By Judy Szablak
Sellers have as much to do with the market as buyers. If there is not enough inventory for active buyers to choose from, it has the possibility to negatively impact the market.
This home at 12 Fernwood Road is listed at $1,349,900. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport
In the peak home selling season, there are anywhere from 350 to 400 or more properties available for sale at any given point. Right now we have less than 60 percent of that amount of homes for sale throughout Westport.
Although the lack of available inventory is normal in January, this year is somewhat different. It is evident that the buyers are already out, and may not have the opportunity or luxury to wait. Another incentive? Lack of competition makes it easier to sell a home.
The year is just beginning, and the traditional home buying season is not yet upon us, but properties are selling well and the market looks promising.
While many home sellers choose to wait until spring time to sell their homes, timing is good at the moment. The current decreased supply vs. demand factor may very well help to jump start the market as long as there are enough homes for buyers to choose from.
The weekly market statistics: There are now 256 homes that are actively on the market. The average list price of the available homes is $2,217,931, and these properties have been listed for sale an average of 141 days.The median price is now $1,374,500.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.
Seventeen new listings came on the market in the last seven days, and one home came back on the market after being under deposit. One property had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and three 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 three pending properties was $1,198,000 and they were on the market an average of 225 days.
Closings: Eight homes were reported as sold in the last week, and they were listed at an average price of $970,375, and were on the market an average of 127 days before they sold. There were 47 status changes in the last seven days.
Condos: There are 15 condominiums available, and they have been listed an average of 169 days. Their average listing price is $674,520, and the median price is $549,000.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.
There were no homes that came on the market this, and no price changes for existing properties.
One property which was listed at $699,000 went into pending status, and one home was reported as closed. The property was listed at $899,900 and was on the market 16 days before it sold. There were two status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 61 homes or apartments available. The median price is $3,475 per month and the average price is $5,167 per month.
These year round rental opportunities have been on the market an average of 96 days. There are five seasonal rental opportunities available, and they have been on the market an average of 51 days, with an average price of $22,950. The median price is $17,500.
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 at 12 Fernwood Road is listed at $1,349,900.
This 4,458-square foot one level brick home on an in-town cul-de-sac is the largest ranch available for sale in all of Westport.
Sited on one lush and level acre, the grounds are simply gorgeous in full bloom, and the privacy and beauty that the property affords is second to none.
There are 12 rooms in this sprawling ranch which has quite a versatile floor plan. Originally built in 1977, this home has been remodeled and is up to date with amenities.
There are hardwood floors throughout, and the living room has crown molding and a fireplace, and the family room also has another fireplace.
There is plenty of room for entertaining and space for everyone with an additional skylit great room, which has crown molding as well as recessed panel wainscoting.
The dining room has more specialty millwork as well as a charming built in hutch.
The custom kitchen is remodeled to perfection with a European flair and outstanding functionality.
Premium grade Viking appliances, granite tops and a two-level granite topped service island with bar sink are all quite accommodating to even the most particular chef.
There are five bedrooms and four full baths in this home, consisting of the master bedroom suite, three additional bedrooms, and a deluxe legal accessory apartment.
It is complete with its own laundry area in a separate wing, which is perfect for an au pair, second master, or guest suite.
Extras and items to note: “Whole House” generator and security system; three separate laundry areas.
This is an exceptionally spacious one-level home in a convenient in-town location.
Annual taxes are $14,388. Listing/photo courtesy of William Raveis Westport.
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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 is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
