By Judy Szablak
Special to WestportNow
The Westport real estate market is experiencing what we call a bit of an “off year.”
Featured Home: This home at 9 Wake Robin Road is listed at $1,250,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport
And what is very clear about the real estate market in Westport, or any other town for that matter, is if your home is not being shown as often as it should, or not receiving any offers, it’s priced too high for what the market will bear.
Your agent should be able to give you an idea as to how many showings to expect on a weekly or monthly basis, based upon their knowledge of the market.
In some instances, one may want to “test” the market, but the danger is testing the market for too long, which ends up costing money and time for the seller. Potential buyers for a specific property will not even look at the home if they deem it overpriced.
Price range, neighborhood, style, condition and size all play important roles in pricing your home effectively, or adjusting it accordingly.
For example, homes in certain price ranges typically sell faster than others, however 40% of them have had at least one price change. Year to date, 50 homes sold under $1 million, with an average market time of 92 days, and these properties sold at 95% of asking price.
The top selling neighborhoods of Compo Beach and Greens Farms accounted for 29 sales, with an average of 119 days on market and these homes closed at 94% of asking price. Twenty-two of these properties had no price reduction before they sold.
Fourteen contemporary homes closed year to date with an average of 149 days on the market, and closed at 96% of their asking price. More than half had at least one price adjustment.
It’s interesting to note that from these three segments of the market, 40% of the prices were adjusted from their original listing price.
In the last 30 days, just over 40% of our entire inventory has taken a reduction, and that equates to 152 homes.
It’s time to dismiss the thought that a reduction in price points to desperation; it indicates an acknowledgment of the current market.
Market Stats
There are now 371 homes that are actively on the market, which is on par with the inventory we had last year at this time.
These properties have been listed for an average of 115 days, with a cumulative market time of 215 days. The average list price is down approximately $33,000 from a year ago to $2,033,771 and the median price is at $1,450,000, which is also just under $200,000 from this same time last year.
Twenty-nine new listings came on the market in the last seven days, which represents an increase of nine properties over on last year. Two properties came back on the market after being under deposit, or temporarily withdrawn. There were 32 properties in the past week that had a price change, which is also equal to last year at this time.
A Tudor-style home on 114 Beachside Ave. is the highest priced property has been recently relisted for sale at $22.5 million and is an 8,482-square foot waterfront property comprised of three lots on 7.67 acres with 365-feet of waterfront.
The lowest available priced single family is a 1,104-square foot ranch on .10 acres at 19 Crescent Park Road. The home was built in 1983, has three bedrooms, two full baths, and is listed at $369,000.
There are currently 57 homes under some stage of deposit in town, and include 24 homes under the initial stage of deposit, and another 33 scheduled to close. The number of overall homes that are under deposit is 59% of what it was at this time last year.
A five-bedroom colonial at 35 Greenlea Lane went under pending status with a cumulative market time of 695 days and seven price adjustments. The 5,099-square foot home on 2 acres was originally listed at $1,595,000 and last listed at $1,149,000.
Closings: There were 11 sales that were reported during the last week, and that was down by three units from last year, however the average list price of those sales was up over $185,000. Average market time increased by nine days.
No homes sold at full price this past week, however 144 Roseville Road closed at $1,555,000 after just 21 days on the market at 97.25% of asking price. This four-bedroom colonial has 5,752-square feet of living area, four bedrooms, four fireplaces, and was built in 2007.
Condos: There are 17 condominiums that are currently available, which is up by two units from this time last year. These condos have been listed an average of 79 days, with a cumulative market time of 115 days. The average price is $582,182 and the median price is $599,000. The median price is up by $62,000 from last year at this time.
There were no new listings entered in the last seven days, and no properties came back on the market. Four homes had a price change, and two homes entered the initial deposit stage. One home entered pending status.
The highest priced condo in town is listed at $1,049,000, and is a three-bedroom, two and one half bath townhome with 3,260-square feet of living area located at 30 Terra Nova Circle and the lowest priced unit for sale is a one-bedroom unit with 750 square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $178,300.
There are two properties currently under the initial stage of deposit townwide, and another five that are scheduled to close, with an average list price of $595,600.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 62 homes or apartments available.
The two highest price rentals area at 66 Compo Mill Cove, which is a beachfront home consisting of 4,000 square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach, and at 86 Woody Lane, a 8,611-square foot home at with six bedrooms, five full and three half baths, and four fireplaces.
Both are listed at $25,000 per month annually, or $40,000 monthly as a summer rental.
The lowest priced rental is listed as a 750-square foot three-room apartment at $1,775 monthly and is located at 490 Riverside Ave.
The median price for townwide annual rentals is currently $4,700, and is about $1,300 less than it was at this time last year, and the average price is $6,240 per month, which is down about $750 per month as compared to last year at this time. These year round rental opportunities have been on the market an average of 52 days.
There are 49 short-term rental opportunities that are available, and 9 Cockenoe Drive is the highest priced home and is listed at $45,000. This 1,800-square foot ranch home with three bedrooms has a private beach and panoramic views of the Westport and Norwalk islands.
Seasonal rental opportunities are down by 27% from last year at this time.
Seasonal rentals currently have an average price is $16,755 and a median price of $12,500, with an average market time of 53 days. 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 — Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 9 Wake Robin Road is listed at $1,250,000.
This wonderfully inviting 10-room vintage farmhouse on a cul-de-sac in Greens Farms is full of personality, and oozes with warmth.
Modernized to perfection, this 3,074-square foot home was expanded and renovated, incorporating today’s expected amenities and the best of its c. 1900 vintage roots.
You can just feel the charm the moment you embark upon the professionally landscaped 1.01-acre property through the circular driveway and see the 25-foot covered front porch.
The sunlit living room has crown molding, a fireplace with custom mantel, and French doors to the sunroom overlooking the property.
The dining room has quite a romantic flavor with a stone fireplace perfectly placed diagonally in the corner.
The redesigned kitchen has stainless steel appliances, granite counters, and a subway-tile backsplash, and is open to the family room, which has a cathedral ceiling and is filled with natural sunlight.
A large tiled sunroom with fireplace has exposed beam ceilings with French doors out to the patio, and the main level office features a built-in desk and cabinetry.
Upstairs, there are four bedrooms including the master bedroom suite, which has a vaulted ceiling, a master bath with free-standing soaking tub, and a large walk-in closet.
One of the three other bedrooms on this level is en suite, and the other two are serviced by the beautifully remodeled hall bath.
Additionally, a dormered mini-barn with two levels is perfect for a playhouse or extra storage.
Schools — Greens Farms Elementary, Bedford Middle, Staples High
Extras and items to note — four bedrooms, three full and one half baths, three fireplaces, two car attached garage and two-level detached barn, public water, hot tub, generator, 416-square foot patio, 240-square foot deck
Annual taxes are $13,051.
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.
