By Judy Szablak
Special to WestportNow
There is plenty to be grateful for in Westport’s real estate market.
Featured Home: This home at 2 Mimi Lane is listed at $1,795,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s-Westport
Inventory is up over 5 percent from last week, there were 14 single-family homes that closed, and 15 homes entered varying stages of deposits in the last seven days.
It is true that the average and median home prices have declined recently, however one must take into account the inventory that those figures represent. In other words, there just happens to be more inventory available in lower price pockets.
Lower inventory prices do not necessarily indicate a decline in overall value. When the inventory ranges and corresponding sales are higher, the average and median prices will be reflective.
For example, if one were to see that the average sale price for the 26 homes that closed in March of 2017 was $1,452,030 and compare it to this past months average sales price of $1,578,733 for its 33 closed units, it would appear that there is over an eight percent increase in value.
That would certainly be welcome, however it is not the case, just as the median and average prices for active listings do not indicate an overall drop in value; just a difference in the type of inventory that is available.
Market Stats
There are now 319 homes that are actively on the market, and these currently available properties have been listed for an average of 114 days, with a cumulative market time of 191 days. The average list price is now $2,033,488 and the median price is now at $1,599,000.
A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a four-bedroom home on Saugatuck Avenue for $339,000.
Twenty-nine new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Fifteen properties had a price change.
Four properties have gone under the initial deposit stage, which we call CTS or Show, and another 12 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 12 pending properties was $1,142,042. There are currently 25 homes in CTS/Show status throughout Westport, and another 55 properties scheduled to close townwide, with an average price of $1,594,716.
Closings: There were 14 single family homes reported as sold in the last week, and they were listed on average at $1,316,493 with an average market time of 109 days. There were 88 status changes in the last seven days.
Condos
There are 12 condominiums that are available, and they have been listed an average of 90 days, with a cumulative market time of 137 days. Their average listing price is $584,402 and the median price is $436,750.
The highest priced condo in town is listed at $1,195,000 and is a three bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two bedroom home on Bridge Street for $254,330.
There was one new listing in the last seven days, and no properties came back on the market. Two properties had a price change, and no homes took a deposit. No homes entered into pending status.
There is one property townwide that is currently in CTS/Show status, and one property is currently scheduled to close which is listed at $1,249,000
Two sales were reported during the last week, and were listed on average at $577,500. There were five status changes.
Coming soon: 112 Roseville Road-$709,000, 2 Keenes Road-$1,199,000
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 57 homes or apartments available. The median price is $5,879 per month and the average price is $5,943 per month. These year round rental opportunities have been on the market an average of 116 days.
There are 67 short-term rental opportunities that are available, and they have been on the market an average of 103 days. Their average price is $14,624 and the median price is $11,000. 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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 2 Mimi Lane is listed at $1,795,000.
This nine-room farmhouse colonial on a quiet cul-de-sac in the Compo Beach area has a traditional and elegant feel.
Custom wainscoting and specialty moldings are throughout this home’s 4,432-square feet of living area, and the walkout lower level offers additional possibilities for finished living spaces.
The living room has hardwood flooring with double perimeter walnut inlays, and a fireplace with marble surround which is flanked on either side by tall windows afford much light into the room.
An elegant dining room with bay area has a tray ceiling, custom wainscoting, and opens to the living room through a large arched entry.
A gourmet kitchen with marble counters and professional grade appliances has strategically placed glass front cabinetry, a matching breakfast bar that seats four comfortably, and an informal dining area that overlooks the private and level .50-acre lawn through transom topped French doors.
The gently arched and columned entrance to the family room give it a regal feel, while the stone fireplace with raised hearth creates a comfortable atmosphere. French doors lead out to the 405-square foot bluestone patio with sitting walls.
Upstairs, the master bedroom suite has another fireplace with marble surround, and a sumptuous marble bath with radiant heated flooring, whirlpool, frameless glass enclosed shower, and separate water closet.
Four additional bedrooms are on this level, and two are en suite. One has cathedral ceilings and built ins, and is perfect for a second floor game room, media center or recreation room.
Extras and items to note — five bedrooms, three full and one half baths, three fireplaces, 33-foot long covered front porch, central vacuum system, security system, public water and sewer, natural gas, walk up attic, three car-garage, possible room for pool
Annual taxes are $19,473.
Listing/photo courtesy of William Pitt Sotheby’s-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.
