By Judy Szablak
Besides price, another important factor when selling a home in Westport is determining how long your home will be on the market before you receive an acceptable offer.
Featured Home This home at 61 Bulkley Ave. North is listed at $2,699,000. (CLICK TO ENLARGE) Photo courtesy of Realty Seven, Inc.- Wilton
However, making plans based upon the anticipated sale of your home may not be as easy as deciding to put your home on the market, given that determining market time is not an exact science.
Speculating based upon townwide averages that are not necessarily as pertinent to your style of home or specific neighborhood is not a reliable gauge, just a national averages generally do not compare to our town as a whole.
The answer to how long it takes to sell a home in Westport will vary based upon a number of key factors beginning with the initial asking price, the state of the market, and will also include style, condition, location, as well as marketing.
Townwide, the average market time for properties that are currently available and not under any stage of deposit is 130 days.
Cumulative market time is 199 days, which takes into account that the home was recently on the market for a period of time, and previous listing’s days on market is added to the current listing to arrive at a total.
Over the last year, properties have sold within an average of approximately five months, however market time seems to be creeping up on average townwide to about five and one-half months since late spring.
Certain neighborhoods such as Old Hill and the Hunt Club fare better than others. At just over three months, both have the lowest average market time in the entire town.
Other variables include direct competition, and the immediate neighborhood “flavor.”
Price and value continue to be a large part of the equation, and given enough information, both factors together form a reasonably good beginning reference point to assist in gauging your home’s market time. This will afford you the opportunity to move within your timetable, and not someone elses.
Market Stats
There are now 303 homes that are are actively on the market. These currently available properties have been listed for an average of 130 days, with a cumulative market time of 199 days. The average list price is now $2,325,419 and the median price is holding steady 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 two-bedroom home on 29 North Ave. for $399,900.
Twenty-one new listings came on the market in the last seven days, and two properties came back on the market after being under deposit, or temporarily withdrawn. Thirty properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and another 12 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 12 pending properties is $1,616,167. There are currently 23 homes in CTS status throughout Westport, and another 56 properties scheduled to close town-wide, with an average price of $1,706,639.
Closings: There were five single family homes reported as sold in the last week. They were listed on average at $911,200 and sold with an average market time of just 44 days. There were 97 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 97 days. Their average listing price is $794,141 and the median price is $799,000.
The highest priced condo in town is $1,249,000 and is a three-bedroom home at Terra Nova Circle, and the lowest priced unit for sale is a one-bedroom home on Riverside Avenue for $525,000.
There was one new listing this week, and no homes came back on the market after being under deposit. There was one price change, and no property entered into the initial stage of deposit. No homes entered into pending status.
There is one property town-wide that is currently in CTS status, and three homes are scheduled to close, with an average list price of $580,000.
One sale was reported during the last week, and the home was listed at $715,000. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 69 homes or apartments available. The median price is $4,000 per month and the average price is $4,621 per month. These year round rental opportunities have been on the market an average of 49 days.
There are 20 short-term rental opportunities that are available, and they have been on the market an average of 47 days. Their average price is $9,068 and the median price is $7,225.
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 61 Bulkley Ave. North is listed at $2,699,000.
This impressive six-bedroom home in the Hunt Club area is on a beautifully landscaped and level 1.10-acre lot.
Built less than one year ago by Able Construction, this superbly designed 16-room colonial has four finished levels, and almost 7,900 square feet of living area.
Fashionably crisp both inside and out, this transitional home is set back from the road, and its stone walls and circular driveway create a picture perfect approach.
A double columned portico entry opens up to a spacious two-story foyer, which leads to an elegantly appointed living room on your left, with a fireplace, richly finished coffered ceiling and specialty crown molding.
To your right as you enter is the dining room with tray ceiling and recessed panel wainscoting. The pass through butler’s pantry is complete with wine fridge and Calacatta marble counter, and is perfectly situated directly across from the additional walk-in storage pantry to the kitchen.
Calacatta marble countertops are throughout the gourmet kitchen, which features top of the line stainless steel appliances, including a Sub-Zero refrigerator, Wolf range, and two Bosch dishwashers. A perfectly contrasting center island seats three and has a vegetable sink and beverage fridge.
The sunlit breakfast area has French doors to the patio and is open to the family room, which has a floor-to-ceiling stone fireplace with weathered timber mantel, and another set of French doors to a 778-square foot bluestone patio which overlooks a scenic rear yard.
The main level office has a beamed ceiling, recessed panel wainscoting, and just the right amount of built-in cabintery and shelving.
Upstairs, a romantically inspired master bedroom suite has a fireplace, and occupies the entire left wing. Its spa-like bath features a Victoria and Albert tub, glass enclosed shower, dual vanities and dressing area, and an extra large walk-in closet.
Four additional en suite bedrooms are on this floor, and each have more than ample closet space. The sixth bedroom is on the lower level.
The third floor has a 49-foot long bonus room with cathedral ceilings, built-in bench seating, and a separate game room along with access to a large storage area. This level could also be easily converted to au pair quarters if you chose to utilize the lower level for your family instead.
Over 1,800 square feet of beautifully finished living area in the lower level includes another en suite bedroom, built-in study with cabinets and shelving, den, media room, and recreation room.
Visually appealing on every level, and in every sense, this versatile home is perfect for the entertainer, and designed to perfection.
Extras and items to note—six full and two one-half baths, 9-foot-plus ceilings on three levels, nest controls, hydro-air heating, audio system, security system, pool site, heated three-car garage, two laundry areas
Annual taxes are $31,264.
Listing/photo courtesy of Realty Seven, Inc.- Wilton.
(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.
