By Judy Szablak
Special to WestportNow
When looking to buy or sell a home in Westport, there is no cut and dry answer as to how the real estate market is “doing.”
Featured Home: This home at 59 Crescent Road is listed at $1.3 million. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Southport
A generalized statement is no more appropriate than looking at national statistics as they compare to your home.
In Westport, as well as other towns, different price pockets or segments of the market perform better than others, just as some neighborhoods outperform others.
For example, the two most active price pockets are under $1 million and between $1-1.5 million.
Over the past year, these two ranges have comprised almost 60 percent of the single family Westport home sales, and currently each segment has 11 properties in pending status.
And that equals just over one-third of the townwide pending home sales.
Now, there is only 8.35 months of housing supply available under $1 million, and the average sale price to list price ratio is 94.01 percent.
It is widely considered that less than a six-month housing supply leans towards a seller’s market.
Interestingly enough, while there is more of housing supply in the $1-1.5 million range, the average sale price to list price ratio is 96.66 percent.
That speaks volumes as to how fairly the majority of properties are priced in the range.
Understanding the market as it pertains to your home or proposed purchase is key. Price it well, and it will sell.
Market Stats
In the latest weekly update, there are 414 homes actively on the market, which have been listed for an average of 97 days, with a cumulative market time of 179 days.
The average list price is $2,290,356 and the median price is $1,877,500.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a two-bedroom cape on Valley Road for $449,000.
Thirty 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twenty-two properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and 11 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 11 properties was $1,285,400. There are currently 24 homes in CTS status throughout Westport, and another 65 properties scheduled to close town-wide, with an average price of $1,494,248.
Closings: There were eight single family homes reported as sold in the last week, and they were listed on average at $1,130,113 with a market time of 130 days. There were 94 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 51 days. Their average listing price is $627,808 and the median price is $549,000.
The highest priced condo in town is listed at $1,195,000 and is a two-bedroom home located at Terra Nova, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $209,000.
There were two new listings this week, and no homes came back on the market, There were no price changes, no properties went under the initial stage of deposit, and one home entered pending status, and was listed at $419,000..
There are no properties town-wide that are currently in CTS status, and there is one property scheduled to close.
One sale was reported during the last week, and was listed at $739,000. There were five status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 66 homes or apartments available.
The median price is $6,600 per month and the average price is $7,731 per month. These year-round rental opportunities have been on the market an average of 52 days.
There are 60 short-term rental opportunities that are available, and they have been on the market an average of 80 days. Their average price is $18,407 and the median price is $15,500.
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 59 Crescent Road is listed at $1.3 million.
This centrally located and traditionally styled 10-room New England-style colonial is has a picture perfect setting with a stone wall in front.
Originally built in 2005, this home has 3,963-square feet of living area on three levels, and custom millwork throughout.
The living room has a coffered ceiling, oversized windows with plantation shutters, and a custom fireplace with blue-stone surround and raised hearth.
The dining room has an octagonally recessed tray ceiling, picture frame molding, plantation shutters, and double walnut perimeter inlaid hardwood flooring.
The custom Cherry kitchen with granite counter-tops has stainless steel appliances, and a matching center island that seats three comfortably.
The family room is open to the kitchen, and has another fireplace, as well as access to an oversized deck that looks out onto a level half acre yard with mature landscaping.
The master bedroom is on the upper level, amd has more fine detailing, including a superbly designed tray ceiling and crown molding. The master bath has a whirlpool and separate shower.
Three additional bedrooms are on this level, and one is en suite, while the other two share a “Jack and Jill” style bath.
The finished walk-out lower level has plenty of natural sunlight like the rest of the home, and has two additional large recreation rooms.
Extras and items to note—9-foot ceilings on first and second floors, four bedrooms, three full and one half baths, two fireplaces, hydro-air heating, public water, public sewer, back-up generator
Annual taxes are $13,441.
Listing/photo courtesy of William Raveis/Southport.
(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.
