By Judy Szablak
It was quite a unique week for real estate sales in Westport. The average sales price for the six homes that were sold was less than $700,000.
This home at 49A Old Hill is listed at $2,235,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside
If you looked at was sold in 2011, the numbers would show that the average price last year during the same period was nearly $1.7 million. Does that mean that we took a $1 million hit in property values from last year?
Of course not. Does it mean we are in a steady decline? No, not at all. Last week’s sales are representative of just those six houses, and do not represent the market as a whole.
Out of the nearly 320 homes currently for sale, there are 81 homes available under $1 million, and as things go, more of those “lower tier” properties sold last week than they have in any seven-day period in years.
There have been various and varying reports about the state of the real estate market in Fairfield County, and also in Westport. Some are extremely positive, and others point to a still distressed and bleak market
When reviewing or analyzing comparables, statistics and/or year-over-year figures, it is important to remember to compare apples to apples, and oranges to oranges.
Also, bear in mind that not all sources may use the same criteria for comparisons that you might associate with any given term, or terms.
All that being noted, while some segments of the market are doing better than others, its certainly not continued “doom and gloom” as far as values are concerned, and one week doesn’t mean the bottom is about to fall out. We are in recovery mode—it’s still just a little unsteady.
Market Stats
There are now 318 homes that are actively on the market. The average list price of available homes is $2,210,288 and these properties have been listed for average of 125 days, with a cumulative market time of 240 days. The median price is now $1,699,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Sixteen new listings came on the market in the last seven days, and five homes came back on the market after being under deposit. Eight properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS, and seven 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 seven pending properties was $1,442,786. There are currently 22 homes in CTS status throughout Westport, and 36 properties scheduled to close town-wide, with an average price of $1,424,119.
Closings: Six homes were reported as sold in the last week, and their average list price was $690,250. Average market time for these sold properties was 60 days. There were 74 status changes in the last seven days.
Condos: There are 11 condominiums that are available, and they have been listed an average of 215 days. Their average listing price is $550,900, and the median price is $499,000. The highest priced condo in town is listed at $1,075,000 and the lowest offering price is $299,900.
There was no new listing activity in the last week, no price changes noted, and one new deposit reported.
There are three properties currently in CTS status, and one additional home scheduled to close townwide, which is listed at $659,000.
Closings: There were no condos reported as sold this past week, and a total of three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 67 homes or apartments available. The median price is $5,000 per month and the average price is $6,230 per month.
These year-round rental opportunities have been on the market an average of 76 days.
There are 26 short-term rental opportunities that are available, and they have been on the market an average of 44 days.
Their average price is $5,244, and the median price is $4,000. 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 49A Old Hill is listed at $2,235,000.
This custom-designed five-bedroom double-wing colonial is simply stunning. Built in 1986, and privately sited on two acres with a gated entry on a cul-de-sac in the sought after Old Hill area, this home offers the best of indoor and outdoor amenities as well as a strategic commuter friendly location.
The versatile 4,500-square foot floor plan has 10 rooms and is configured in such a way that the house could suit anyone’s needs, and the flexibility this home offers is second to none.
An impressive great room is in the center of the home and has soaring ceilings, exceptional natural light and has formal style style fireplace with marble surround.
A partially open wall on either side of the great room/living room will lead you to a nicely tucked away billiard room on your right, or the formal dining room on your left.
The king sized chef’s kitchen spans from the front to the back of the home, and has rich wood cabinetry and a contrasting center island with matching granite tops.
A nicely sized breakfast area is open to the family room, which has soaring ceilings and a stone fireplace as well as French doors to one of four balconies.
The main level also has a separate home office with built-in desks and seating area, as well as a fifth bedroom with its own bath.
An exceptionally spacious master occupies a separate wing on the upper level, and has its own balcony, sitting area, and beautifully designed marble bathroom with whirlpool and separate shower. An added bonus is the extra large custom designed walk-in closet with built in cabinetry.
A walkout lower level offers approximately 1,000 square feet of living area that includes a game room, exercise room, and a bedroom with full bath.
Extras and items to note: tennis court, heated in-ground pool, outdoor fireplace, four balconies, deck, and patio.
Annual taxes $26,589.
Listing/photo courtesy of Coldwell Banker Riverside.
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(Editor’s Note: Judy Szablak of RE/MAX- 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.)
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