By Judy Szablak
Prices are creeping upwards, as almost 45 percent of all homes available in Westport are listed for more than $2 million and activity is brisk with almost 27 percent of all of the homes under pending status in the this price range as well.
This home at 22 Sue Terrace is listed at $1,489,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/ Westport
This marks a significant increase over last year’s activity in the range, where 19.5 percent of all sales reported through our MLS system were $2 million and above.
The $2 million-plus range is not the only active price pocket in town, as almost one-third of all the homes under the initial stage of deposit are between $1-1.5 million.
Five-bedroom homes continue to be the best sellers, and list price to sale price ratios are currently at a respectable 95 percent.
The market is certainly moving, and the spring market promises to be the best one that we’ve had in years.
Market Stats
There are 227 homes actively on the market. The average list price is $2,362,020, and these properties have been listed for average of 126 days, with a cumulative market time of 219 days. The median price has increased almost $100,000 to $1,875,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Twenty-five new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Seven properties had a price change.
Seventeen properties have gone under the initial deposit stage, which we call CTS, and nine 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 five pending properties is $1,113,988. (One property listed far above the median price is considered somewhat of an anomaly and has been excluded from this average.)
There are currently 45 homes in CTS status throughout Westport, and another 52 properties scheduled to close town-wide, with an average price of $1,967,866.
Closings: There were four properties reported as sold in the last week, and were listed on average at $1,214,750, and sold with a market time of just 66 days. There were 69 status changes in the last seven days.
Condos: There are 11 condominiums that are available, and they have been listed an average of 181 days. Their average listing price is $689,227, and the median price is $677,500.
The highest priced condo in town is listed at $949,000 and the lowest offering price is $299,000.
There were two new listings reported. No homes came back on the market after being under deposit. One property entered the CTS stage of deposit, and no homes went into pending status.
There are no properties town-wide that are currently in CTS status, and one home is scheduled to close that is listed at $329,000.
Closings: There were no condos reported as sold this past week, and three status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 43 homes or apartments available.
The median price is $5,500 per month and the average price is $6,185 per month. These year-round rental opportunities have been on the market an average of 61 days.
There are 22 short-term rental opportunities that are available, and they have been on the market an average of 30 days.
Their average price is $16,775, and the median price is $18,000.
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 22 Sue Terrace is listed at $1,489,000.
This 4,717-square foot colonial boasts a tasteful interior which has been meticulously maintained, as well as outstanding attention to detail.
Originally built in 1989 and completely renovated just seven years ago, this four- bedroom, four-and-one-half bath home sits on almost one half acre in an easily commutable location.
A beautifully designed entrance foyer has a custom center geometric inlaid design.
The living room offers exceptional natural light, and opens to the dining room, with crown molding, chair rails, and a recessed wet bar.
The provincially styled and sky-lit kitchen has top quality appliances, and granite counters. In addition to the breakfast nook area, a contrasting center island seats five comfortably, and matches a built in recessed hutch with back-lit glass front cabinetry.
The family room has a fireplace with marble surround, and plenty of thoughtfully designed built-in shelving and storage. An additional meeting room is perfect for recreation or just casual relaxing.
A generously sized sun room has 9-foot ceilings and French doors to a 485-square foot wrap around patio with custom wrought iron railings.
Upstairs, the master bedroom suite has a gas fireplace with marble surround, and the luxurious master bath has radiant heated flooring, as well as a glass-enclosed steam shower and whirlpool.
Three additional bedrooms are also on the second floor, and the third floor is also finished for an additional game room or recreation area.
This home is cheerful, bright and absolutely immaculate.
Extras and items to note—central vacuum system, security system, home audio system, heated garage.
Annual taxes $11,980.
Listing/photo courtesy of William Pitt Sotheby’s/ Westport.
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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.
