By Judy Szablak
Westport sales are up sharply over last year, however average prices have not shown an increase—as of yet.
This home at 3 Buck Hill Road is listed at $2,350,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker-Westport Riverside
While we may not have seen a significant price increase, there are currently more than 70 pending single family homes, and we can expect prices to edge upward. Unit sales are up significantly this year, and as of today, there have been 123 sales, as opposed to only 92 during this same period in 2012.
Additionally, in the last month or so, we have seen many properties enter into multiple bidding wars, and final purchase amounts exceeding initial asking prices.
There have been nine homes year-to-date that have sold at asking price, and another 13 sold over asking price. Two standout properties sold for $123,000 and $125,000 over asking price—on Marine Avenue and on Dogwood Lane, respectively.
Homes still need to be priced properly for the market, and correctly priced homes can take a deposit in hours, if they are staged well and maintained properly.
Market Stats
There are now 279 homes that are actively on the market. The average list price of these available homes is $2,218,603, and these properties have been listed for average of 100 days, with a cumulative market time of 170 days. The median price is now $1,875,000.
The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.
Thirty-seven new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Ten properties had a price change.
Seventeen properties have gone under the initial deposit stage, which we call CTS, and 12 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 12 pending properties is $1,574,192. There are currently 46 homes in CTS status throughout Westport, and another 76 properties scheduled to close town-wide, with an average price of $1,567,079. (Note that one pended property was significantly above the median price, and has been excluded from these averages.)
Closings: There were 13 properties reported as sold in the last week, and were listed on average at $1,554,846, and sold with a market time of 175 days. There were 106 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 121 days. Their average listing price is $595,038, and the median price is $517,000. The highest priced condo in town is listed at $919,000 and the lowest offering price is $299,000.
There was one new listing, and no homes came back on the market after being under deposit. Two properties had a price change. Three properties entered into the initial stage of deposit.
There are four properties town-wide that are currently in CTS status, and six homes are scheduled to close that are listed on average at $518,083.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 36 homes or apartments available. The median price is $4,348 per month and the average price is $4,792 per month. These year-round rental opportunities have been on the market an average of 41 days.
There are 39 short-term rental opportunities that are available, and they have been on the market an average of 32 days. Their average price is $16,958, and the median price is $14,000. 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 3 Buck Hill Road is listed at $2,350,000.
Located on a private lane in the sought after Old Hill area, this meticulous five-bedroom colonial was built in 2003, and its exceptional craftsmanship gives the impression that this stately home was newly built.
A gracious 5,845-square foot floor plan has abundant light throughout its 11 rooms, and 9-foot ceilings along with specialty crown molding add flair and distinction, giving each room has its own elegant personality.
The story entry foyer and hall have richly designed recessed panel wainscoting, and to your left as you enter is the living room, which has a fireplace, coffered ceiling and French doors to a handsome library.
The exquisitely designed cherry library has a rich coffered ceiling, and fluted molding accents the built in cabinetry and shelving.
The dining room has crown molding, recessed panel wainscoting, and a custom medallion for the chandelier. The perfectly placed butlers pantry has granite tops and a mini fridge.
A gourmet kitchen has granite counter-tops, and a nicely contrasting two-tiered center island which seats three comfortably. The breakfast nook overlooks a private and level 1.09 acre sweeping lawn through a transom topped French door to the blue-stone patio.
The family room has a floor to ceiling raised hearth stone fireplace, and is open to the breakfast nook through a set of columns. Two sets of transom topped French doors also lead to the patio.
Upstairs, the master bedroom privacy suite has crown molding, tray ceilings,and a luxurious and elegant bath with whirlpool and glass enclosed shower, as well as an exceptionally large walk in closet
Four other bedrooms are on this floor and each are en suite.
The expansive third floor great room has cathedral ceilings and offers additional flexibility—either for a teen suite, media room, or recreation area.
Extras and items to note—professionally landscaped, extensive outdoor lighting, generator ready.
Annual Taxes $24,775.
Listing/photo courtesy of Coldwell Banker-Westport Riverside.
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(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.
