By Judy Szablak
The supply of homes for sale in Westport remains fairly tight. And that is not a bad thing—especially if you are selling.
This home at 5 April Drive is listed at $1,198,500. (CLICK TO ENLARGE) Photo courtesy of Halstead Property/ Westport
If you were to look at the available inventory alone, what may initially appear as stagnant market would not be an appropriate analysis.
For all of the new listings that come on the market weekly, the deposits on new and existing inventory have nearly equaled that number. This is an active market and sometimes quite competitive.
Just as important for the market and to determine pricing trends—how many homes are taking deposits, how many properties are under pending status, and how many houses have recently sold, especially when those homes have similar features to your own home.
There are 110 properties under deposit town wide, including initial deposits and pended properties, and 155 single-family home sales reported just in the last six months.
Don’t believe the market reports that doom and gloom is still prevalent. These reports are not referring to Westport.
Market Stats
There are now 226 homes that are actively on the market. The average list price of these available homes is $2,389,226, and these properties have been listed for average of 120 days, with a cumulative market time of 210 days. The median price has increased again this week to $1,899,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Twenty-four new istings came on the market in the last seven days, and one home came back on the market after being under deposit. Fourteen properties had a price change.
Twenty-two properties have gone under the initial deposit stage, which we call CTS, and 23 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 23 pending properties is $1,374,261. There are currently 45 homes in CTS status throughout Westport, and another 65 properties scheduled to close town-wide, with an average price of $1,880,371.
Closings: There were six properties reported as sold in the last week, and were listed on average at $1,110,983, and sold with a market time of 209 days. There were 97 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 109 days. Their average listing price is $663,125, and the median price is $717,000.
The highest priced condo in town is listed at $949,000 and the lowest offering price is $299,000.
There were three new listings reported. No homes came back on the market after being under deposit. One property had a price change, and three properties entered the CTS stage of deposit. No homes went into pending status.
There are three properties townwide that are currently in CTS status, and one home is scheduled to close that is listed at $329,000.
Closings: There were no condos reported as sold this past week, and three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 35 homes or apartments available. The median price is $5,500 per month and the average price is $6,131 per month. These year-round rental opportunities have been on the market an average of 63 days.
There are 20 short-term rental opportunities that are available, and they have been on the market an average of 26 days.
Their average price is $17,018, and the median price is $19,000. 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 5 April Drive is listed at $1,198,500.
This pristine columned Garrison colonial is set back from the road on a quiet cul-de-sac, and boasts a private and lush 1 .01 acre lawn.
Originally built in 1968, this extensively remodeled five-bedroom, three-bath home has 3,418 square feet of living area that offers exceptional natural light, and a very nice flow.
A front to back living room has a fireplace, and sliders to an over-sized screen porch, and the sunlit dining room overlooks the sweeping front lawn.
The recently remodeled kitchen has granite counter tops, is fully applianced, and has a built in pantry. The breakfast nook area also has sliders out to the screened porch.
Outstanding natural light enhances the great room, which has cathedral ceilings and a brick fireplace.
There is also a bedroom or office on this level, which could easily be a very pleasant guest suite, with a newly remodeled main bath accented with granite.
Upstairs, the master bedroom suite has a full bath, and a surprisingly spacious walk in closet, and the other three bedrooms on this floor are generously sized with extra large closets.
The lower level has a playroom and exercise area, as well as a workshop.
Pristine, private perfection at a very reasonable price.
Annual taxes $12,458.
Listing/photo courtesy of Halstead Property/ Westport.
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(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.
