By Judy Szablak
Pending home sales are stronger than they have been nationally, and stronger yet in Westport.
This home at 113 Bayberry Lane is listed at $1,599,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside
The National Association of Realtors latest Pending Home Sales index (PHSI) remains at second highest level since 2009, although limited inventory is the primary reason why figures have fallen slightly to just under 0.4 percent since January.
Locally, we are seeing continued and healthy deposit activity, in spite of minimal inventory. In fact, homes are selling at approximately the same rate that they are coming on to the market.
For example, in the last 30 days, 71 single family homes were listed, and 70 homes either went into CTS or pending status during that same time period which resulted in a net inventory of almost exactly where we were in late February.
It signals a strong Spring ahead and rising prices.
Market Stats
There are now 230 homes that are actively on the market. The average list price of these available homes is $2,396,314, and these properties have been listed for average of 115 days, with a cumulative market time of 207 days. The median price continues to be $1,899,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Being a holiday week, activity is lower than it has been, but no cause for concern. Just 10 new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Six properties had a price change.
Thirteen properties have gone under the initial deposit stage, which we call CTS, and 15 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 15 pending properties is $1,225,393. There are currently 41 homes in CTS status throughout Westport, and another 66 properties scheduled to close town-wide, with an average price of $1,876,499.
Closings: There were 13 properties reported as sold in the last week, and were listed on average at $1,1296,769, and sold with a market time of 117 days. There were 66 status changes in the last seven days.
Condos: There are 11 condominiums that are available, and they have been listed an average of 127 days. Their average listing price is $666,318, and the median price is $799,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $299,000.
There was one new listing reported. No homes came back on the market after being under deposit. One property had a price change, and one property entered the CTS stage of deposit. Two homes went into pending status.
There are three properties townwide that are currently in CTS status, and four homes are scheduled to close that are listed on average at $480,125.
Closings: There were no condos reported as sold this past week, and four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 28 homes or apartments available. The median price is $5,500 per month and the average price is $6,229 per month. These year-round rental opportunities have been on the market an average of 67 days.
There are 26 short-term rental opportunities that are available, and they have been on the market an average of 25 days. Their average price is $20,744, and the median price is $20,000.
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 at 113 Bayberry Lane is listed at $1,599,000.
Perfectly sited on two professionally landscaped level acres and on the corner of a sought after Hunt Club area cul-de-sac, this 3,977-square foot distinguished colonial is sunlit and airy throughout.
A columned front entry leads to a gracious foyer with recessed panel wainscoting and crown molding.
The front to back living room is to your left as you enter and has a fireplace, crown molding, and a set of over sized French doors to the backyard.
The dining room has crown molding and chair rails, as well as a large bay window overlooking the private backyard.
A king-sized kitchen also extends from the front to the back of the home, and its sunlit breakfast area has another bay window. The breakfast bar can seat eight comfortably.
The adjacent family room has cathedral ceilings with two skylights, plenty of tasteful built-ins, and French doors to the expansive rear yard.
Upstairs, the master bedroom suite has a luxurious bath with dual vanities and marble tops, separate whirlpool and shower, as well as three closets.
Four other bedrooms are on this floor, and two are en suite. The fifth bedroom has cathedral ceilings, two skylights, and thoughtful built-ins.
The lower level has a large play room, which could very easily be a magnificent media room or entertainment center.
Extras and items to note- security system, blue stone patio with outdoor stone fireplace, originally built in 1971 and architecturally and extensively remodeled.
Annual taxes are $14,494.
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.
