By Judy Szablak
We are starting to see a decline in Westport’s housing inventory that has been trending for the last 30 days or so. In fact, the number of single family homes that are available has declined 10 percent in the last month alone.
Featured Home: This home at 226 Bayberry Lane is listed at $1,799,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group/ Bross Chingas Bross
The dwindling inventory is certainly not bad news for sellers. It has more of an effect on buyers who are wishing to purchase a home and close by the end of the year.
That means if and when a seller gets an offer, they should respond reasonably quickly, and maybe even more so than other times throughout the year.
This is simply because timing is everything during the fall months.
Traditionally, both September and October usually enjoy an uptick in sales activity. We do not expect this year to deviate from that ongoing annual trend.
Reasonably speaking, it takes 45-60 days to close on a home. This means a cut-off time to secure a home purchase would be at the end of October in order to ensure a 2014 closing, if that is the goal.
A successful transaction that for one reason or another needs to close by year’s end rests purely with seller’s price expectations, and the buyers need to purchase.
Even though the inventory is lower than it has been, it would behoove most sellers to remember that another homeowner is anxiously waiting on the sidelines for the buyer they reject.
Market Stats
The inventory is dwinding, evidenced by just 300 homes that are are actively on the market. These currently available properties have been listed for an average of 132 days, with a cumulative market time of 197 days.
The average list price is now $2,306,993 and the median price is holding steady at $1,795,000.
A seven-bedroom home at 2 Manitou Court is the highest priced home for sale at $12,985,000, and the lowest available priced home is a two-bedroom home on 29 North Ave. for $399,900.
Ten 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the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Fifteen properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and another six 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 six pending properties is $1,251,833. There are currently 28 homes in CTS status throughout Westport, and another 50 properties scheduled to close town-wide, with an average price of $1,630,656.
Closings: There were five single family homes reported as sold in the last week. They were listed on average at $855,326 and sold with an average market time of 143 days. There were 66 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 91 days. Their average listing price is $795,047 and the median price is $799,000.
The highest priced condo in town is $1,249,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Riverside Avenue for $525,000.
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 no property 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 three homes are scheduled to close, with an average list price of $580,000.
No sales were reported during the last week.There were six status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 67 homes or apartments available. The median price is $4,200 per month and the average price is $4,882 per month.
These year round rental opportunities have been on the market an average of 47 days.
There are 22 short-term rental opportunities that are available, and they have been on the market an average of 62 days. Their average price is $9,698 and the median price is $7,600.
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 226 Bayberry Lane is listed at $1,799,000.
This architecturally designed and striking 12-room colonial is privately situated beyond its stone pillared entrance and circular drive.
Originally built in 1997, this 7,250-square foot home in the Coleytown area has a commanding presence.
As you approach the double columned portico entrance, and enter through to the grand two-story foyer, you are greeted with an elegant atmosphere with outstanding character right from the start.
A quite spacious and impressive foyer has custom mill work, recessed panel wainscoting, and old world charm with reclaimed hardwood flooring.
The adjoining rooms have 10-foot ceilings, and transom topped French door entryways to allow maximum sunlight through this well designed home with versatile layout.
The formal living room is to your right of the foyer, and has a transom topped French door entryway, a fireplace with custom oak paneling and built in shelving, as well as an oversized bay window for added elegance, light and space.
Enter the dining room from the foyer through another set of transom topped French doors, and more custom millwork awaits, including recessed panel wainscoting, crown molding, and another bay window area.
A custom chef’s kitchen with two Sub-Zero refrigerators has granite counters, a center island work area, and a breakfast nook with another bay area that has French doors to the patio and overlooks a private and sweeping rear 1.10-acre lawn.
The great room features a floor-to-ceiling stone fireplace, and two sets of French doors on either side that lead to an 840-square foot bluestone patio.
A main level cherry library with its own entrance has custom built in cabinetry and shelving, and recessed paneled Cherry wainscoting, as well as a private half bath.
Upstairs, the second floor landing is large enough to be considered as another room, and quite impressive with its gently rounded balcony overlooking the foyer.
All five en suite bedrooms are on the second floor, and the elegant and spacious master suite has built-in window seating, and a stunning marble bath with dual vanities, and two large walk-in closets.
The third floor has a large playroom with beamed cathedral ceiling, custom wainscoting, and built in shelving, as well as an exercise room. These areas could easily be converted into a teen suite or au pair quarters with minimal reconfiguration.
This colonial is both elegant and charming and offers spacious, sunlit rooms and a versatile floor plan.
Extras and items to note—five full and two one-half baths, hydro-air heating and cooling system, 10-foot ceilings on the main level, audio system, central vacuum system, security system, and three-car garage.
Annual taxes are $22,360.
Listing/photo courtesy of The Riverside Realty Group/ Bross Chingas Bross.
(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.
