By Judy Szablak
Westport’s homes are getting larger, and the average prices are creeping up, too. As of today, the average single family home in Westport is listed at just under $2.6 million, has 11 rooms, which include five bedrooms, and almost 5,450 square feet of living area.
Featured Home: This home at 8 Hogan Trail is listed at $1,725,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/Westport.
That’s quite a contrast to the 34 properties which are available as of today that are priced under $1 million. One could reasonably expect that homes in this price range would be built in the 1950s and have approximately 2,200 square feet.
Additionally, just one fourth of all of our available housing inventory is priced between $1-2 million, and these homes have an average of 10 rooms, four bedrooms, and approximately 4,400 square feet.
The last few years has brought about a lot of new construction, and of the 85 homes currently on the market that were built in 2010 or later, average size has increased 20 percent over the town-wide average to 6,769 square feet.
These newer homes also include one additional bedroom and 13 rooms in total. The average price of these newer homes now tops $3.1 million.
With homes getting bigger and prices going up, even the smaller houses in town that are not being purchased as teardowns will benefit from declining inventory in the entry level price ranges.
Market Stats
There are now 235 homes that are are actively on the market, which is a net gain of five homes in inventory since last week. These currently available properties have been listed for an average of 128 days, with a cumulative market time of 239 days. The average list price is now $2,597,911 and the median price is at $2,200,000.
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.
Fifteen new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Nine properties had a price change.
Three properties have gone under the initial deposit stage, which we call CTS, and one property went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The price of that property was $775,000. There are currently 21 homes in CTS status throughout Westport, and another 34 properties scheduled to close town-wide, with an average price of $2,262,053.
Closings: There were three single family homes reported as sold in the last week, These three homes were listed on average at $1,418,333 and sold with an average market time of 75 days. There were 48 status changes in the last seven days.
Condos: There are four condominiums that are available, and they have been listed an average of 42 days. Their average listing price is $573,175 and the median price is $546,800.
The highest priced condo in town is $819,000 and is a two-bedroom home located at Harvest Commons, and the lowest priced unit for sale is a one-bedroom home at Whitney Glen for $380,000.
There was one new listing this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. No home entered into pending status.
There are two properties town-wide that are currently in CTS status, and there are two homes scheduled to close, with an average list price of $874,950.
One sale was reported during the last week, and the home was listed at $559,500. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 48 homes or apartments available. The median price is $4,350 per month and the average price is $5,297 per month.
These year-round rental opportunities have been on the market an average of 81 days.
There are 21 short-term rental opportunities that are available, and they have been on the market an average of 49 days. Their average price is $12,276 and the median price is $6,450.
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 Hogan Trail is listed at $1,725,000.
This transitionally styled five-bedroom colonial is located on a cul-de-sac in sought after Saugatuck area, and convenient to the train station, shops and restaurants.
Originally built in 2006 and recently remodeled, this 4,706-square foot home has exceptional natural light throughout, and three finished levels of living space.
The living room features a stunning custom cherry fireplace with marble surround, and triple beamed ceiling.
A formal and elegant dining room has custom mill work,including picture frame molding and chair rails.
The designer white kitchen has custom cabinetry, top of the line stainless steel appliances, and granite counters. A matching breakfast bar seats three comfortably, and the sunlit breakfast nook overlooks the level .74 acre lawn, which is fully fenced.
The sunken family room has a regal columned entrance from the breakfast nook area, and its main focal point is a field stone fireplace with raised hearth, which is flanked on either side by French doors which lead to an impressive deck that spans the entire width of the home.
Upstairs there are five bedrooms, including the master suite, which has two walk-in closets, a marble bath with whirlpool, and separate glass enclosed shower.
The third level bonus room is a perfect teen suite or nanny quarters.
This perfectly pristine home has an open and versatile layout, a beautiful level lawn, and offers a quiet yet accessible location.
Schools—Kings Highway, Coleytown, Staples.
Extras and items to note—three full and one-half baths, main level office with built-ins, 9-foot-plus ceilings, central vacuum system, security system, audio system, room for pool, approximately 682 square feet can easily be finished in lower level for additional space if desired.
Annual taxes are $16,133.
Listing/photo courtesy of William Pitt Sotheby’s/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.
