By Judy Szablak
Special to WestportNow
Certain “price pockets” in Westport are experiencing more activity than others, and it’s important to understand where your home sale or intended purchase falls into those pockets, if at all.
Featured Home : This home at 15 River Lane is listed at $1,099,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate/Westport
Whether your purpose in evaluating a home has to do with buying or selling, paying special attention to what the market is doing within your range can either save you money on a purchase, or add to your net when you sell.
With 331 homes on the market, the biggest selections are within a few ranges, however the most activity is clearly within the $1.2- $1.3 million price pocket, with only 17 homes on the market and an additional 10 under some stage of deposit.
Less inventory in a particular range and higher deposit and closed ratios indicate a market that is conducive to sellers.
More inventory in a particular range can indicate a better chance of negotiating the price to the buyers benefit, however one must take into account how many properties are selling in that range to see the entire picture, not just part of it.
Pricing certainly matters, however one cannot ignore the size of the home, its style, condition, property and location.
According to the SmartMLS, 10 homes have closed in the last 60 days that were listed between $1.1- 1.2 million, although just three properties in this range have taken a deposit in the last 45 days, which indicates a cooling off in this pocket, although that can change very quickly
The under $1 million range continues to be active, with 80 single-family homes available, and 16 under some stage of deposit. Thirty-seven have closed in the last 60 days.
Other price pickets to watch include homes priced between $1.5-$1.6 million and to a lesser extent those priced between $1.6-$1.7 million, and others priced between $2.25- $2.75 million.
Market Stats
There are now 331 homes that are actively on the market, which have been listed for an average of 133 days, with a cumulative market time of 216 days. The average list price is now $2,158,292 and the median price remains at $1,599,000.
A home on Beachside Avenue is the highest priced property for sale at $22.5 million, and the lowest available priced single-family is a four-bedroom home on Saugatuck Avenue for $299,000.
Thirteen new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twelve properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS or Show, and six 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 six pending properties was $1,392,00. There are currently 28 homes in CTS/Show status throughout Westport, and another 33 properties scheduled to close townwide, with an average price of $1,651,545.
Closings: There were 15 single family homes reported as sold in the last week, and they were listed on average at $1,277,407 with an average market time of 102 days. There were 65 status changes in the last seven days.
Condos: There are 20 condominiums that are available, and they have been listed an average of 66 days, with an average cumulative market time of 124 days. Their average listing price is $592,942 and the median price is $506,500.
The highest priced condo in town is listed at $1,125,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Bridge Street for $234,933.
There were two new listings in the last seven days, and no properties came back on the market. One property had a price change, and one home took an initial deposit. No homes entered into pending status.
There is one property townwide in CTS/Show status, and one property is currently scheduled to close which is listed at $790,000.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 86 homes or apartments available. The median price is $4,825 per month and the average price is $6,622 per month. These year round rental opportunities have been on the market an average of 71 days.
There are 51 short-term rental opportunities that are available, and they have been on the market an average of 109 days. Their average price is $11,010 and the median price is $8,375.
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 15 River Lane is listed at $1,099,000.
This wonderfully charming eight-room English cottage style home with exceptional gardens has a delightful storybook flavor inside and out.
Located on a scenic road in the Old Hill area, and also known as “Ivy cottage,” this 2,792-square foot stone front vintage cape was built in 1929 and is on .60-acres of picturesque property that is close to town amenities.
The sun-filled European style living room with 10-foot high ceilings has a stone fireplace, built-ins, and French doors.
A built-in corner hutch in the dining room is right in character with the rest of the home, and French doors lead out to the 273-square foot rear patio.
The skylit kitchen has stainless steel appliances, granite counters, and a center island that seats three. The large walk-in pantry offers additional storage
The family room with high angled ceiling has another fireplace, plenty of charming built-ins, and two skylights.
The main level sunroom has floor to ceiling windows that overlook private and scenic grounds, and is a wonderful space to relax and enjoy the day.
The flexible floor plan allows you to choose an en suite master bedroom on either the first or second floor, and an additional bedroom is on the main level.
Extras and items to note — three bedrooms, three baths, two fireplaces, three skylights
Annual taxes are $12,702.
Listing/photo courtesy of William Raveis Real Estate/Westport.
(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.
