By Judy Szablak
Spring officially arrives on Friday, and certain price ranges in Westport are already beginning to enjoy the seasonal upswing in market activity.
Featured Home: This home AT 12 Jennings Court is listed at $2,995,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis- Westport/Molly Lane Homes
The three dominant price pockets of available homes for sale are $2.25 million to $2.5 million, $2.75 million to $3 million, and $3.5 million to $4 million. Together, they comprise almost 25 percent of the available inventory.
The hottest “price pocket” that is trending right now for deposits is $950,000 to $1.3 million, and a lot of that also has to do with lack of inventory in that range.
These homeowners will most likely be moving up in a price bracket, and many of them will stay in town.
As a reasonable assumption, a good place for sellers to be in the upcoming months would be in the $1.2 million to $1.6 million range, which also takes into account that new out-of-town buyers will also be entering the mix.
A few other price pockets have performed well over the last six months. The $2.5 million to $2.75 million range stands out with a better than average deposit ratio.
And the $3 million to $3.5 million range has been fairly strong, especially considering the amount of properties available as compared to how many homes have sold in the last six months and how many are currently under some stage of deposit.
It is important to understand your home’s true market value and not to push the numbers just to get into a range that may not be correct for your home.
While the market is very good for some of these price pockets, it is advised to take advantage of this sooner rather than later. Understand that today’s trends can be tomorrow’s memories.
Market Stats
The seasonal rise in inventory continues, and as of today, there are now 272 homes that are are actively on the market. These currently available properties have been listed for an average of 114 days, with a cumulative market time of 217 days.
The average list price is now $2,484,672 and the median price is at $2,099,000.
A four-bedroom home on Beachside Avenue on 7.13 acres is the highest priced home for sale at $22 miliion, and the lowest available priced home is a five-bedroom home on 40 Ferry Lane East for $405,000.
Twenty-four 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twelve properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and seven 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 seven properties was $1,793,857. There are currently 26 homes in CTS status throughout Westport, and another 39 properties scheduled to close town-wide, with an average price of $1,765,918.
Closings: There were nine single family homes reported as sold in the last week, These nine homes were listed on average at $1,949,111 and sold with an average market time of 160 days. There were 69 status changes in the last seven days.
Condos: There are nine condominiums that are available, and they have been listed an average of 46 days. Their average listing price is $736,100 and the median price is $689,000.
The highest priced condo in town is $1.3 million and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on 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 two price changes, and two properties entered into the initial stage of deposit. No homes entered into pending status.
There are two properties town-wide that are currently in CTS status, and there are no homes scheduled to close.
One sale was reported during the last week, and was listed at $799,900. There were six status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 42 homes or apartments available. The median price is $4,900 per month and the average price is $5,174 per month. These year-round rental opportunities have been on the market an average of 88 days.
There are 31 short-term rental opportunities that are available, and they have been on the market an average of 42 days. Their average price is $14,897 and the median price is $11,500.
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 on 12 Jennings Court is listed at $2,995,000.
This impressive 17-room stone and shingle-style colonial is on a prestigious cul-de-sac in the Hunt Club area, and privately situated on a 1.05 acre lot.
Built in 2008 by widely respected local builder Milton Development, this home offers four levels of beautifully appointed living space, and is simply elegant inside and out.
Both the first and second floors have 9-foot-plus ceiling height, and the main living areas have exquisite mill work and finishing. The spacious two-story central foyer has superbly crafted three-quarter height recessed panel wainscoting.
A stone fireplace with raised hearth is the main focal point of the expansive great room, which has an entrance from the foyer through French doors and also through a pillared entrance from breakfast area in the kitchen.
The custom gourmet kitchen with marble countertops has top-of-the-line appliances including a Wolfe six-burner range, Viking refrigerator, and Asko dishwasher, and the contrasting center island seats five comfortably
An exceptionally sun-lit breakfast area overlooks a level rear yard through a set of over-sized French doors with full size paned-windows on either side.
The formal dining room has three-quarter height wainscoting custom millwork including layered crown molding.
A custom-appointed study/den has a rich wood coffered ceiling, plenty of built-ins, and an additional fireplace with marble surround.
Upstairs, the master bedroom suite has layered crown molding, and custom plantation shutters. A stunning marble bath has a steam shower and soaking tub.
Four additional en suite bedrooms are also on this floor.
The third level is fully finished with a half bath and offers an additional 1,151-square feet of space, which could easily be an au pair or nanny quarters.
The finished lower level adds another 2,178-square feet of living area, and includes a basketball court with hardwood floors, arts and crafts room, playroom, and additional bedroom or au pair suite.
Schools: Long Lots, Bedford, and Staples.
Extras and items to note—five full and three one-half baths, main level sun room, security system, audio system, hydro air heating system, Aprilaire Whole-house humidification system, Generac generator, irrigation system, blue-stone patio, approved pool site (with plans available.)
Annual taxes are $35,753.
Listing/photo courtesy of William Raveis- Westport/Molly Lane Homes.
(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.
