By Judy Szablak
Special to WestportNow
Ranch-style homes continue to be in demand in Westport, and are currently one of the hottest segments of the real estate market.
Featured Home: This home at 20 Pequot Trail is listed at $1,875,000. (CLICK TO ENLARGE) Photo by Granite Studios
There are only 19 such properties available in town out of the 339 homes that are actively on the market, and they constitute less than 6 percent of the inventory. Seven are currently under some stage of deposit, and nearly 8 percent of all the homes sold in the last year were single-level homes.
There are essentially two distinctly different aspects that appear to be driving this segment of the market.
First, considering that the average price for the properties that are on the market is $1,145,421, these single-level homes are a more affordable entry point into town.
Secondly, we are still seeing renovation and teardown opportunities for builders, and if the “numbers” work, these types of buyers are still aplenty for this type of investment opportunity.
As baby boomers get older, larger single-level homes will most likely sell at a premium, since they are more costly to build, and the inventory we have now is being bought up and torn down for larger two-level homes or rebuilt.
Currently, only five ranches are available with over 3,000 square feet of living area.
Market Stats
There are 339 homes actively on the market and have been listed for an average of 97 days, with a cumulative market time of 194 days. The average list price is $2,317,551 and the median price is $1,775,000.
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.
Twenty-six 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn.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-four properties had a price change.
Eighteen properties have gone under the initial deposit stage, which we call CTS, and eight 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 eight properties was $2,077,750. There are currently 45 homes in CTS status throughout Westport, and another 48 properties scheduled to close town-wide, with an average price of $1,571,400.
Closings: There were seven single-family homes reported as sold in the last week, and they were listed on average at $2,461,286 with a market time of 86 days. There were 95 status changes in the last seven days.
Condos: There are eight condominiums that are available, and they have been listed an average of 58 days. Their average listing price is $594,700 and the median price is $479,450.
The highest priced condo in town is listed at $1,199,700 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $211,000.
There was one new listing this week, and no homes came back on the market, There was one price change, and two properties went under the initial stage of deposit, and none entered pending status.
There are three properties town-wide that are currently in CTS status, and there are no properties scheduled to close.
One sale was reported during the last week, and was listed at $875,000.There were six status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 55 homes or apartments available. The median price is $6,000 per month and the average price is $6,459 per month. These year round rental opportunities have been on the market an average of 69 days.
There are 62 short-term rental opportunities that are available, and they have been on the market an average of 70 days. Their average price is $20,563 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 20 Pequot Trail is listed at $1,875,000.
This ten room modern design ranch in the sought after Old Hill neighborhood has frontage on Nash’s pond with deeded rights, and its own stone path to stone dock as well.
Totally remodeled, the comfortable and flowing floor plan is spacious and sunlit throughout its 4,600 square feet of living area.
The living room has a fireplace with a custom mantel, and opens to the conservatory which overlooks the wonderfully scenic 1.05 acre property.
The formal dining room has a dry bar with recessed shelving, and is perfect for large holiday gatherings.
A custom designed cherry kitchen has granite countertops, a center island, and steel and integrated wood appliances. A wall of windows in the adjoining breakfast area overlooks Nash’s pond, and a glass door leads out to the bi-level decking for outdoor entertaining.
The family room is open to the breakfast area, has a tray ceiling and another fireplace, as well as built-in and recessed cabinetry.
The main level library has built-in wood shelving and cabinetry, and plenty of sunlight.
The master bedroom has a dressing area, double closets, and a marble bath with whirlpool and glass enclosed shower. Sliders from the master lead out to a 14 foot-covered deck which overlooks the pool and pond.
Three additional bedrooms are on this floor and the guest bedroom suite is in the walk-out lower level, which also has a recreation room, exercise area and full bath.
Schools—Kings Highway, Coleytown, Staples
Extras and items to note—five bedrooms, four full and one half baths, two fireplaces, security system, audio system, heated in-ground gunite free-form pool, deeded water rights, dock, generator.
Annual taxes are $17,124.
Listing/photo courtesy of The Riverside Realty Group/ Bross Chingas Bross.
(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.
