Tuesday, March 05, 2024

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Real Estate Report: Median Price vs. Average Price Explained

By Judy Szablak

Special to WestportNow

The median price of homes sold in Westport has remained fairly constant at about $1.7 million over the last few years, while the average price has consistently been over $2.1 million.

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Featured Home: This home at 40 Sturges Commons is listed at $1,699,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property — Westport

The disparity comes with average pricing that includes market anomalies, such as entry level homes that are on the lower side of the spectrum, as well as the increasing amount of upper end luxury properties, which effectively tilts the townwide averages on the higher side.

The median price is considered a “central tendency,” and identifies the middle of any given range, where there are equal amounts of higher and lower priced properties.

While median and average can be very close to one another, the higher “average” price that is so common in Westport is in fact influenced by a growing number of luxury properties.

One can reasonably expect a five-bedroom home with just under 5,000-square feet of living area for the median price in town, while the average price would see the majority of five- to six-bedroom homes with approximately 6,200-square feet of living area.

Market Stats

There are now 376 homes that are actively on the market, which have been listed for an average of 107 days, with a cumulative market time of 200 days.

The average list price is $2,162,286 and the median price edged up slightly to $1,699,950.

A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single-family is a one-bedroom home on Northgate for $429,900.

Fifteen new homes came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-one properties had a price change.

Nine properties have gone under the initial deposit stage, which we call CTS, and another 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 those 13 pending properties was $1,344,377. There are currently 30 homes in CTS status throughout Westport, and another 81 properties scheduled to close townwide, with an average price of $1,634,994.

Closings: There were 14 single-family homes reported as sold in the last week, and they were listed on average at $2,454,500 with an average market time of 176 days. There were 82 status changes in the last seven days.

Condos: There are 14 condominiums available, and they have been listed an average of 54 days, with a cumulative market time of 115 days. Their average listing price is $721,747 and the median price is $767,000.

The highest priced condo in town is listed at $1,275,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $215,564.

There were three new listings this week, and no homes came back on the market. There was one price change, and no properties went under the initial stage of deposit, or pending status.

There are three properties townwide that are currently in CTS status, and there are two properties scheduled to close, with an average list price of $779,000.

No sales were reported during the last week. There were five status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 90 homes or apartments available. The median price is $4,700 per month and the average price is $5,707 per month.

These year-round rental opportunities have been on the market an average of 49 days.

There are 68 short-term rental opportunities that are available, and they have been on the market an average of 91 days. Their average price is $15,721 and the median price is $14,500.

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 40 Sturges Commons is listed at $1,699,000.

This customized 10-room Hunt Club colonial incorporates a hint of contemporary flavor along with classic and elegant styling.

Over 6,560-square feet of living area on three floors offers superb versatility and an exceptionally bright and open floor plan.

The grounds are just as magnificent, and the professionally landscaped 1.02-acre lot is both private and beautiful.

The living room has a fireplace with a custom-fluted mantel and marble surround.

An elegant dining room has crown molding, and a partially rounded wall with built-ins.

The kitchen has rounded corner cabinetry, stainless steel appliances, and features a semi circular breakfast bar that seats five comfortably.

The expansive great room is open to the kitchen and has cathedral ceilings. The two-sided floor-to-ceiling stone fireplace adds warmth and character.

An exceptional main level master suite has cathedral ceilings, and quite an impressive dressing room. The luxurious marble bath includes dual vanities, whirlpool tub and separate shower, and a glass block wall to let the sun shine through while affording maximum privacy.

Three additional bedrooms are on the second level, and one is en suite.

A second floor bonus room could easily be a game room, or additional bedroom if desired.

The walk-out finished lower level has significant light and is suitable for an in-law or au pair quarters. The finished area includes another en suite bedroom, a kitchenette area, a large media room with built in shelving, as well as an exercise room.

Schools — Long Lots Elementary, Bedford Middle, Staples High

Extras and items to note — five bedrooms, four and one-half baths, three fireplaces, audio system, central vacuum system, security system, 1,066-square foot wrap-around deck with built-in Viking grill, heated in-ground Gunite pool with waterfall, 1,568 square foot stone patio, natural gas in street

Annual taxes are $21,228.

Listing/photo courtesy of Halstead Property — Westport.


Judy Szablak
(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.

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