By Judy Szablak
Special to WestportNow
Whether buying or selling a home in Westport, pay close attention to the market time of a property.
Featured Home: This home at 8 Pioneer Road is listed at $1,950,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/Westport.
As a seller, a lengthy market time can truly hurt your bottom line. As a buyer, having this knowledge can often help you get a better price on a particular home.
Reviewing the town’s averages, the days on market have been right around four months. However, the average cumulative market time is seven months.
Bear in mind that these homes are still “active” on the market, and have not yet taken a deposit.
If you are selling a home, you should be adding another 60 days to the average market time so that you can plan your move accordingly.
Further complicating the calculation is that some homes have been on and off the market for a few years, and maybe pulled from the market only to try again in a few months.
Cumulative market time would not automatically compute through the Multiple Listing Service. However the more active agents will know that a property has been on for a while, and can provide a true estimate of market time.
Of course, there are many other important variables to consider as you review market time. Initial pricing, subsequent reductions, deposits that fell through on the home, and/or inefficient marketing are all contributing factors
Eighteen percent of our current inventory has a market time of over a year, and just one-third of those properties are new construction.
Market Stats
There are now 341 homes on the market listed for an average of 134 days, with a cumulative market time of 228 days. The average list price is $2,198,745 and the median price is $1,726,998.
A home on Beachside Avenue is the highest priced property for sale at 32 million, and the lowest available priced single family is a five-bedroom cape on Ferry Lane East for $349,000.
Thirteen 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market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-three properties had a price change.
Six 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 those 11 pending properties was $1,721,991. There are currently 19 homes in CTS status throughout Westport, and another 37 properties scheduled to close town-wide, with an average price of $2,072,780.
Closings: There were 15 single family homes reported as sold in the last week, and they were listed on average at $1,774,460 with an average market time of 124 days. There were 76 status changes in the last seven days.
Condos: There are 12 condominiums available, and they have been listed an average of 74 days. Their average listing price is $582,325 and the median price is $525,000.
The highest priced condo in town is listed at $899,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom townhome on Hills Lane for $329,000.
There were no new listings this week, and no homes came back on the market. There were two price changes, and no properties went under the initial stage of deposit. No homes entered pending status.
There are three properties town-wide that are currently in CTS status, and there are no properties scheduled to close.
One sale was reported during the last week, ad was listed at $659,900. There were four status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 72 homes or apartments available. The median price is $4,775 per month and the average price is $6,022 per month.
These year-round rental opportunities have been on the market an average of 76 days.
There are 27 short-term rental opportunities that are available, and they have been on the market an average of 75 days. Their average price is $9,135 and the median price is $5,000.
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 Pioneer Road is listed at $1,950,000.
This five-bedroom direct waterfront colonial in the Old Hill area offers the utmost in serene living at the end of a secluded cul-de-sac.
Extensively remodeled just 10 years ago, this 5,246-square foot home has spectacular views of 11-acre Nash’s Pond from most rooms, along with a private dock, and deeded water rights.
Both the living and dining rooms have crown molding and custom tray ceilings.
The chef’s kitchen has high-end stainless steel appliances, granite counter-tops, and a matching center island with wine fridge.
The breakfast nook has a truly warm and friendly feel with a brick fireplace, and sliders lead out to the 720-square foot multi-tiered Brazilian Ipe wood deck to enjoy the peaceful 1.10-acre scenery.
The family room features a floor-to-ceiling stone fireplace with raised hearth, and has exceptional views of Nash’s Pond.
Upstairs, a generously sized master bedroom suite has cathedral ceilings, and the marble bath has a large soaking tub and glass enclosed shower.
Three additional bedrooms are also on this level and two are en suite.
The third floor is perfect for an office, exercise or rec room, and the finished lower level includes a fabulous recreation/play area.
Schools—Kings Highway, Coleytown, Staples.
Extras and items to note – five bedrooms, four full and one-half baths, two fireplaces, hydro-air heating system, main level en suite bedroom, security system, 39-foot covered porch overlooking Nash’s Pond, water frontage, private dock, deeded water rights
Annual taxes are $21,426.
Listing/photo courtesy of The Higgins Group/Westport.
(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.
