By Judy Szablak
A review of recent numbers shows Westport’s real estate market has been fairly steady with a noticeable improvement over the last year and just a few minor bumps. 
The house at 28 Grassy Plains Road is for sale for $1,395,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s Westport
There are currently 345 single family homes on the market through our MLS system. The absorption rate—a measure of the pace of home sales—has increased since this time last year, and the median price has edged up slightly. A 95 percent sales price to list price ratio has remained fairly constant throughout the year.
Over the last three months, according to the MLS, there have been 127 sales reported with a median list price of $1,499,000 and a median sales price of $1,200,000. The sales price to list price ratio is 96.15 percent.
Average market time for listings during this period is 89 days, and the average market time for the sales reported during this period was 59 days.
Looking back a little bit at the previous four to six months, market improvement can be seen.
For that period, there were 364 single family homes on the market through our MLS system. There were 70 sales reported during this period with a median list price of $1,440,000 and a median sales price of $1,189,250.
The sales price to list price ratio during this period was 95.04 percent. The monthly absorption rate during this time was 23.33 and there was a 15.60 month supply of housing inventory. Average Market Time for listings during this period is 135 days, and the average market time for the sales reported during this period was 117 days.
Now a look at the latest week’s statistics:
Homes: There are 345 single family homes on the market, and their average list price is $2,142,114. These homes have been listed for sale an average of 113 days, and the median price is $1,323,500.
There are 98 four-bedroom homes available, and their average list price is $1,738,494. If you are in the market for a five-bedroom home, there are 166 homes to choose from, and their average list price is $2,944,950.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $294,900.
Six new listings came on the market in the last seven days, and two homes came back on the market after being under deposit.
Four properties had a price change, and 10 properties have gone under the initial deposit stage, which we call CTS. Six properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
Closings: Thirteen homes were reported as sold in the last seven days, and their average list price was $1,190,846 and these homes were on the market an average of just 58 days.
There were 60 status changes in the last seven days. There were 34 single family home sales reported to the MLS in July with an average list price of $1,565,917, an average sales price of $1,406,205 and an average market time of 113 days
Condos: The 29 condominiums that are available have been listed an average of 97 days, and have an average price of $622,046. The median price of a condo remains at $500,000.
The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.
No new listings came on the market this week, and no properties had a price change. Two properties went into CTS status, and no properties went into pending status.
Closings: No condominiums closed in the last week. There were four status changes in the last seven days.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 73 homes or apartments available. The median price is $4,800 per month and the average price is $6,682 per month.
These year-round rental opportunities have been on the market an average of 46 days.
There are 13 seasonal rental opportunities available, and they have been on the market an average of 73 days at an average price of $8,276. The median price of both furnished and unfurnished seasonal rentals is $5,600.
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 of the Week: this Newly Built Gambrel Colonial on 28 Grassy Plains Road is listed for $1,395,000
Tucked away on a quiet cul-de-sac, this newly built home on .20 acres is located in a new community near the Merritt Parkway. The Reserve at Poplar Plains is a 33-acre planned unit development consisting of 13 homes and bordering deeded open space.
What makes this home special is its luxury amenities, size, commuter-friendly location, and price.
The most inexpensive new home of its size in all of Westport, this is a single-family, detached cedar shingle home with its own yard. It is not a condo, but affords the ease of living that condominium living offers.
From the moment you approach the home, it is apparent that the developer has taken pride in his work. A double-pillared portico entry is accented by a partial fieldstone front, and the roof lines are architecturally appealing.
Approximately 3,900 square feet of living area includes nine rooms, five en-suite bedrooms, and a total of five and one-half baths.
There are hardwood floors throughout both levels and the first floor has a formal living room, a family room with a fireplace, a formal dining room, and a fabulous fully equipped eat-in kitchen.
A total of four bedrooms are on the upper level, and a flexible floor plan offers the buyer a choice of the master bedroom suite on either the first or second floor.
Low maintenance and carefree luxury living at a most affordable price make this house an absolute gem!
Taxes and common area fees have yet to be determined. Listing and photo courtesy of William Pitt Sotheby’s Westport.
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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.
