By Judy Szablak
Special to WestportNow
Westport’s real estate market has not been this active for quite a long time.
Featured Home: This home at 8 Bradley St. is listed at $3,950,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/The Fair Group
In fact, closed sales are up from the first quarter of last year, and the median sale price is up by an impressive $200,000.
The current buyer activity is higher than we have seen for quite some time, and may possibly facilitate a nominal rise in property values.
Although the seasonal spring market is fueling part of this increase in activity, a mostly mild winter also gave us a wonderful base to start from, and a great head start on the season.
If the combination of initial deposits and pending property ratios continue at the current rate without any percentage gains, we can reasonably label our market as neutral with a slight edge to sellers.
Market Stats
There are now 316 homes actively on the market, which have been listed for an average of 120 days, with a cumulative market time of 225 days. The average list price is $2,213,804 and the median price remains at $1,749,000.
A home on Beachside Avenue is the highest priced property for sale at $28 million, and the lowest available priced single-family is a two-bedroom cape on Hale Street for $459,000.
Twenty-one new listings came on the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Seventeen properties had a price change.
Eighteen properties have gone under the initial deposit stage, which we call CTS, and another seven 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 seven pending properties was $2,400,286. There are currently 46 homes in CTS status throughout Westport, and another 36 properties scheduled to close townwide, with an average price of $1,634,769.
Closings: There were 12 single-family homes reported as sold in the last week, and they were listed on average at $1,533,075 with an average market time of 93 days. There were 84 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 91 days. Their average listing price is $718,261 and the median price is $736,500.
The highest priced condo in town is listed at $1,199,999 and is a two-bedroom home at Terra Nova, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $289,000.
There were two new listings this week, and one home came back on the market. There were no price changes, and one property went under the initial stage of deposit. Two properties entered pending status.
There is one property townwide that is currently in CTS status, and there are seven properties scheduled to close.
No sales were reported during the last week. There were six status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 62 homes or apartments available. The median price is $4,913 per month and the average price is $6,789 per month.
These year-round rental opportunities have been on the market an average of 71 days.
There are 54 short-term rental opportunities that are available, and they have been on the market an average of 65 days. Their average price is $19,382 and the median price is $18,000.
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 8 Bradley St. is listed at $3,950,000.
This newly built custom 10-room colonial with “panache” is in the heart of the sought after Compo Beach area, and has water views as well as a perfectly private double lot.
It is apparent that great thought that went into the design of this 4,294-square foot home, which is stylistically unique and wonderfully functional at the same time.
Crown molding, built ins, and walls of windows afford much light into the living room, along with beautiful views.
The open concept layout has a dining area that is open to the kitchen and family rooms. French doors lead out to the expansive 696-square foot bluestone patio with fireplace and private .22-acre yard.
The chef’s kitchen has marble counters, stainless steel appliances and a matching breakfast bar that seats three comfortably.
A flowing floor plan continues with the family room with ship-lap paneling, a stone fireplace, and custom ebony-hued cabinetry with built-ins and a wet bar.
The main level office features exquisitely incorporated high-gloss gray shelving and cabinetry
Upstairs, the master bedroom suite with fireplace and two walk-in closets encompasses the entire left wing of the home.
The luxuriously appointed bath with freestanding soaking tub and oversized glass enclosed shower has radiant heated herringbone-style marble flooring and custom lucite vanities.
A second floor office/den is directly adjacent to the master bedroom, and can easily be converted to a nursery if so desired
Three additional en suite bedrooms are on this floor, and the finished third level has another full bath, as well as access to the 408-square foot balcony with outdoor fireplace through French doors.
Extras and items to note — five bedrooms, five full and two half baths, four fireplaces, 9-foot ceilings on both levels, custom milled 16-foot wide plank floors, pre-wired for audio/surround sound and security systems, hydro-air heating system, recessed outdoor kitchen, outdoor shower, automated defrost for rooftop deck, heated oversized two-car garage, EV car charger, parking for six cars, irrigation system, wired for generator, 8-foot privacy fence, Professionally landscaping by Heather O’Neill of Second Nature Landscaping Design, FEMA compliant.
Listing/photo courtesy of William Raveis/The Fair Group.
Annual taxes are $19,134.
(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.
