Friday, February 23, 2024

Sponsors

Real Estate Report: Size Matters

By Judy Szablak

Special to WestportNow

Size does matter when buying or selling a home in Westport.

WestportNow.com Image
Featured Home: This home at 42 Owenoke Park is listed at $3,099,000. (CLICK TO ENLARGE) Photo courtesy of Settlers & Traders Real Estate Company

There are currently 276 single family homes on the market, and 51 of these properties that are available have under 2,500-square feet of living area, and their average price is $938,671.

A slightly above average deposit ratio makes this range among one of the more active segments in town.

However, the 4,001- to 5,000-square foot size has the most inventory with 49 homes currently available for sale at an average price of $1,927,237.

The seven properties that are under some stage of deposit indicate a market that slightly edges out in the buyers behalf.

The strongest square footage range in town is between 3,001- to 4,000-square feet. The 44 available homes have an average price of just over $1.6 million, and a fairly strong deposit ratio that easily favors the seller.

Market Stats

There are now 278 homes that are actively on the market, which have been listed for an average of 128 days, with a cumulative market time of 215 days.

The average list price is now $2,127,123 and the median price is now $1,690,000.

A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single family is a three-bedroom home on Oakview Circle for $249,000.

Twenty new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Six properties had a price change.

Seven properties have gone under the initial deposit stage, which we call CTS or Show, and another eight 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 eight pending properties was $2,061,000. There are currently 29 homes in CTS/Show status throughout Westport, and another 40 properties scheduled to close townwide, with an average price of $1,792,063.

Closings: There were eight single family homes reported as sold in the last week, and they were listed on average at $1,118,375 with an average market time of 157 days. There were 56 status changes in the last seven days.

Condos: There are nine condominiums that are available, and they have been listed an average of 101 days, with a cumulative market time of 163 days. Their average listing price is $680,206 and the median price is $539,900.

The highest priced condo in town is listed at $1,249,000 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 $254,330.

There was no activity at all in the last week.

There are four properties townwide that are currently in CTS/Show status, and one property is currently scheduled to close.

No sales were reported during the last week. There were no 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 $5,950 per month and the average price is $6,133 per month. These year round rental opportunities have been on the market an average of 128 days.

There are 65 short-term rental opportunities that are available, and they have been on the market an average of 92 days. Their average price is $13,828 and the median price is $8,500. 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 42 Owenoke Park is listed at $3,099,000.

This light filled contemporary colonial has a Nantucket flair and sweeping views of Long Island Sound, Longshore and Gray’s Creek from most every room.

The 3,924-square foot home is set far back from the road on a quiet cul-de-sac with an expansive paved-brick front courtyard, as well as a bluestone patio with panoramic water views on a professionally landscaped and well manicured .62-acre property.

South by southwest exposure ensures amazing sunset views, and the open floor plan allows all that enter to enjoy the landscape.

The living room has a stunning inlaid floor design and a native stone fireplace with custom built-ins.

The dining room is open to the living room, and both have weathered wood coffered ceilings.

A designer European-style white kitchen with an AGA stove has marble counters, and the breakfast bar that seats two is open to the family room which has French doors that lead out to the 551-square foot patio/terrace with semicircular stone sitting wall.

The left wing on the main level has three bedrooms, and is nicely tucked away from the entertaining areas.

The master bedroom suite occupies the entire second floor of the home, and has outstanding panoramic views, along with two dressing rooms, a walk-in closet and full bath.

The bonus 840-square foot recreation room with beamed cathedral ceilings is above the garage and is well suited for an au pair suite, office, recreation area or additional bedroom.

Extras and items to note — four bedrooms, three full baths, fireplace, solar powered hydro-air heating system, public water and sewer, generator, approved pool site, existing dock

Annual taxes are $36,627.

Listing/photo courtesy of Settlers & Traders Real Estate Company.


Judy Szablak
(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.             

Leave a Reply

Your email address will not be published. Required fields are marked *