By Judy Szablak
Special to WestportNow
Westport’s real estate market took a step back this past year, and the year ended up being more similar to 2016 in regards to sales; however, there were some bright spots.
Featured Home: This home at 7 Greenlea Court is listed at $1,429,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group/Bedford Square.
While the overall statistics show the market has suffered on price, days on market, units sold and sale price to list price ratio over the last year without delving any further into it, it has gained something very significant; and that is a substantial decrease in older inventory.
Just under 15% of the homes that closed last year were on the market for at least one year, and 81% of those 53 homes were on the market between one and two years. Four homes were on the market over three years. This statistic is important to 2020 and beyond as this older inventory is now removed from the marketplace.
Compare that to 10.5% of older inventory that sold in 2018. In fact, we haven’t seen that high of an absorption rate of older inventory since 2012, which had a rate of 16.5%.
Total volume was 485 million in 2019 as compared to just under 600 million the prior year, which was down over 10% from 2017, and still less than $560 million in 2016.
The 356 single family home sales reported to the SmartMLS in 2019 almost mirrored that of 2016 as well, with just an 11 unit difference. Both 2018 and 2017 enjoyed over 400 unit sales; 411 closed homes in 2018,and 433 in 2017.
While buyers and sellers could reasonably expect that a home would sell for 96% of list price in 2018, that percentage fell slightly to 95% in 2019.
Although the average sale price fell $96,000 from 2018 to end the year at $1,361,657, the amount of older inventory most certainly played a role in that, as well as the sales price to list price ratio.
The average days on market also increased from 98 days on 2018 to 120 days in 2019, which takes into account 110 homes that sold in less than 30 days in 2018 as compared to just 51 in 2019.
The average sales price to list price ratio has remained at 96% over the past two years, while it was 95% in 2016, however this was after one or more price reductions. Additionally, when one takes into account the original asking price to sales price ratio, 158 homes sold at 96% or better.
Fifty-four homes closed at or above asking price in 2019, and 69 homes closed at or above asking price in 2018.
Two homes closed over $5 million this past year, including 2 Driftwood Point, a direct waterfront 6,043-square foot contemporary with five bedrooms, and four and one half baths on one acre which closed at $6.3 million, and 261 Hillspoint Road, another waterfront home on a 1.48 acre peninsula which had 5,206 square feet of living area that included four bedrooms, and four full and three half baths.
The 40 new construction sales accounted for 11.3% of all sales in 2019, and had an average sales price of $2,190,576 with an average sales price to list price ratio of 97%. This was nearly identical absorption percentage-wise to 2018, however the average sale price of the 47 homes that closed the prior year was $2,516,723 with a sales price to list price ratio of 98%.
The two “price pockets” that enjoyed the most sales last year were between $950,000- $1.2 million (64 sales) and $2-2.5 million (29 sales).
Currently, our initial deposits are on par with properties that are in pending status, which is always a good sign. A year of much fresher inventory awaits us in 2020.
Market Stats
There are now 214 homes that are actively on the market, which has decreased by 39 properties from last year at this time.
These currently available properties have been listed for an average of 168 days, with a cumulative market time of 300 days. The average list price is down approximately $137,000 from a year ago to $2,031,064 and the median price is at $1,398,500, which is down by $126,500 from a year ago at this time.
Sixteen new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. There were 12 properties in the past week that had a price change.
An estate on 112-116 Beachside Ave. is the highest priced home on the market, and is currently listed at $20 million. The tudor-style home is an 8,482-square foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.
The lowest available priced single family is a three-bedroom two-bath bungalow-style ranch on .12 acres at 17 Hale St., which was built in 1939. The bank owned is listed at $362,000.
There are currently 25 homes under the initial stage of deposit town-wide, and another 24 scheduled to close. The number of homes that are under the initial stage of deposit is up by eight units from that of last year, and the pending sales are up by eight units from last year at this time.
Eight homes entered the initial stage of deposit last week, and five homes went under pending status with an average price of $1,687,907.
The home at 15 Yankee Hill took an initial deposit, and was listed at $5.5 million. The 16-room home was built in 2013 by Bluewater Home Builders, and has seven bedrooms, eight and one half baths, and five fireplaces.
Closings: There were five sales reported during the last week, and their average price was $1,333,807 with an average market time of 153 days and sale price to list price ratio of 95 percent.
