By Judy Szablak
Special to WestportNow
The rental market in Westport is stronger than it has been for 20 years.
Featured Home This home at 15 Gault Ave. is for lease at $7,000 per month. (CLICK TO ENLARGE) Photo courtesy of William Raveis- Westport
The allure of living in the city has lost some of its appeal; not only with its high prices for smaller living spaces, but also its population density which is over 26,000 people per square mile. According to the U.S. Census figures from July 2019, the entire town of Westport has 28,000 residents.
The personal “space” our town provides along with its culture and easy access to New York City makes Westport a prime destination, along with the fact that COVID has taught the world that telecommuting is possible.
It’s no secret among local agents that the rental market is robust, due in part to the city-dwellers that have been flocking to the suburbs.
In the last 60 days, 64 annual leases were signed. To put that into perspective, that is up from 54 last year during the same time period, and it easily surpasses the 51 signed leases we saw during this time frame in 2010, and it far surpasses the last 20 year average of 38 leases which commenced during this time period.
Seasonal rentals are up as well during this time frame with 39 signed leases, and that is up by three times from that of just last year.
It should be noted that on April 6, First Selectman Jim Marpe ceased short term rentals of 31 days or less in town.
Market Stats
There are now 218 homes that are actively on the market, and the available inventory has significantly decreased by the 349 properties that were available last year at this time.
The currently available properties have been listed for an average of 135 days, with a cumulative market time of 267 days, which is up by a two weeks and two months respectively to that of last year. The average list price is up approximately $214,000 from a year ago to $2,163,625. The median price is at $1,624,000, which is also up by $125,000 from a year ago at this time.
Twenty-seven 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Three properties were temporarily taken off the market or withdrawn. There were nine properties in the past week that had a price change.
An estate on Beachside Avenue is the highest priced home on the market, and is currently listed at $16.75 million. The Tudor-style home on 112-116 Beachside Ave. is an 8,482—square foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.
The lowest available priced single family is a two-bedroom, one and one half bath antique on .35 acres at 9 Hales Road, which was built in 1900. The 1,438-square foot colonial is listed at $364,900.
There are currently 36 homes under the initial stage of deposit townwide, and another 43 scheduled to close. The number of homes that are under any stage of deposit has decreased by just six units over last year at this time, which also speaks volumes about the continued strength of our market during these uncertain times.
Nineteen homes entered the initial stage of deposit last week, and an additional nine homes went under pending status with an average price of $1,386,778.
Three homes took an initial deposit in less than two weeks. A 1,578-square foot Cape Cod style home on 8 Heather Hill listed at $394,900 that was built in 1955 and sold in “as is” condition took a deposit in seven days; a 3,700-square foot colonial home at 7 Ivy Knoll took a deposit in eight days and was listed at $1.3 million; and 16 Colonial Road, a seven-year-old five-bedroom colonial with 4,272 square feet which took a deposit in 10 days.
The 3,460-square foot home at 68 Cross Highway entered into the deposit phase after a cumulative market time of 1,083 days. The four-bedroom Long Lots ranch was built in 1952, and was originally listed at $999,000 on Jan. 12, 2017, and underwent four price reductions to its current price of $695,000.
Closings: There were five sales reported during the last week, and their average price was $1,521,400 with an average market time of 90 days. The average sale price to list price ratio was 97%.
The colonial at 38 Washington Ave. closed $4,500 over its asking price of $699,000 after just 18 days on the market. The four-bedroom, two and one half bath home is on a .29 acre lot, and was built in 1922.
Condos: There are 25 condominiums that are currently available, which is up by 10 units from this time last year. These condos have been listed an average of 132 days, with a cumulative market time of 215 days.
The average price is $703,236 and is up by approximately $99,000 from last year at this time, and the median price of $625,000 is up by $45,000 from a year ago.
There were two new listings entered in the last seven days, and no properties came back on the market. Two homes had a price change, and no homes entered the initial deposit stage.
No homes entered pending status, and one home closed, which was located at 145 Lansdowne. The 2,050-square foot townhouse has two bedrooms and two and one half baths and sold after 193 days at 91.97% of its asking price of $685,000.
The highest priced condo in town is listed at $1,299,000 and is in a new nine unit adult development at Daybreak Commons, which is the former site of Daybreak Nursery. The luxury free-standing unit is 2,000 square feet and has two bedrooms and two full baths.
The lowest priced unit for sale is a one-bedroom unit with 682-square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $157,800.
There is one property currently under the initial stage of deposit townwide that is scheduled to close and is listed at $1,299,000.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 54 homes or apartments available. These homes have an average market time of 75 days. Inventory is down by six properties from last year.
The median price for townwide annual rentals is currently $4,825, which is down by $175 from this time last year. The average price is $7,044 per month, which is up by $1,060 from last year at this time.
The highest priced annual rental is listed at $27,500. The Mediterranean-style waterfront home at 32 Edgewater Hillside was built in 2007 and has views of Sherwood Mill pond. The three-bedroom home is 3,236-square feet of living area.
The lowest priced rental is a 680-square foot one-bedroom apartment that is listed for $1,800 monthly and is located at Unit 3A at 1835 Post Road East.
There are 46 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price of $15,483 and a median price of $79,250 with an average market time of 75 days.
The highest priced short term rental is listed at $75,000 per month and is located at 166R Cross Highway. The Hamptons-style 7,341 square foot contemporary colonial with no expense spared has six bedrooms, seven full and two half baths, five fireplaces, and a salt water pool.
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 — Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in this information or these statistics.
Featured Home
This home at 15 Gault Ave. is for lease at $7,000 per month.
This eight-room storybook colonial cape with terrific curb appeal just oozes New England charm, and is located in an outstanding neighborhood setting in Compo Commons where one can walk to town or the train station, or bike to the beach.
Built in 1995, this charming 3,262-square foot home features handcrafted woodwork and architectural detailing, and has been very well maintained both inside and out.
The great room features a wood-burning brick fireplace with a custom mantel, and one wall is dedicated to built-in shelving and cabinets.
The great room is also open to the sun-drenched kitchen which has strategically placed glass front cabinetry, stainless steel appliances, and a center island.
The breakfast nook area overlooks the professionally landscaped level .55-acre lot, and a 440-square foot bluestone patio with semicircular stone sitting wall.
A formal dining room has crown molding and chair rails.
The en suite bedroom on the main level can easily double as a master-bedroom suite, or one can utilize the second floor master bedroom suite with two skylights, fireplace, full bath and a walk-in closet
Three other bedrooms are on this level and one is en suite, while the other two share a hall bath.
An additional second floor recreation room is perfect for a place of respite, a large office or game room, and the lower level offers over 1,800 square feet of storage area.
This annual rental is available for occupancy late July or August.
Extras and items to note- four bedrooms, three and one half baths, two fireplaces, security system, public water and sewer, shuttle to train
Listing/photo courtesy of William Raveis- 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.
