By Judy Szablak
Optimism is spreading nationally on the real estate front, as new housing starts exceeded the one million mark in March—the highest since January 2006.
This custom colonial at 41 Pequot Trail is listed at $2,995,000. (CLICK TO ENLARGE) Photo courtesy of Nicholas Fingelly Real Estate/Westport
The National Association of Home Builders (NAHB) had expected a strong improvement, and upwardly revised figures show a 25 percent improvement over 2012.
There is a healthy choice of new construction in Westport, as almost 15 percent of all of the inventory is proposed, in some stage of construction, or completed.
As of today, there are 17 proposed new homes for sale with an average price of $2,711,471. Eighteen properties are listed as “under construction,” with an average price of $3,149,267. Another five homes are completed and ready for occupancy.
Market Stats
There are now 268 homes that are actively on the market. The average list price of these available homes is $2,199,388, and these properties have been listed for average of 103 days, with a cumulative market time of 182 days. The median price is now $1,799,000.
The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.
Inventory continues to improve. Twenty-nine new listings came on the market in the last seven days, and four homes came back on the market after being under deposit. Nineteen properties had a price change.
Eight 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 $1,326,492. There are currently 37 homes in CTS status hroughout Westport, and another 71 properties scheduled to close town-wide, with an average price of *$1,504,657.
(Note that one pending property was significantly above the median price, and has been excluded from these averages.)
Closings: There were nine properties reported as sold in the last week, and were listed on average at $1,847,878, and sold with a market time of 112 days. There were 87 status changes in the last seven days.
Condos: There are 10 condominiums that are available, and they have been listed an average of 151 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 no new listings, deposits or closings reported in the last week.
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.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 36 homes or apartments available. The median price is $4,450 per month and the average price is $4,971 per month. These year-round rental opportunities have been on the market an average of 53 days.
There are 34 short-term rental opportunities that are available, and they have been on the market an average of 24 days. Their average price is $18,621, and the median price is $14,000.
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 custom colonial at 41 Pequot Trail is listed at $2,995,000.
Architectural details, custom mill work, and outstanding workmanship abound in this custom seven bedroom colonial built in 2001 by Bear Paw Builders.
This classically proportioned 14-room home sits on one acre in the prestigious Old Hill area, and has almost 8,300 square feet of living space.
Fine detailing and custom moldings are throughout this home, and there are 10-foot ceilings on first floor, and 9-foot ceilings on second and third floors.
A stunning open foyer has picture frame molding topped with chair rails, and five sets of French doors open to a pergola-covered stone terrace.
The generously sized living room has fireplace and crown molding, and the dining room is a picture of elegance and has a wet bar and butler’s pantry.
The custom Provincially designed kitchen is perfect for the culinary enthusiast, and features top of the line appliances. A contrasting cherry wood breakfast bar seats five comfortably. and there is spacious and sunlit breakfast area.
The family room has cathedral ceilings, and a fireplace with a custom mantel that is framed beautifully by built ins on either side. Two sets of French doors lead out to the veranda.
A handsome and exquisitely designed cherry paneled library has an attractive fireplace, and an over-sized bay window.
Upstairs, the romantic master bedroom suite has layered crown molding, gentle cove lighting, and a fireplace with marble surround. A luxurious bath has a glass enclosed shower and jetted tub.
Four other bedrooms are on the second floor, and three are en suite. All share a sitting area and media room for enjoyment.
The third floor has another bedroom and large recreation room, with full bath, which could be easily converted to an au pair or maid quarters.
Extras and items to note- main level guest suite, two master bedrooms, room for pool, central vacuum, security system, irrigation system.
Annual taxes are $35,639.
Listing/photo courtesy of Nicholas Fingelly Real Estate/Westport.
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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.
