By Judy Szablak
The Westport real estate market is showing more signs of improvement, especially in the $2 million-plus range.
This home at 41 Park Lane is listed for $1,895,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/Westport Realty Group
This segment of the market was fairly active last year as well, however prices were flat as compared to 2010.
Encouraging news is that the average sale price town-wide year to date of $1,444,338 is the highest it has been since 2008, when 28 homes sold for more than $2 million.
This year, 27 homes have sold in the same range, but the average sale price has increased town-wide by almost $50,000 from last year, and more than $105,000 from this same time period four years ago.
Currently there are 125 homes available in town listed at more than $2 million, and 22 in some stage of deposit.
The percentages are edging towards the indication of a more neutral market that favors neither buyers nor sellers, as these year-to-date figures show that this segment of the market is regaining health.
Market Stats
There are now 371 homes that are actively on the market, and their average list price is $2,047,190. These properties that are currently available have been listed for average of 99 days, and the median price is now $1,277,500.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $375,000.
Eighteen new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Twenty-three properties had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS, and 14 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these 14 pending properties was $1,423,643.
Closings: Ten homes were reported as sold in the last week, and their average list price was $1,470,300. Average market time for these sold properties was 85 days. There were 98 status changes in the last seven days
Condos: There are 18 condominiums that are available, and they have been listed an average of 169 days. Their average listing price is $622,027, and the median price is $536,750.
The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $312,000.
There was one new listing this past week, and no properties came back on the market after being under deposit. Two properties had a price change.
Two properties went into the CTS stage, and no properties entered into the pending stage of deposit.
Two condominiums were reported as sold in the last seven days, and were listed on average at $913,500. There were eight status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 95 homes or apartments available. The median price is $3,950 per month and the average price is $5,698 per month.
These year-round rental opportunities have been on the market an average of 52 days.
There are 60 short-term rental opportunities that are available, and they have been on the market an average of 49 days Their average price is $13,792, and the median price is $10,125.
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 41 Park Lane is listed for $1,895,000.
This 13-room home looks and feels like brand new. Originally built in 2005, it has been meticulously maintained and wonderfully upgraded with every attention to detail, inside and out.
This pristine 5,832-square foot colonial sits on .59 acres of beautifully landscaped property with lush lawn and has a stone pillared entry.
Specialty moldings throughout the first floor begin in the foyer and include picture frame molding wainscoting topped with chair rails.
The expert craftsman designed detailing carries through to the living room, which is open to the foyer, and has a gas fireplace with a decorative mantel, tall windows for sunlight, and a built in wet bar.
French doors lead to the formal dining room with tray ceiling, and more picture frame molding and chair rails add to the rooms ambiance.
The gourmet kitchen boasts top of the line stainless steel appliances and a custom two-tiered cherry breakfast bar that seats three comfortably.
There is a generously sized breakfast nook area, and sliders access an over-sized deck .
Just beyond the breakfast nook is the columned entry to the step down family room with coffered ceilings, a floor to ceiling fieldstone fireplace with raised hearth.
There is also shelving and built-in cabinetry on either side of the fireplace, and mid-wall height wainscoting with picture frame molding.
The home office is located to the right of the foyer and has raised panel wainscoting, and a built in desk and cabinetry.
Upstairs, there are five bedrooms. All are en-suite, and two of the bedrooms share a “Jack and Jill” bath.
An impressively designed master suite has a tray ceiling, picture frame molding, two walk in closets and a deluxe master bath outfitted in marble with a whirlpool and glass enclosed shower.
A playroom occupies the finished third floor.
The walk-out lower level includes a gym, media room with surround sound, a recreation room with fireplace and wet bar, another bath, which adds 1,250 square feet of living area.
Extras and items to note: extensive upgrades, security system, and natural gas-powered generator.
Annual taxes are $16,806
Listing/Photo courtesy of William Pitt Sotheby’s/Westport Realty Group
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(Editor’s Note: Judy Szablak of RE/MAX- 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.)
