By Judy Szablak
The first half of the year is so similar to 2012’s first two quarters that it’s like deja vu for Westport’s real estate market.
Featured Home: This home at 6 Sycamore Drive is listed at $3,250,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport / Jeanette Dryburgh & Associate
The first half of 2014 brought us 167 single family home sales as reported through our Multiple Listing system. The first half of 2012 brought us that same exact number in unit sales. That’s in sharp contrast to 2013, when Westport had 211 sales year-to-date.
The lack of inventory during the traditional buying season, due in part to a harsh winter, and then a late start by home sellers entering the marketplace appear to have contributed to a less than stellar year in unit sales thus far.
What may not be so readily apparent is that even though unit sales are down, prices are still on the rise. Removing the two sales last year on Beachside Avenue which accounted for $34.4 million dollars in volume rectifies the skewed statistics.
When we remove those anomalies, the average sales price increased to $1,539,824 from $1,497,114 a year earlier. Albeit a minor increase, it is on the plus side, and not stagnant, or decreasing. Think positive.
Market Stats
This week offers nearly identical inventory from the last two weeks, with 344 homes that are actively on the market.These currently available properties have been listed for average of 114 days, with a cumulative market time of 174 days. The average list price is now $2,338,117 and the median price is now at $1,799,000.
A seven-bedroom home at 2 Manitou Court is the highest priced home for sale at $12,985,000, and the lowest available priced home is a three-bedroom home on 10 Crescent Park for $379,000.
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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Seventeen properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and another nine 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 nine pending properties is $1,787,311. There are currently 32 homes in CTS status throughout Westport, and another 71 properties scheduled to close town-wide, with an average price of $1,719,377.
Closings: There were 15 single family homes reported as sold in the last week, and were listed on average at $2,008,600, and sold with an average market time of 119 days. There were 84 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 92 days. Their average listing price is $674,525 and the median price is $694,000.
The highest priced condo in town is $1,265,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Sylvan Lane for $288,800.
There were two new listings this week, and no homes came back on the market after being under deposit. There were three price changes, and one property entered into the initial stage of deposit. No homes entered into pending status.
There are two properties town-wide that are currently in CTS status, and two homes that are scheduled to close, which are listed on average at $620,000.
One sale was reported during the last week, and was listed at $419,900. There were eight status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 62 homes or apartments available. The median price is $4,750 per month and the average price is $5,586 per month.
These year-round rental opportunities have been on the market an average of 39 days.
There are 44 short-term rental opportunities that are available, and they have been on the market an average of 63 days. Their average price is $15,367 and the median price is $13,000.
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 6 Sycamore Drive is listed at $3,250,000.
This exceptionally gracious 14-room colonial is located in the sought after Hunt Club area, and it is readily apparent that no expense was spared in its design or details.
This Milton-built home has been beautifully enhanced and customized since it was originally built in 2007, and every conceivable amenity and upgrade was flawlessly implemented and integrated into its 7,051-square feet of living area.
A mahogany double door entry opens to the foyer, which has custom designed and hand stained wood flooring, and to your left is the formal and stately living room with crown molding, custom millwork, and gas fireplace.
The cherry wood library is just beyond the living room, and has coffered ceilings, another fireplace and beautifully designed built-in cabinetry and shelving.
The dining room has more custom millwork, an octagonal tray ceiling, and deGournay hand painted wallpaper. The nicely tucked away butler’s pantry includes a sink, beverage fridge, and sink.
A state of the art gourmet kitchen has Rutt cabinetry and granite counters, along with chef’s grade appliances that include a Wolf eight-burner range and double ovens.
A contrasting center island seats four comfortably, and the sunlit breakfast nook has French doors out to the patio and overlooks the professionally landscaped level one-acre lot.
The family room has a double columned entrance from the kitchen area, and a floor to ceiling stone fireplace with raised hearth. French doors lead out to the 1,100 square-foot patio and private yard.
Upstairs, the master bedroom suite is elegance defined—with a tray ceiling, romantic fireplace and separate dressing area. A sumptuous Carrera marble bath features a “Chromatherapy” whirlpool, a separate glass enclosed shower, and radiant heated flooring.
Five additional bedrooms are also on this level; three are en suite and two share a “Jack and Jill” style bath.
The finished third floor has a generously sized recreation room with half bath and an additional study, as well as ample storage This versatile area could also easily be transformed into maids quarters or an au pair suite if needed.
The lower level has a custom theater with a 100-inch retractable screen, surround sound, concession area, and tiered leather seating for 12.
A billiard room features a high wainscot, and bar area with custom Lagoon Azul top, antique hammered copper sink, beverage fridge, and dishwasher.
Built with quality, flair, and luxuriously appointed throughout each of its four levels.
Extras and items to note—four-level elevator, Niles audio system, 10-foot ceilings on the main level, 9-foot ceilings on the upper level, central vacuum system, security system, outdoor fireplace, 500-gallon in ground propane tank
Annual taxes are $37,175.
Listing/photo courtesy of William Raveis Westport / Jeanette Dryburgh & Associates.
(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.
