By Judy Szablak
Deposits are on the rise, and multiple offer situations on correctly priced Westport properties are not out of the norm anymore.
This home at 9 River Lane is listed at $4,500,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group/Westport
There have been 34 homes that entered the initial stage of deposit (CTS) in the last 30 days, and the length of time for these houses going under deposit mirrors a sellers market.
Five properties had single digit market time, while almost 40 percent went under CTS status within one month. The most activity in a price range occurred between $1 million – $1.25 million with six properties entering the initial stage of deposit.
The 15 percent of homes under the initial stage of deposit as compared to the homes actively for sale is substantially better than the approximate 10 percent that it has been over the past year.
Also indicative of a sellers’ market—20 percent of the 25 homes sold in the last 30 days closed at or above the listing price.
Westport is right in line with what’s happening nationally, as well as what has been reported in the Northeast part of the country, according to the the National Association of Realtors. Their latest Pending Home Sales Index (PHSI) shows gains in all U.S. regions.
The strongest percentage increase in the country was in the Northeast, which rose 8.2 percent to 84.8 in January, and is 10.5 percent above January 2012.
January’s index increased 4.5 percent on a national basis to 105.9 from a revised 101.3 in December. The index currently stands 9.5 percent above last January.
Lawrence Yun, NAR’s chief economist said, “Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It’s also why we’re experiencing the strongest price growth in more than seven years”.
The National Association of Realtors Pending Home Sales Index is a forward-looking indicator based upon contract signings.
Market Stats
There are now 229 homes that are actively on the market, which represents a six percent increase over last week. The average list price of these available homes is $2,370,663, and these properties have been listed for average of 135 days, with a cumulative market time of 236 days. The median price is $1,788,500.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Twenty-six new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Ten properties had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS, and five 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 five pending properties is $1,326,400. There are currently 37 homes in CTS status throughout Westport, and another 48 properties scheduled to close town-wide, with an average price of $1,647,107.
Closings: There were six properties reported as sold in the last week, and were listed on average at $1,423,667, and sold with a market time of 227 days. There were 75 status changes in the last seven days.
Condos: There are 10 condominiums that are available, and they have been listed an average of 195 days. Their average listing price is $753,000, and the median price is $849,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $325,000.
There were two new listings reported. No homes came back on the market after being under deposit. No properties entered the CTS stage of deposit, and no homes went into pending status.
There are no properties town-wide that are currently in CTS status, and one home is scheduled to close that is listed at $329,000.
Closings: There were no condos reported as sold this past week, and one status change.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 39 homes or apartments available. The median price is $6,000 per month and the average price is $6,519 per month. These year-round rental opportunities have been on the market an average of 80 days.
There are 18 short-term rental opportunities that are available, and they have been on the market an average of 29 days. Their average price is $15,669, and the median price is $15,000.
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.
Featured Home
This home at 9 River Lane is listed at $4,500,000.
Simply put, this vintage home exudes classic, crisp and elegant perfection.
Originally built in 1926, and fully remodeled in 2000, this exquisite colonial on .90-acres has been appropriately acclaimed by numerous organizations. A recipient of the Westport Historic Preservation Award, and the American Society of Landscape Architects award, this home and its gardens have also been featured in various magazines.
In addition, this 6,255-square foot colonial has been built to “green” standards.” In other words, it has been “created and maintained with the use of as few chemicals as possible” and synthetic materials were typically avoided.
The living room has exposed beams and a Rumford fireplace with monolith styled 1750’s granite surround. French doors lead to the main courtyard with waterfall.
An exceptionally elegant and tasteful dining room features a silver leaf ceiling and crown molding.
The kitchen features top of the line appliances, two inch marble counters, a breakfast counter that seats three comfortably, and a breakfast nook. In addition, there is a drink center pantry with second oven, a walk in pantry area and a movable paneled privacy wall, which is perfect for entertaining.
The great room is open to the kitchen and has a large fireplace with 1750s granite surround, and houses the seven zone media center. The built in wet bar features a nickel sink, and glass shelving. French doors lead to the waterfall courtyard.
The sun room has three sets of French doors to the courtyard and overlooks the reflecting pool.
Upstairs, the master bedroom suite has cathedral ceilings, a Rumford fireplace with granite surround, and a sitting room with built ins, and the luxurious marble bath has a steam shower and soaking tub. This magnificent suite also features an impressive dressing area with dual closets and changing rooms.
There are four additional bedrooms on the second floor, and all but one are en suite. An exceptionally large bedroom features one of two cupolas, and has a private entrance, full bath,and two refrigerator drawers- just perfect for an au pair.
The third floor features a library with built in shelving and meditation room with another cupola.
Extras and items to note: Stone courtyard, terraced gardens, outdoor room with granite fireplace, heated in-ground Gunite pool, waterfall with relocated granite from 1750’s, formal water garden pond and reflecting pool, 25’ granite cascading waterfall wall with trough.
Annual taxes are $26,826.
Listing/photo courtesy of Higgins Group/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.
