By Judy Szablak
Westporters still like big homes and are willing to pay up for homes with six bedrooms or more.
This home on 2 Woodhill Road is listed at $2,499,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside
Compared to this time last year, homes with six bedrooms or more have experienced a significant jump in pricing and an increase in unit sales of 19 percent. And the price gap between five-bedroom homes and six-plus-bedroom homes is also significant.
There are currently 78 five-bedroom homes on the market with an average asking price of $2,154,809. And there are 73 six-or-more bedroom homes with more than 5,000 square feet that are listed at an average price of $3,737,119.
According to sales compiled from the Multiple Listing Service, in the last year, the average sales price of a five-bedroom home between 3,000- 4,999 square feet was $1,527,059. A six-bedroom home with more than 5,000 square feet of living area came in almost double that of $2,980,977.
These five- and six-plus bedroom homes comprise almost 71 percent of the market, and 56 percent of all the sales reported in the last year.
Market Stats
For the second week in a row, inventory dipped almost 8 percent, and there are now just 213 homes that are actively on the market.
The average list price of these available homes is $2,396,970, and these properties have been listed for average of 132 days, with a cumulative market time of 213 days. The median price has increased slightly to $1,799,000.
The seven-bedroom colonial at 2 Manitou Court is the highest listed property in town at $12,985,000, and the lowest available priced home is a two-bedroom ranch on Crescent Park for $289,000.
It was quite apparent that real estate took a back seat to the holidays last week. No new listings came on the market in the last seven days, and no home came back on the market after being under deposit. Two properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and three 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 three pending properties is just $591,300.
There are currently 29 homes in CTS status throughout Westport, and another 45 properties scheduled to close town-wide, with an average price of $1,488,284.
Closings: There were two single-family homes reported as sold in the last week, were listed on average at $2,007,000, and sold with an average market time of just 50 days. There were only 26 status changes in the last seven days.
Condos: There are five condominiums that are available, and they have been listed an average of 121 days. Their average listing price is $787,500 and the median price is $789,000.
The highest priced condo in town is $899,000 and is a three-bedroom home located at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Bradley Lane for $626,500.
There were no new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and three properties entered into the initial stage of deposit. No homes entered the pending stage of deposit.
There are four properties town-wide that are currently in CTS status, and three homes that are scheduled to close, which are listed on average at $707,667.
No sales were reported during the last week. There were three status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 55 homes or apartments available. The median price is $5,950 per month and the average price is $5,689 per month.
These year round rental opportunities have been on the market an average of 72 days.
There are 26 short-term rental opportunities that are available, and they have been on the market an average of 85 days. Their average price is $5,888, and the median price is $5,000.
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 GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This home on 2 Woodhill Road is listed at $2,499,000.
Every attention to detail was meticulously attended to in this handsome custom-built five- to six -bedroom colonial with more than 7,000 square feet of living area. Impressive masonry and mill work abound throughout the home, which also has wide board character oak flooring, and nine foot plus ceilings on all levels.
The living room has an elegant coffered ceiling and a fireplace with a custom mantel. A columned entrance leads to the formal dining room, which has crown molding and recessed panel wainscoting.
The custom gourmet kitchen boasts top of the line appliances, granite tops with tumbled marble backsplash, and a walk-in pantry.
A two-tiered walnut-topped contrasting breakfast bar has a beverage fridge seats three, and the spacious breakfast area has soothing views of the private backyard.
The family room is open to the kitchen through a columned entrance. Its floor to ceiling stone fireplace has a raised hearth, and there are two sets of transom-topped French doors that lead to the granite patio, which overlooks surprisingly private and park-like grounds
A main level library has rich wood paneling, built-ins and wainscoting and is accessed through an over-sized French door entrance from the foyer.
Upstairs, the master bedroom privacy suite has a tray ceiling, a luxurious marble bath with jetted tub and separate glass enclosed shower, and two large walk-in closets.
Four additional bedrooms are on the second floor, and two are en suite. Two have a Jack and Jill-style bath.
In addition to the five bedrooms on this level, a bonus room can easily double as a sixth bedroom, an expansive au pair suite, or second floor media room. A walk-up attic can be finished for additional living area, if so desired.
A 2,000-square foot playroom on the lower level also has a full bath.
This home has a versatile and well thought out floor plan, is situated on a quiet cul-de-sac in Greens Farms, and has all the bells and whistles one could possibly hope for.
Extras and items to note—city water, city sewer, custom-heated pool/spa with electronic child safety cover, custom outdoor rain-head shower, custom fencing, granite patio, custom closet systems throughout, full house generator
Annual taxes $28,902.
Listing/photo courtesy of Coldwell Banker Westport-Riverside.
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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.
