enhance every room.
This 5,124-square foot home was extensively renovated and expanded in 2004, and thoughtfully redesigned by a distinguished local architect as his own residence.
The entry foyer has custom-designed flooring accents, and opens to the dramatic sunlit great room with Palladian windows.
Custom mill work surrounds the gas fireplace, and two symmetrically placed doors lead to an expansive two-tiered deck, with serene views of the level one-acre property.
The dining room has crown molding, a stone fireplace with raised hearth and has a columned entrance from both the foyer and the kitchen, creating an exceptionally versatile space, which could double as a living room if so desired.
A gourmet kitchen has custom cabinetry, stainless steel appliances, granite counters, and a center island with stunning wood top that seats three comfortably.
There are two bedrooms on this level, as well as an office with a separate entrance and custom built-ins. This legal commercial space could easily be converted into a main level in-law apartment if needed.
A dramatic sky lit staircase with matching chandeliers on either side lead you upstairs to the master bedroom suite and additional three bedrooms.
The three-room master suite has a dressing area with custom built-ins, and elegant marble bath with whirlpool, and glass enclosed shower.
The finished lower level has a fantastic open space that offers an additional 1,047 square feet of flexible living or entertaining area.
Schools – Coleytown Elementary and Middle, Staples.
Extras and items to note—six bedrooms, three full and one-half baths, two fireplaces, security system, audio system, level acre, room for pool.
Annual taxes are $16,549.
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.
