By Judy Szablak
Shocking as it may have seemed, as of last week the year-to-date average Westport real estate sales figures were down, albeit by just 2 percent. That, in my opinion, was not representative of the overall market. Additionally, this week’s sales upward roller coaster ride does not mean that prices shot up on the whole, either.
This custom home at 4 Marc Lane is listed for $2,550,000. (CLICK TO ENLARGE) Photo courtesy of Prudential CT Reaty
Although the inventory and median pricing have remained fairly constant over the last few weeks, our reported sales have doubled over last week’s figures.
Not only that, but the average listing price of those sales increased by more than $300,000. Just as last week was not cause for concern, this week is not cause for a celebration, either. It’s good, but it is not as consistent as it should be yet.
Interpreting the market is a fine art and one must take into account the highs and lows, seasonal adjustments, and other factors. Every week is important in determining the state of the overall market. However, each reporting period is an evolving story.
We can look back at the previous “chapters,” look at other historical data, and then do our best to predict the upcoming market. The one thing we know right now that weighs heavily in your favor is that the cost of money is low. Interest rates are lower than one could have imagined even a year ago.
The bottom line is that you should buy a home or condo if it is right for you. Sell your home or condo if it is right for you.
There do not appear to be any significant changes coming in the next few months or in the very near future, and I do not expect that your home will gain much in value or lose substantial equity by virtue of the market alone in the short term.
Homes: The inventory in town remains exactly as it was last week with 335 single family homes that are actively on the market. Their average list price is $2,136,776, and these homes have been listed for sale an average of 133 days. The median price remains fairly constant at $1,339,500.
The biggest price pocket are listed between $1million and $1.5 million, and the next biggest price pocket in town is between $1.5 million and $2 million and these homes comprise more than 38 percent of the available inventory.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000.
Six new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Eleven properties had a price change.
One property has gone under the initial deposit stage, which we call CTS, and six properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average listing price for these Pending properties was $1,625,833 and their average market time was 108 days.
Closings: Eight homes were reported as sold in the last seven days, their average list price was $1,881,812 and these homes were on the market an average of 112 days. There were 36 status changes in the last seven days.
Condos: There are 26 condominiums that are available, and they have been listed an average of 119 days. Their average price is $624,903. The median price of a condo is $484,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $279,000.
It still remains somewhat quiet for condo activity. No new listings came on the market this week, and no properties had a price change. One property went into CTS status, and no properties went into pending status.
Closings: No condominiums were reported as closed in the last week. There were four status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 83 homes or apartments available. The median price is $3,650 per month and the average price is $5,547 per month. These year-round rental opportunities have been on the market an average of 62 days.
There are just three seasonal rental opportunities available, and they have been on the market an average of 75 days at an average price of $15,833. The median price of both furnished and unfurnished seasonal rentals is $11,250.
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 custom home at 4 Marc Lane is listed for $2,550,000.
This impressive 6,239 square foot colonial was custom designed and built in 2005 by its current owners, who insisted on the best materials and craftsmanship available. Quite simply, the end result is that the quality easily rivals that of much higher priced homes.
The expert craftsmanship, special detailing, and high end materials make all the difference in this comfortable and elegant 11-room home with five bedrooms, and four full and two one-half baths which is perfectly sited on 1.4 acres on a quiet cul-de-sac.
The grand two-story entry has a custom hardwood floor inlay, recessed panel wainscoting with chair rails, and transom windows atop the entryways to the both the dining and living room.
The fine craftsmanship and detailed millwork continue throughout the home, and the formal living room has an extra wide set of transom window topped French doors flanked on either side by built in cabinetry and shelving, more recessed panel wainscoting and crown molding.
The dining room has a tray ceiling accented quite handsomely with a medallion center, more of the impressive moldings and craftsmanship, as well as a double perimeter walnut inlaid floor.
The family room has a floor to ceiling stone fireplace, more transom topped extra wide French doors, and even the coffered ceiling crossbeams have layered diamond shaped wood accents.
The kitchen is everything you might expect it to be and more, and the sheer size is impressive but not overwhelming.
Tastefully designed cabinetry with custom handles amid strategically placed mission-style glass fronts add even more style to this already fabulous and fully equipped kitchen.
There are granite tops, a Travertine backsplash, and a granite topped service island which easily accommodates six. The light filled breakfast area overlooks a lush lawn and patio through a well designed bay area with French doors.
The first floor also has 9-foot ceilings, and a built in sound system that extends out to the patio.
The sun-drenched master bedroom suite is on the upper level, and has a beautifully designed tray ceiling and a spacious and luxurious marble bath, complete with a frameless glass shower, king-sized whirlpool, inlaid flooring and custom millwork. There are four full and two half baths
The remainder of the second floor has four additional bedrooms, all with Euro-designed closets, an office which could be yet another bedroom if needed, and access to the walk up attic, which is already plumbed for an additional bath.
The lower level is very nicely finished as an expansive game room with additional built ins, a fireplace, and another half bath.
This home’s superior quality, impeccable craftsmanship and discerning taste are everywhere you look, and a rare find indeed in this price range.
Annual taxes are $28,129. Listing/photo courtesy of Prudential CT Realty.
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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.
