By Judy Szablak
Signs continue to be good for a healthier spring market than we have had in the last few years, and that rings true for the majority of the Westport market.
This home on 22 Surf Road in the Westport’s Saugatuck Shores area is listed for sale at $4,495,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/KMS Partners
While some segments are not performing as well as we would have hoped, others are right where they should be. One aspect of the market with particular importance that is frequently overlooked is the overall health of the rental market.
In Westport, we truly have two different segments of this market, which are the seasonal opportunities and the yearly rentals. Of the 121 rental opportunities available in town, more than 40 percent are short term, or seasonal rentals.
Both segments are performing in a fairly healthy fashion, and that tends to trickle over and have a positive effect on single family home sales as well.
While healthy is good, interestingly enough, a very strong rental market right at this moment could be detrimental.
A very strong rental market indicates that more Westport-bound residents are opting to rent rather than buy, and that would mean fewer home sales. The current mix is just right, and it appears that we are in a very good position going forward in 2012.
Market Stats: there are now 342 homes that are actively on the market, and their average list price is $2,110,139. These properties that are currently available have been listed for average of 100 days, and the median price has risen slightly again for the third consecutive week to $1,372,500.
The highest asking price for all homes currently on the market is $19.9 million and the lowest available priced home is $192,900.
Sixteen new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Nine properties had a price change.
Fifteen properties have gone under the initial deposit stage, which we call CTS, and 14 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 10 pending properties was $1,458,921, and they were on the market an average of 80 days.
Closings: Three homes were reported as sold in the last week, and their average list price was $2,628,333. Average market time for these sold properties was 145 days. There were 71 status changes in the last seven days.
Condos: There are 21 condominiums that are available, and they have been listed an average of 156 days. Their average listing price is $652,357, and the median price is $522,500.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $299,000.
There was one new listing this past week, and no properties came back on the market after being under deposit. One property had a price change. One property went into the CTS stage, while no properties entered into the pending stage of deposit.
One condominium was reported as sold in the last seven days, and was listed at $680,000. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 71 homes or apartments available. The median price is $3,650 per month and the average price is $5,584 per month.
These year round rental opportunities have been on the market an average of 67 days.
There are now 50 short -term rental opportunities that are available, and they have been on the market an average of 44 days. Their average price is $21,409, and the median price is $14,250. 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 on 22 Surf Road is listed for sale at $4,495,000.
This custom 10 room colonial is on one- half acre and located on the scenic Bermuda Lagoon. Stunning panoramic vistas, and very high standards give this waterfront home unmatched beauty inside and out, while exuding elegance at every angle.
A stately marble foyer has wainscoting and custom mill work, and is the perfect setting for the gently winding staircase.
The formal living room has a fireplace and is elegant in every detail and in every way.
There is a tray ceiling in the banquet sized dining room and the intricately designed marble floors give this room a more than regal touch.
The family room/media center has another fireplace and is magnificently styled with beautiful water views and has a full service kitchen which is perfect for entertaining.
The custom gourmet kitchen with granite tops is designed with beauty and functionality, and is fully applianced. There is also a service island that seats three or four comfortably.
The workmanship and attention to detail is outstanding in this 5,256 square foot home, and it is quite apparent that not much, if anything is left that is original from when it was built in 1968.
All four bedrooms are en-suite, and three bedrooms are on the main level. The lavish master bedroom is on the second floor, and has a spectacular bath with heated radiant flooring, as well its own cherry office/den.
Extras and items to note: central vacuum system, security system, in-ground pool and spa, 40-foot deep water dock with water and electricity, third floor “crows nest”.
Annual taxes are $44,097.
Listing/photo courtesy of Coldwell Banker Riverside/KMS Partners
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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 is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
