By Judy Szablak
Special to WestportNow
With the Westport real estate market heating up, one question always seems to pop up from buyers actively looking—“How many homes should we see before submitting an offer on one we like?”
Featured Home: This home at 6 Sylvan Farms Lane is listed at $2,899,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential
Maybe the bigger question is “Should you still see other homes even though the first or second home that you saw seems perfect in every way?”
According to a recent study by the National Association of Realtors, buyers spend an average of four months looking online before they begin the physical search process.
So even though there are very few homes that a buyer may actually visit, there are many online views that should not be forgotten about.
Technically, it’s not the first home that one has seen when you consider the online research that was conducted before meeting a Realtor.
The very best way to maximize time while looking for a home is to meet an agent that you feel comfortable and confident to work with, which may or may not necessarily be the first Realtor you meet.
An in-office or in-home interview will tell you a lot about the agent; and whether he or she is a fit, just by the the questions they ask you, and the answers they give to yours.
There is no right or wrong answer as to how many homes one should look at before deciding on one. Everyone’s comfort level is different.
An initial consult will save the time-conscious buyer a lot of inconvenience, all while ensuring that you are working with the agent that understands your needs well.
Market Stats
There are now 317 homes actively on the market, and inventory continues to rise at an appropriate seasonal pace.
These properties have been listed for an average of 124 days, with a cumulative market time of 230 days. The average list price is $2,231,189 and the median price is $1,749,000.
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 for $459,000.
Seventeen 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twenty properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS, and another eight 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 eight pending properties was $1,382,850. There are currently 36 homes in CTS status throughout Westport, and another 39 properties scheduled to close town-wide, with an average price of $1,406,605.
Closings: There were five single-family homes reported as sold in the last week, and they were listed on average at $1,944,300 with an average market time of 73 days. There were 83 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 91 days. Their average listing price is $732,367 and the median price is $818,950.
The highest priced condo in town is listed at $1,199,999 and is a two-bedroom home at Terra Nova, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $289,000.
There were two new listings 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.
There are two properties town-wide that are currently in CTS status, and there are five properties scheduled to close.
No sales were reported during the last week. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 59 homes or apartments available. The median price is $5,300 per month and the average price is $7,020 per month.
These year-round rental opportunities have been on the market an average of 75 days.
There are 54 short-term rental opportunities that are available, and they have been on the market an average of 65 days. Their average price is $20,470 and the median price is $20,000.
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 Sylvan Farms Lane is listed at $2,899,000.
This new 15-room classic shingle-style colonial built by multi-HOBI award winner SIR Development has a sleek and stunning transitional flavor throughout, and is located in a prime Old Hill neighborhood at the end of new cul-de-sac off Sylvan Road North.
Sunlit throughout its 7,140-square feet of living area, the attention to detail and exceptional finishing work are evident on all three finished levels. Ten-foot ceiling height on the first and second floors add to the sleek and modern styling, as well as clean-lined millwork.
The living room has a fireplace with raised-edge marble surround, and a chic two-tone tray ceiling.
The dining room has another tray ceiling, and the butler’s pantry has a sink and wine fridge.
Any chef would delight in the gourmet kitchen with top of-the line appliances including a Wolf range, double ovens, two warming drawers, and two Bosch dishwashers.
The cerused oak island seats four comfortably, and is a perfect complement to the custom designer white cabinetry.
The breakfast nook has cathedral ceilings and French doors lead out to the blue-stone patio with fireplace and private, level .98-acre property.
The family room is open to the kitchen and has a fireplace, coffered ceilings, and French doors to the extensive patio.
A stunning ebony-finished office/library also has access to the patio through French doors.
Upstairs, the master bedroom suite occupies the entire right wing, and has a marble fireplace and tray ceiling.The elegant bath has a “Slik” freestanding tub, and a glass enclosed shower. There are also two walk-in closets along with a dressing area.
Four additional bedroom are on this level, and each are en suite.
The 1,900-square foot walk-out lower level has another en suite bedroom, media room, gym/exercise room with mirrored wall, and a play room besides one unfinished room which could be perfect for a future wine cellar/tasting room, and plenty of storage as well.
Extras and items to note—six bedrooms, five full and two one-half baths, four fireplaces, security system, 10-foot ceilings on three levels, finishable walk-up attic, three car garage, room for pool.
Listing/photo courtesy of Westport Residential.
Annual taxes have yet to be determined.
(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.
