By Judy Szablak
Special to WestportNow
Mid-July always brings about a turning point in any housing market, and Westport is no exception.
Featured Home: This home at 40 Hillspoint Road is listed at $1,498,900. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group Bedford Square
Expect a shift in dynamics for the next 45-60 days in the real estate market that favors the buyer, and it has to do with the beginning of the academic year, as well as vacations to a lesser extent.
Although it may seem to be too soon to think about the beginning of school on Aug. 28, it’s certainly in the forefront of buyers minds with children, who realize that it generally takes about 45-60 days from offer to closing. That 45-day mark is already here.
These buyers who are concerned about the start of the school year should have their offers to purchase already in place or at the very latest within the next week or two.
This also translates to a lesser buyer pool until after Labor Day, when the fall buying season is upon us, and the rush to close before year’s end ignites another sales spurt.
That shift changes the direction of the market where sellers may not be able to reasonably demand the premium they could have just a month ago.
Market Stats
There are now 357 homes that are actively on the market, which have been listed for an average of 122 days, with a cumulative market time of 203 days. The average list price is now $2,130,124 and the median price is now at $1,649,000.
A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single-family is a four-bedroom home on Saugatuck Avenue for $299,000.
Fourteen new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-seven properties had a price change.
No properties have gone under the initial deposit stage, which we call CTS or Show, 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 those 14 pending properties was $1,713,050. There are currently 27 homes in CTS/Show status throughout Westport, and another 67 properties scheduled to close townwide, with an average price of $1,630,906.
Closings: There were 10 single-family homes reported as sold in the last week, and they were listed on average at $1,543,050 with an average market time of 72 days. There were 94 status changes in the last seven days.
Condos: There are 18 condominiums that are available, and they have been listed an average of 86 days, with an average cumulative market time of 117 days. Their average listing price is $594,268 and the median price is $507,000.
The highest priced condo in town is listed at $1,150,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Bridge Street for $234,933.
There were no new listings in the last seven days, and no properties came back on the market. No properties had a price change, and no homes took an initial deposit. One home entered into pending status, and was listed at $819,000.
There are no properties townwide that are currently in CTS/Show status, and three properties are currently scheduled to close which are listed on average at $722,333.
No sales were reported during the last week. There was one status change.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 81 homes or apartments available. The median price is $5,500 per month and the average price is $7,063 per month. These year round rental opportunities have been on the market an average of 59 days.
There are 66 short-term rental opportunities that are available, and they have been on the market an average of 87 days. Their average price is $13,771 and the median price is $10,000.
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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 40 Hillspoint Road is listed at $1,498,900.
This newly improved five-year young colonial was remodeled by HOBI award winning renovation team, and has a transitional flavor with exceptional trim work throughout its 13 rooms.
Four finished levels with outstanding attention to detail on every floor comprise 5,938-square feet of very flexible living area.
An inviting and elegant two story foyer has herringbone style hardwood floors with double perimeter walnut inlay, and 9-foot ceilings on both the main and upper levels add to the home’s superb styling.
The living room has a richly designed deep coffered ceiling.
An exquisite dining room has crown molding, recessed panel wainscoting, and double perimeter walnut trim inlay hardwood flooring. The butler’s pantry is designed to match.
The custom chef’s kitchen has top of the line stainless steel appliances and marble countertops. The matching center island includes a vegetable sink, and the sunlit breakfast area has sliding French doors out to the 520 square foot patio and 1.26 acre property with scenic babbling brook and waterfall.
The family room with stone fireplace is open to the breakfast nook and kitchen.
Upstairs, the master bedroom suite with tray ceiling occupies the entire right wing of the home and has two walk in closets. Its luxurious marble bath features a free standing tub, separate shower, dual vanities and water closet.
Three other bedrooms are on this level and two share a Jack and Jill style bath, and one is en suite.
The third floor has another bedroom, full bath, and an expansive multipurpose bonus room which could easily be a teen suite, au pair quarters or media room.
The lower level has an additional family room, recreation area and gym beside plenty of storage.
Extras and items to note — five bedrooms, four and one half baths, fireplace, nine foot ceilings on the first and second floors, audio system, natural gas, public water and sewer, three car garage, not in a flood zone
Annual taxes are $18,961.
Listing/photo courtesy of The Higgins Group Bedford Square.
(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.
