By Judy Szablak
Special to WestportNow
Trending data points to a seasonal upswing in the Westport real estate market.
Featured Home: This home at 5 Hedley Farms Road is listed at $14 million. (CLICK TO ENLARGE) Photo courtesy of William Raveis/ Leslie Clarke Homes
There are a number of ways to gauge the market. Inventory is one, and closed sales is another. Both are extremely important when it comes to pricing a home, and that is whether one is buying or selling.
However, initial deposits and pending sales tell us what’s currently trending, and should also be factored in to the mix, as that assists us in seeing what is projected in the very near future.
Currently, we have 27 homes under initial deposit, and another 30 that are scheduled to close.
While these numbers are not the highest that they have been in 2018, the very close correlation between the two has only occurred a few times this year. In fact, initial deposits have only outnumbered pending sales twice in the last year.
What we normally see are a greater percentage of homes that are scheduled to close. The close connection that we see this week shows us that the market is picking up, although it should not be taken as a longer term change unless we see this trend continue for at least another few weeks to a month.
In this case, it appears to be a seasonal uptick that smart sellers should be taking full advantage of while it lasts.
Market Stats
There are now 327 homes that are actively on the market that have been listed for an average of 131 days, with a cumulative market time of 210 days. The average list price is now $2,086,750 and the median price is now at $1,499,000.
A home on Beachside Avenue is the highest priced property for sale at $22.5 million, and the lowest available priced single family is a three-bedroom home on Crescent Park for $375,000.
Seventeen 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the market in the last seven days, and no properties came back on the market after being under deposit, or temporarily withdrawn. Fifteen properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS or Show, and six 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 six pending properties was $1,207,817. There are currently 27 homes in CTS/Show status throughout Westport, and another 30 properties scheduled to close townwide, with an average price of $1,471,627.
Closings: There were six single family homes reported as sold in the last week, and they were listed on average at $1,648,483 with an average market time of 130 days. There were 69 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 107 days, with an average cumulative market time of 153 days. Their average listing price is $668,467 and the median price is $688,500.
The highest priced condo in town is listed at $1,079,000 and is a three bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two bedroom home on Bridge Street for $233,700.
There was one new listing in the last seven days, and no properties came back on the market. No properties had a price change, and two homes took an initial deposit. No homes entered into pending status.
There are three properties townwide in CTS/Show status, and five properties are currently scheduled to close which are listed on average at $586,180.
No sales were reported during the last week. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 76 homes or apartments available. The median price is $4,225 per month and the average price is $5,868 per month. These year round rental opportunities have been on the market an average of 87 days.
There are 38 short-term rental opportunities that are available, and they have been on the market an average of 110 days. Their average price is $7,387 and the median price is $5,750. 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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics
Featured Home
This home at 5 Hedley Farms Road is listed at $14 million.
This simply magnificent Nantucket-style waterfront estate in Greens Farms is privately sited on 7.27 acres and has unobstructed views of Long Island Sound.
Built in 2014, and designed by well respected Franzen Architects, this 13,397-square foot home has four levels of living area with water views from most of its 20 rooms, and outstanding professionally landscaped grounds that include a 20-foot by 45-foot pool with cabana, 3-acre pond, and private dock.
This exceptionally elegant colonial has custom millwork, 10-foot ceilings, and every amenity one might expect from this inspiring and dramatic home, including a two-bedroom guest wing with full kitchen and separate entrance, as well as a movie theater with tiered seating for eight.
The living room has a fireplace with Absolute Black granite mantel and hearth, and plenty of built-ins.
An impressive dining room has a coffered ceiling, and a butler’s pantry with sink, dishwasher, beverage fridge and plenty of storage and work space.
The expansive and centrally located gourmet kitchen with Calacatta marble tops and professional grade appliances is a chef’s delight, and the matching center island seats four comfortably. The breakfast bay area has fantastic water views and French doors step out to the cedar veranda, outdoor kitchen, and two circular staircases which lead to the 2,900-square foot patio and pool area.
A handsome mahogany paneled office with rich coffered ceiling and well designed built-ins has a fireplace with Absolute Black surround, and the library/den with Limestone fireplace includes a reading niche and French doors to the veranda
The main level guest wing has its own entrance and includes two en suite bedrooms, a sitting area, full kitchen. French doors lead to the breakfast balcony.
Upstairs, the master bedroom suite has another fireplace with custom mantel, large closet, and private balcony. The luxurious Thassos White marble bath includes a steam shower, and whirlpool.
Four other en suite bedrooms are on this level; one of which includes a sitting area and loft.
A finished area on he third level also leads to the 935-square foot rooftop deck which offers 360-degree views.
The garden level has an en suite bedroom, a recreation room with 9-foot coffered ceilings, a gym with mirrored wall, an expansive screened porch and the acoustically enhanced movie theater with 100-inch screen.
Extras and items to note — eight bedrooms, eight full and four half baths, five fireplaces, 10-foot ceilings, hydro-air heating and cooling, oak paneled elevator, Control4 Smart Home, security system, audio system, Lutron lighting, central vacuum, natural gas, ProLinks par three golf hole with professional sand trap, 3-acre pond with cedar dock. 20=foot by 45-foot inground pool with cabana and outdoor shower, eight person hot tub, fieldstone fire pit, irrigation system, four-car garage, generator
Annual taxes are $102,325.
Listing/photo courtesy of William Raveis/ Leslie Clarke Homes.
(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.
