By Judy Szablak
Buying a home in Westport hasn’t been this competitive for quite a while. It seems that just a short time ago, sellers were aggressively vying for the few buyers in the marketplace, but that is not necessarily the case any more— especially in a few choice “price pockets” in town.
This home at 30 Burr Farms Road is listed at $3,395,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside/ Westport New Homes.
Currently, the most competitive price ranges in town are between $1-1.1 million, $1.5-1.6 million, $2-2.25 million, and$ 3-3.5 million.
The number of available homes in these ranges as compared to deposit and sale ratios dictates that buyers interested in relocating to, or moving within Westport should be financially and emotionally prepared before embarking upon their home search if their parameters dictate those particular price points.
Being prepared to place a viable offer on any home, and especially homes in these price ranges will make all the difference as to whether your offer gets accepted, countered or rejected—and that means being pre-approved through a bank, or being able to produce proof of funds for an all cash purchase at a moment’s notice.
Homeowners who may have been on the fence regarding selling their home should fare quite well right now in these price ranges if they choose to enter the market at this time, considering the lack of competition.
Market Stats
There are now 325 homes that are actively on the market. These currently available properties have been listed for average of 105 days, with a cumulative market time of 165 days. The average list price is now $2,444,926 and the median price remains fairly steady at $1,899,900.
A new five-bedroom colonial at 8 Bluewater Lane is the highest priced home for sale at $14.5 million, and the lowest available priced home is a two-bedroom home on Conte Place for $375,000.
Twenty-one new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Thirteen properties had a price change.
Thirteen properties have gone under the initial deposit stage, which we call CTS, and another 11 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 11 pending properties is $1,589,500. There are currently 31 homes in CTS status throughout Westport, and another 65 properties scheduled to close town-wide, with an average price of $1,644,038.
Closings: There were 15 single family homes reported as sold in the last week, and were listed on average at $1,988,100, and sold with an average market time of 104 days. There were 93 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 69 days. Their average listing price is $699,357 and the median price is $737,000.
The highest priced condo in town is $1,265,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $304,000.
There were two new listings this week, and no homes came back on the market after being under deposit. There was one price change, and one property entered into the initial stage of deposit, which was listed at $530,000.
There is one property town-wide that is currently in CTS status, and three homes that are scheduled to close, which are listed on average at $868,000.
Three sales were reported during the last week, and were listed on average at $622,333. There were eight status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 30 homes or apartments available. The median price is $5,625 per month and the average price is $6,518 per month. These year round rental opportunities have been on the market an average of 37 days.
There are 35 short-term rental opportunities that are available, and they have been on the market an average of 47 days. Their average price is $17,437, and the median price is $15,000.
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 30 Burr Farms Road is listed at $3,395,000.
Located on a cul-de-sac in the desirable Hunt Club area, this magnificent 17-room home was built by Martin Schmiedeck in 2005.
Its timeless elegance is characterized by outstanding finishes, exceptional millwork and impeccable craftsmanship.
A gracious foyer features a Brazilian cherry herringbone floor and gently rounded staircase.
An elegant living room has coffered ceilings, a fireplace with custom mantel, and a bay window for additional natural light. French doors lead to a covered blue-stone patio,
The dining room has raised panel wainscoting, built in glass front cabinetry and a butlers pantry.
The custom designed kitchen by Clive Christian has top of the line appliances, three inch statuary marble countertops, and a walk-in pantry. The center island has inset butcher block and seats four comfortably.
An octagonally shaped breakfast nook has three sets of transom topped French doors to the 800 square foot Mahogany deck and overlooks the beautifully manicured 1.57 acre property.
Step down through a columned entry to the family room, which has a floor to ceiling stone fireplace with raised hearth, and yet another set of French doors leading outside to the mahogany deck.
Also on the main level is an au pair suite, and a richly paneled library with outstanding Brazilian cherry millwork and another fireplace.
Upstairs there are four bedrooms including the master suite, which has a tray ceiling, and a double columned entry to the parish conservatory with fireplace and balcony. A luxurious bath is detailed in granite and mahogany, and there are two impressively sized walk-in closets.
A bonus room has vaulted ceilings, and can easily be a fifth bedroom on this floor.
The walk-out lower level adds more than 2,000 square feet of living area and includes an in-law suite with living room, bedroom and bath, a billiard room with tray ceiling, gym, and media room with fireplace.,
Extras and items to note — Hydro-air heating, five fireplaces, three-car garage, security System, audio system, gunite pool with integrated spa and solar cover.
Annual taxes are $34,779.
Listing/photo courtesy of Coldwell Banker Westport-Riverside/ Westport New Homes.
(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.
