By Judy Szablak
Single family home sales in Westport are substantially ahead of the national real estate market averages on a year over year basis for the month of May.
This home at 59 Cavalry Road is listed at $2,225,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate/Westport
According to the National Association of Realtors latest report, which clearly denotes a unit sales increase of 12.9 percent over last May, Westport’s numbers come in significantly better—almost 69 percent. In May of last year, we saw 32 single family home sales, and May 2013 brought us 54 closings, as reported by our local MLS.
Just as prices are up nationally, prices are also up locally. The national sales price average has increased 15.4 percent, and locally, we’ve experienced an upsurge as well. The average sales price last month was just under $1.95 million, which would equate to an increase of more than $400,000 from the same time period in 2012, and that is excluding a significant property sale of $20 million.
But, does that mean that prices have truly gone up that much in town? In short, don’t be so sure on that.
What it tells us is that we have had more sales of the mid to upper tier properties in May 2013 as compared to last year at the same time, which, in essence, drove up the year over year comparison for last month.
So while we may not have seen an increase in actual value over last May that is upwards of 20 percent, as the numbers might initially suggest, bear in mind that sales of higher priced homes have a very positive trickle-down effect on pricing. And that bodes very well for our market.
Market Stats
There are now 289 homes that are actively on the market.The average list price of these available homes is $2,199,167, and these properties have been listed for average of 107 days, with a cumulative market time of 174 days. The median price is now $1,875,000.
The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.
Sixteen new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Thirty-four properties had a price change.
Ten properties have gone under the initial deposit stage, which we call CTS, and 14 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 14 pending properties is $1,642,771. There are currently 45 homes in CTS status throughout Westport, and another 88 properties scheduled to close town-wide, with an average price of $1,495,666.
Closings: There were eight single family homes reported as sold in the last week, were listed on average at $2,036,500, and sold with an average market time of 116 days. There were 98 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 64 days. Their average listing price is $616,385, and the median price is $517,000. The highest priced condo in town is listed at $1,350,000 and the lowest offering price is $289,000.
There was one one new listing this week, no homes came back on the market after being under deposit, and there were two price changes. One property has entered into the initial stage of deposit, and no properties entered the pending stage of deposit.
There are four properties town-wide that are currently in CTS status, and five homes are scheduled to close that are listed on average at $639,200.
No sales were reported during the last week. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 58 homes or apartments available. The median price is $4,050 per month and the average price is $4,531 per month. These year-round rental opportunities have been on the market an average of 36 days.
There are 49 short-term rental opportunities that are available, and they have been on the market an average of 47 days. Their average price is $14,383, and the median price is $13,000.
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 59 Cavalry Road is listed at $2,225,000.
This 11-room custom-built Nantucket style “Arts and Crafts” home in the Redcoat area has exceptional style and flair, and it is readily apparent from the moment you enter that only the finest of materials were used by the most highly skilled artisans.
The custom features of this 13-year-old home have all been designed with the utmost of taste throughout its 5,000 square feet of living area- from the interior balcony, to the delicately rounded stairwell, and the gently curved French doors.
The living room has a cathedral ceiling and a marble fireplace, and you’ll enter through a perfectly placed set of columns and look right through to the backyard from three sets of transom topped French doors, which lead to the patio and overlook a beautifully landscaped 1.55-acre lot.
The banquet sized dining room is elegant, wonderfully sunlit, and has custom crown molding.
The main level gathering room has a floor to ceiling brick fireplace along with custom floor-to-ceiling built in cabinetry and lightly coffered ceilings.
The gourmet maple wood kitchen is designed to perfection, has top of the line appliances, a soapstone topped center island and lightly coffered ceilings that perfectly match the gathering room.
An outstanding master suite is on the main level, and has 23-foot ceilings with two stories of windows. The sitting room has nine foot ceilings, and the master bath feels more like a spa with its sunken whirlpool, frame-less glass shower, and fine detailing.
Upstairs, the dual sided balcony overlooks the living room, and the effect is quite dramatic, whether you are on the second floor looking down, or downstairs looking up.
Three additional bedrooms on this level each have cathedral ceilings, and all are en suite.
There is a recreation room/play area on this level as well, and it serves the bedrooms perfectly, whether it be for relaxing or just play.
Simply stunning in every way, this home exudes a subtle and elegant style with a hint of European flavor, and is worthy of every accolade one could possibly give it.
Extras and items to note- central vacuum, generator, room for pool.
Annual taxes are $24,879.
Listing/photo courtesy of William Raveis 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.