The home at 7 Woodside Lane closed at $770,000 after a cumulative market time of 854 days. The home was originally listed at $1,049,000, and had 10 price adjustments before its final asking price of $799,000. The 3,400-square foot contemporary colonial has four bedrooms, three full baths, and a finished lower level, and closed at 96.37% of its final asking price.
Condos: There are 17 condominiums that are currently available, which is up by eight units from this time last year. These condos have been listed an average of 136 days, with a cumulative market time of 194 days.
The average price is $640,994 and the median price is $679,000. The average price is up by approximately $72,000 from last year at this time, and the median price of $679,000 is exactly the same it was a year ago.
There was one new listing entered in the last seven days, and no property came back on the market. One property had a price change and one home entered the initial deposit stage. One home also entered pending status.
The highest priced condo in town is listed at $1,250,00 and is in a new nine-unit adult development at Daybreak Commons, which is the former site of Daybreak Nursery. The luxury freestanding unit is 2,000 square feet and has two bedrooms and two full baths.
The lowest priced unit for sale is a one bedroom unit with 750 square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $162,800.
There are three properties currently under the initial stage of deposit town-wide, and two that are scheduled to close with an average price of $489,450.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 83 homes or apartments available, and inventory is up by 19 properties. These homes have an average market time of 111 days.
The median price for town-wide annual rentals is currently $4,500, which is up slightly from that of a few weeks ago, and is up $150 from this time last year, and the average price is $5,462 per month, which is down $159 from last year at this time. These year round rental opportunities have been on the market an average of 91 days.
The two highest priced annual rentals are listed at $25,000 each. The beachfront home at 66 Compo Mill Cove consists of 4,000 square feet with designer furnishings, and has six bedrooms, and a deeded deep water boat slip at Compo Beach.
A 17-room colonial home on a premier cul de sac at 12 Woody Lane has 8,611 square feet of living area, a pool and outdoor kitchen and is also listed at $25,000 monthly, and includes an option to purchase, or lease-purchase. This home also is available in July and August for $40,000.
The lowest priced rental is a 450-square foot three-room apartment that is listed for $1,250 monthly and is located at 42 Richmondville Ave.
There are 41 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price of $9,594 and a median price of $5,200, with an average market time of 111 days. Expect more seasonal opportunities to enter the market, and the average prices go up as we get closer to warmer weather.
The two highest priced short term rentals are both listed at $40,000. They include 12 Woody Lane, which is also available on an annual basis and 10 Bluewater Hill South, a four-bedroom, three-bath Mediterranean-style colonial with historical gardens by famed Central Park designer Frederick Olmstead, and has varying monthly prices from May to August.
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 – Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 7 Greenlea Court is listed at $1,429,000.
This unique contemporized colonial with an exceptionally open floor plan enjoys the beauty and benefits of direct frontage and a private dock on the Aspetuck River, along with sufficient access to enjoy swimming, canoeing, fishing and skating.
The one-of-a-kind 10 room retreat on the river was originally built in 1967, and substantially rebuilt and expanded in 2013 to make it the 5,514-square foot home that it is today on 2.34 bucolic acres.
The living room has a wall of built-ins and a gas fireplace flanked on either side by French doors lead to the rear patio and lush lawn.
A charming dining area has window seating with storage underneath, twin built-in hutches, and dining guests can take full advantage of the pristine and serene views of the park like scenery.
The gourmet kitchen with top of the line stainless steel appliances including a Viking six burner range also has a walk-in pantry, a breakfast bar that seats four comfortably, and is open to the dining area.
Three steps down to the sun drenched family room ensures that everyone has their own comfortable space.
A hard-to-find main level master bedroom suite has built-in window seating with storage underneath, and a luxurious marble bath with deep tub and separate glass enclosed shower.
Three additional large sized bedrooms are on the upper level, as well as a skylit office with numerous built ins.
The lower level includes another bedroom, a media room with built-ins, gym/exercise area, and plenty of well designed storage spaces
Extras and items to note—five bedrooms, three and one half baths, fireplace, 45-foot long covered front porch and walkway, audio system, security system, natural gas, direct waterfront, no flood insurance required.
Annual taxes are $17,585.
Listing/photo courtesy of Higgins Group/Bedford Square.
(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.
