By Judy Szablak
New construction sales are through the roof in Westport, and are more brisk than they have been in recent memory.
Featured Home This home at 100 Coleytown Road is listed at $2.8 million. (CLICK TO ENLARGE) Photo courtesy of William Raveis-Westport/Jeanette Dryburgh and Associates.
An initial look at the housing market shows that first few months of 2015 mirror the first few months of 2014.
The exact same amount of 41 unit sales occurred in both years, there is an inventory level difference of just one property, the median price is within 3.5 percent, and the average price is within 2 percent.
However, total sales volume has increased by more than $30 million over this same time period from last year.
The big difference is that out of the 41 sales reported through our Multiple Listing Service year to date, 29.2 percent of those sales were newly built homes. That’s in stark contrast to only two newly constructed homes being sold year to date in 2014
There are currently 77 newly built homes that are available in town, with an average price of more than $2.94 million.
Market Stats
There is a slow and steady rise in inventory, and as of today, there are now 262 homes that are are actively on the market.
These currently available properties have been listed for an average of 114 days, with a cumulative market time of 217 days. The average list price is now $2,542,606 and the median price is at $2,195,000.
A four-bedroom home on Beachside Avenue on 7.13 acres is the highest priced home for sale at $25 million, and the lowest available priced home is a five-bedroom home at 40 Ferry Lane East for $405,000.
Nineteen 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the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Eight properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and seven 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 seven properties was $1,369,700. There are currently 25 homes in CTS status throughout Westport, and another 40 properties scheduled to close town-wide, with an average price of $1,750,145.
Closings: There were seven single family homes reported as sold in the last week, These seven homes were listed on average at $2,459,700 and sold with an average market time of 88 days.
There were 58 status changes in the last seven days.
Condos: There are 10 condominiums that are available, and they have been listed an average of 40 days. Their average listing price is $754,560 and the median price is $745,000.
The highest priced condo in town is $1.3 million and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home at Whitney Glen for $380,000.
There were two new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and no property entered into the initial stage of deposit.
One home entered into pending status, and was listed at $699,000.
There are no properties town-wide that are currently in CTS status, and there are no homes scheduled to close.
Three sales were reported during the last week, and their average list price was $699,633. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 44 homes or apartments available. The median price is $4,250 per month and the average price is $4,983 per month. These year round rental opportunities have been on the market an average of 77 days.
There are 28 short-term rental opportunities that are available, and they have been on the market an average of 48 days. Their average price is $15,136 and the median price is $11,500.
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 100 Coleytown Road is listed at $2.8 million.
The “Pure House” is a five-bedroom semi-contemporized New England colonial. Built by Douglas Mcdonald, the home is quite unique in its ecologically friendly and high performance construction, substantially minimizing its own carbon footprint.
The only one of its kind that is available in Westport, this 5,881 square foot Coleytown home is purposely situated to take advantage of seasonal sunlight on its 1.3 acre lot, which incidentally abuts the 37-acre Newman-Poses preserve.
Your only hint at noticing its “high performance shell” is that the exterior walls are thicker than what one would normally see. This maximizes the extensive insulation which in turn, enables up to an 85 percent reduction in heating and cooling costs.
Inside, the finishes meet or exceed what one would expect in this price range, but also include all non-toxic materials. Even the hardwood flooring is certified through the Forest Stewardship Council.
The 11-room home has an exceptionally sunlit interior with smart details and finishes. Its open floor plan is also versatile, offering a main level bedroom/den or separate office, as well as a bonus room over the garage.
The living room is open to the family room which has a 25-foot retractable glass wall with direct southern exposure, and seven doors out to the blue-stone patio.
The dining room has a recess designed specifically for a hutch. The butler’s pantry area has a wine cooler and leads to the kitchen on the other side.
The designer kitchen has 2-inch marble counters and top of the line stainless steel appliances, including a Sub-Zero refrigerator, double ovens, two dishwashers and Wolfe induction cook-top. A 10-foot center island with matching marble counters seats five comfortably and opens up to the family room.
Upstairs, there is a reading nook at the top of the landing, and four en suite bedrooms, including the master, which has two walk in closets, a luxurious bath with free-standing tub, glass enclosed shower, and Porcelinosa fixtures.
The lower level has full sized windows, and four finishable rooms, as well as a perfect spot for an in-home theater.
Schools—Coleytown, Coleytown, Staples.
Extras and items to note—9-foot ceiling height on the main and upper levels, four full and two one-half baths, security system, sound system on the main level, walk in pantry, second floor laundry, electric vehicle charging station, generator hookup to Tesla battery, 400-amp electrical service, four-zone state of the art inverter heating/cooling system, whole house water filtration, pool site, and room for an additional detached four-car garage.
Annual taxes have yet to be determined.
Listing/photo courtesy of William Raveis-Westport/Jeanette Dryburgh and Associates.
(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.
