By Judy Szablak
Special to WestportNow
There is an interesting sales trend occurring in Westport this year, and it reflects a unique similarity with some of what the National Association of Realtors is reporting on a coast-to-coast basis.
Featured Home: This home at 25 Flower Farm Circle is $3,795,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s- Westport
Over the last six months in Westport, there have been four price ranges that have enjoyed the most activity. Those ranges are between $700-$750,000, $1.2- $1.3 million, $1.6-$1.7 million, and lastly, $2.25- $2.5 million.
What is striking about these ranges is that first time Westport homeowners begin the trend at the first level, and each subsequent tier could easily be considered a move-up range from the previous one.
Lawrence Yun, chief economist for the National Association of Realtors said, “This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more homeowners realizing the equity they’ve accumulated in recent years and finally deciding to trade-up or downsize.
He also added “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.”
Market Stats
There are now 407 homes on the market and have been listed for an average of 102 days, with a cumulative market time of 179 days. The average list price is now $2,270,280 and the median price is now $1,819,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a three-bedroom cape on Richmondville Avenue for $477,500.
Nine 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn.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-five properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and four 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 four properties was $1,573,500. There are currently 24 homes in CTS status throughout Westport, and another 56 properties scheduled to close town-wide, with an average price of $1,395,110.
Closings: There were 14 single family homes reported as sold in the last week, and they were listed on average at $1,816,857 with a market time of 178 days. There were 71 status changes in the last seven days.
Condos: There are 10 condominiums available, and they have been listed an average of 28 days. Their average listing price is $708,500 and the median price is $639,25.
The highest priced condo in town is listed at $1,195,000 and is a two-bedroom home located at Terra Nova, and the lowest priced unit for sale is a two-bedroom home at Playhouse Condos for $445,000.
There were two new listings this week, and no homes came back on the market, There were no price changes, no properties went under the initial stage of deposit, and no homes entered pending status.
There is one property town-wide that is currently in CTS status, and there is one property scheduled to close.
No sales were reported during the last week, and there were seven status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 69 homes or apartments available. The median price is $6,500 per month and the average price is $7,757 per month.
These year-round rental opportunities have been on the market an average of 52 days.
There are 60 short-term rental opportunities that are available, and they have been on the market an average of 83 days. Their average price is $17,822 and the median price is $13,500.
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 25 Flower Farm Circle is $3,795,000.
Just nine years young, this stunning 11-room colonial on a sought after Greens Farms cul-de-sac has custom finishes, innumerable upgrades, and just a hint of country flavor with its reclaimed wide-plank antique hardwood flooring.
Four levels of living space comprise nearly 8,000-square feet of living area, and the sunlit, versatile and open floor plan is an absolute treasure.
The living room has a fireplace, and the dining room has crown molding recessed panel wainscoting and chair rails. The butler’s pantry is nicely tucked away with added storage and preparation areas, wine fridge and ice maker
A gourmet kitchen has custom cabinetry with granite counters and top of the line stainless steel appliances, a recessed pantry, and a center island with a rich wood countertop.
The large breakfast bay is open to the family room, and has transom topped French doors that lead out to the 980-square foot blue-stone patio with stone fireplace/barbecue.
The family room has a coffered ceiling, built-in cabinetry and shelving, and a charming fieldstone fireplace with raised hearth that is flanked on either side with transom-topped French doors that lead out to the expansive patio and level 1.52 acre property, as well as the three-season screened porch
The handsome library incorporates richly designed and coffered wood ceiling, plenty of built-ins and stunning cabinetry.
Upstairs, the master suite has a double tray ceiling with custom crown molding, a romantic fireplace with marble surround, and a private 252-square foot balcony. The sumptuous marble bath has radiant heated floors, a glass enclosed steam shower, separate whirlpool and dual vanities.
There are three additional en suite bedrooms on this level, one of which has a large sitting room.
The third level has another bedroom with full bath that could easily double as an office hideaway if desired.
The lower level has a playroom, additional bedroom and full bath, plus plenty of storage.
Schools—Greens Farms, Bedford, Staples
Extras and items to note— Five bedrooms, seven full and one half baths, four fireplaces, 9-foot ceilings, 58-foot long covered front porch, main level sun room, audio system, security system, central vacuum, heated in-ground pool and spa, three car garage, generator
Annual taxes are $35,746 as of July 1.
Listing/photo courtesy of William Pitt Sotheby’s- 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.
