By Judy Szablak
Just a short time ago, it was a buyers market in Westport, and if you were looking for a home, you could pretty much call your own shots with a seller. This seemingly sudden shift has caught some buyers by surprise.
This home at 8 Wakeman Road is listed at $2,595,000. (CLICK TO ENLARGE) photo courtesy of William Raveis-Westport/ Jeanette Dryburgh and Associates
With the market heating up, be prepared for multiple offer situations. The market is better than it has been in recent memory.
First, if you have not been pre-qualified or pre-approved by a bank, do so now. If you were to find a great home tomorrow, a lack of preparation could cost you the opportunity to buy that home.
If you are purchasing a home and not obtaining a mortgage, be prepared to show proof of funds with your offer.
Second, be ready to act quickly. Lower than normal inventory coupled with ready, willing and able buyers means that there is more competition to purchase the home you are interested in.
Buyers who act fast are more likely to avoid a bidding war. Remember that even if the home you are interested in has been on the market for a while, other buyers are looking at it for the first time, too.
Length of market time should not dictate how quickly you act upon moving forward with a particular home.
Third, make that offer as good as you reasonably can, especially if you know there are multiple bids. That means removing contingencies if possible, being prepared for a quick close, and yes, offering substantially above asking price if necessary.
Market Stats
There are now 249 homes that are actively on the market. The average list price of these available homes is $2,373,809, and these properties have been listed for average of 106 days, with a cumulative market time of 189 days. The median price continues to be $1,899,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Inventory is finally rising a bit. Thirty- three new listings came on the market in the last seven days, and five homes came back on the market after being under deposit. Sixteen properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and 13 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 13 pending properties is $1,235,823. There are currently 39 homes in CTS status throughout Westport, and another 71 properties scheduled to close town-wide, with an average price of $1,818,898.
Closings:
Condos: There are 10 condominiums that are available, and they have been listed an average of 144 days. Their average listing price is $634,350, and the median price is $717,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $299,000.
There was one new listing reported. No homes came back on the market after being under deposit. One property had a price change, and one property entered the CTS stage of deposit. One home went into pending status, and was listed at $489,000.
There are three properties townwide that are currently in CTS status, and four homes are scheduled to close that are listed on average at $480,125.
Closings: There was one condo reported as sold this past week, and it was listed at $925,000. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 28 homes or apartments available. The median price is $3,550 per month and the average price is $4,840 per month. These year-round rental opportunities have been on the market an average of 62 days.
There are 28 short-term rental opportunities that are available, and they have been on the market an average of 23 days. Their average price is $20,146, and the median price is $19,000.
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 8 Wakeman Road is listed at $2,595,000.
Beautifully sited on a prime 1.07 acre lot on a Greens Farms cul-de-sac, this 6,300-square foot stone and shingle colonial exudes charm and offers exquisite styling throughout.
Custom-built with superb attention to detail, including optimizing an abundance of natural light throughout its 12 rooms, this five-bedroom home has achieved a peaceful and cheerful ambiance.
The living room has an over-sized fireplace highlighted by a custom mantel with decorative frieze, and a marble surround,
The cheerfully designed dining room has picture frame wainscoting, crown molding and much natural light. The butler’s pantry has ample cabinetry, granite tops, and an additional sink.
A custom-designed gourmet kitchen has earth tone granite counters and top of the line stainless steel appliances. The service island has a nicely contrasting dark granite top, and seats three comfortably.
The sunlit breakfast nook has a transom topped bay area with French doors to the patio, and overlooks a private yard.
The family room is open to the breakfast nook area, and has a stone fireplace flanked on either side by transom topped French doors to the blue-stone patio.
The main level library has a coffered ceiling, plenty of thoughtful built-ins, and leads to a well-designed screened porch.
Upstairs the master bedroom suite has a fireplace, three walk-in closets, and a luxurious bath with jetted tub and glass-enclosed shower. A separate sitting room or office is perfect for a bit of personal time if needed.
Four additional bedrooms on this floor are all en suite.
A finished third level offers a large playroom, which could easily be a teen suite or au-pair quarters.
Extras and items to note—central vacuum, sound system, security system, outdoor kitchen, exceptional masonry and stone detailing.
Listing/photo courtesy of William Raveis-Westport/ Jeanette Dryburgh and Associates.
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(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.
