By Judy Szablak
Westport’s real estate market is continuing to see the effects of a normal end-of-year decline in inventory.
Featured Home: This home at 66 Beachside Ave. is listed at $25 million. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate – Southport/AFA Homes
There is an almost 17 percent drop in inventory from July, when at one point there were 345 properties on the market.
There is also a 5 percent drop in available homes from just last week, which shows an additional decline from 60 days ago when we first reported the seasonal easing of single family homes available for sale.
However, this lessening of inventory should not be any cause for concern.
The decline in available homes could, and should be viewed more as a strategic indicator as to when you buy or sell your home, and not as either a positive or negative indicator of the market itself.
When inventory is lower, there is less competition with other homes which bodes well for sellers.
Buyers can benefit from choosing homes that are not priced for the spring market, and are more bound to get a great value on their home purchase during this time.
Market Stats
There are now 289 homes that are are actively on the market. These currently available properties have been listed for an average of 127 days, with a cumulative market time of 212 days. The average list price is $2,442,309 and the median price is $1,900,000.
A four-bedroom home on 7.13 acres at 66 Beachside Ave. is the highest priced home for sale at $25 million (see featured home below) and the lowest available priced home is a three-bedroom home on 15 Roseville Road for $420,000.
Fourteen new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Twenty properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and another 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 $1,183,000. There are currently 20 homes in CTS status throughout Westport, and another 47 properties scheduled to close town-wide, with an average price of $2,157,404.
Closings: There were 15 single family homes reported as sold in the last week, which is a normal spike considering it was the end of the month. These homes were listed on average at $2,071,933 and sold with an average market time of 123 days. There were 90 status changes in the last seven days.
Condos: There are 10 condominiums that are available, and they have been listed an average of 136 days. Their average listing price is $790,970 and the median price is $794,000.
The highest priced condo in town is $1,075,000 and is a two-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home at Edgewater Commons for $533,800.
There was one new listing this week, and no homes came back on the market after being under deposit. There was one price change, and no property entered into the initial stage of deposit. No homes entered into pending status.
There are no properties town-wide that are currently in CTS status, and there are no homes scheduled to close.
One sale was reported during the last week, and was listed at $959,000. Five status changes were reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 77 homes or apartments available. The median price is $3,800 per month and the average price is $4,578 per month. These year round rental opportunities have been on the market an average of 62 days.
There are 20 short-term rental opportunities that are available, and they have been on the market an average of 56 days. Their average price is $5,943 and the median price is $4,800.
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 66 Beachside Ave. is listed at $25 million.
This incredibly special piece of Westport’s history has recently come up for sale and carries a wonderful history and legacy. It is a one-of-a-kind property with private shoreline that has simply unmatched views to the west of Burying Hill Beach, and views to the south of Southport Harbor.
This spectacular 7.13 acre Greens Farms estate was originally named Machamux (meaning beautiful land) by Indian settlers.
It was later purchased by Edward T. Bedford, who created his home here, and was later honored by the town of Westport with the Bedford Middle School which bears his name. Bedford was also the founder of what became known as the Westport Weston Family Y, and held the directorship of Standard Oil.
The home itself was once part of the original Bedford Estate and Gardens dating back to 1892, which consisted of hundreds of acres.
The eight-room “cottage,” as it is called, is a 4,907-square foot stone building brimming with period details, charm and character, although in need of some repair and updating. It is hoped that the buyer of this property not raze this particular structure, seeing its historical significance.
Since Bedford’s original acquisition of the grounds, more than a century has passed with the same family in ownership. This shoreline property has since been renamed “Banrock” as a tribute to the unique rock formations on its private beach.
This last remaining parcel of the former Bedford Estate has a four-bedroom, five full bath home that was built in 1900, which has a very charming central fireplace, and was used as a stable back in the day.
There is also a guest house, potting shed, six-car garage, and pool on the property, which still has original specimen landscaping, including many Copper Beech, Weeping Beech and stately Elm trees, as well as approximately 320 feet of direct water frontage.
Simply an amazing waterfront property, with an outstanding history.
Annual taxes are $208,115.
Listing/photo courtesy of William Raveis Real Estate – Southport/AFA Homes.
(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.
