By Judy Szablak
This year the Westport real estate market is off to a slower start than 2011, something especially notable in view of the inclement weather of early last year and its impact on buyer activity.
This home at 16 Surf Road is listed at $5 million. (CLICK TO ENLARGE) Photo courtesy of the Higgins Group – Tracy/Studwell.
The 31 sales reported in the first 45 days of this year slightly edge out last year by just one sale. With the unusually mild weather this year, sales should be more brisk.
Town-wide sales volume is down in this crucial 45-day year-over-year period by almost 25 percent. Inventory is up by almost 25 percent.
While the spring market is already upon us, don’t push pricing and don’t anticipate any seasonal price increases just yet. Stage your home properly to effect a sale in this still somewhat unsettled market.
Market Stats
There are now 300 homes that are actively on the market, and their average list price is $2,140,653. These properties that are currently on the market have been listed for average of 121 days, and the median price is now $1,374,000.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $204,900.
Twenty-one new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Nine properties had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS, and 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 these seven pending properties was $1,869,429 and they were on the market an average of 129 days.
Closings: Four homes were reported as sold in the last week, and their average list price was $1,509,000. Average market time for these sold properties was just 83 days. There were 63 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 149 days. Their average listing price is $651,431, and the median price is $524,500. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $325,000.
No new listings came on the market in this past week, and no homes came back on the market after being under deposit. One home had a price change.
No properties went under the initial deposit stage, and no properties went into pending status. There were no closings. There was one status change in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 56 homes or apartments available. The median price is $3,600 month and the average price is $5,297 per month. These year-round rental opportunities have been on the market an average of 102 days.
The seasonal rentals are beginning to emerge on the market and there are now 20 opportunities available. They have been on the market an average of 31 days, with an average price of $22,257. The median price is $16,875.
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 of The Week This home at 16 Surf Road is listed at $5 million.
This four-story extensively and exquisitely remodeled contemporary on a quiet cul-de-sac has 90 feet of direct water frontage on the picturesque Bermuda Lagoon.
This 7,000-square foot custom-built contemporary home with an open floor plan also has traditional colonial appeal, and boasts outstanding water views from most of its 13 rooms.
The entrance from the road has a commanding appeal, with a stone wall topped with picket fencing, and stone pillars on either side of the driveway that perfectly frame the property and keep the .52-acre grounds as private as one would expect.
A grand two and one-half story atrium foyer has a curved four foot wide staircase, and this home’s well planned design takes every opportunity to enjoy the beautiful water views and the sunlight while you are indoors.
Among the six rooms on the first floor is an impressive 1,200-square foot great room. This grand three-story room has outstanding water views through entirely windowed walls, as well as 12 remote controlled ventilating skylights.
A banquet-sized west-facing dining room has built-in shelving and magnificent sunset and water views.
The fully applianced gourmet kitchen has a walk-in pantry, breakfast bar and marble counter tops, as well as a casual dining bay area with peaceful water views.
The two-room mahogany office suite includes a conference room/library with fireplace, and a main office area with outstanding water views and access to the bluestone patio with outdoor fireplace.
All five bedrooms in this home are en-suite, and there are a total of six full and three one-half baths throughout this home.
The master bedroom suite is on the second floor and has its own private wing. Its cathedral ceilings are enhanced by ambient soffit lighting, and the suite includes a fireplace, a morning kitchen with sink and refrigerator, and a luxurious marble bath with two dressing areas.
There are three other bedrooms on this floor, and the fifth bedroom is on the third floor, which could easily be quite suitable for Au-pair quarters.
One more flight of stairs from the second floor will bring you to the “Crow’s Nest”—a rooftop viewing deck with outstanding panoramic views of Long Island Sound.
Extras and items to note: 90 feet of waterfront with electricity enabled deep water dock thar can accommodate 50-foot boat; rooftop panoramic “crow’s nest” viewing deck; propane gas-powered generator; hydro air heating; central vacuum system; lower level gym; Irrigation system
Annual taxes are $41,628.
Listing/photo courtesy of the Higgins Group – Tracy/Studwell.
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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.
