By Judy Szablak
Four- and five-bedroom homes are the most marketable properties in Westport. But this is not the time for sellers to be overzealous with pricing their property for sale.
This home at 14 Beachside Common is listed at $1,225,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/Kandrak & Rotini
Judging by this year’s average pricing for pending and sold properties, there is a concern that available properties are priced somewhat higher than they should be.
And this in turn is contributing to the slower market that we are experiencing. The evidence is in the numbers.
Year to date pendings and sales averages for three-bedroom homes are both around the $891,000 mark. A review of the three-bedroom homes that are currently on the market show an average list price of $1,057,913.
That’s a huge disparity as to what has been selling over the last eight months, and some adjustments will most inevitably need to be made in this category. Interestingly, the 93 percent sale price to list price ratio is slightly less than the town-wide average of 94 percent.
Four-bedroom homes seem to be the most constant this year, although current average pricing shows a sharp increase compared to what has been selling.
There are 109 four-bedroom homes available that have an average list price of $1,550,423. The average list price of pending properties is $1,139,657 and sold properties averaged $1,209,184.
There will be some properties that may alter the averages a little on the high side, but looking at the inventory in this manner sheds some light as to why sales have slowed.
Almost half of the current inventory has five or more bedrooms, with an average list price of $3,010,210. Pending and sold properties year-to-date are almost identical at $2.1 million, and an increase in average pricing is not warranted at this time, without a solid history to support it.
Even though the list prices of four- and five-bedroom homes seem to be on the high side right now, they have held their value the best out of any bedroom count category.
There are more educated buyers in the marketplace who are researching values more than ever before they buy. They can easily spot homes that are priced well, and homes that aren’t.
It’s time to adjust pricing that is more befitting to the market.
Market Stats
There are now 341 homes that are actively on the market, and their average list price is $2,080,208. These properties have been listed for average of 120 days, and the median price is now $1,348,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Seven new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Fourteen properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and 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 was $1,189,556.There are 50 properties scheduled to close town-wide, and their average price is $1,533,004.
Closings: Five homes were reported as sold in the last week, and their average list price was $1,291,780. Average market time for these sold properties was 91 days. There were 53 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 188 days. Their average listing price is $622,988, and the median price is $548,000.The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $324,900.
There were no new listings, and one price change. Two properties were reported as pending, and were listed on average at $774,000.
Closings: There were no closings reported this past week, and just three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 99 homes or apartments available. The median price is $5,200 per month and the average price is $6,517 per month.
These year round rental opportunities have been on the market an average of 54 days.
There are 36 short-term rental opportunities that are available, and they have been on the market an average of 83 days. Their average price is $9,6990, and the median price is $8,500.
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
The home at 14 Beachside Common is listed at $1,225,000.
This 4,169-square foot home in Greens Farms has contemporary styling outside, and a traditionally styled interior.
This south-facing nine room home is privately situated on a well manicured 2.10-acre lot, located on a double cul-de-sac just minutes by foot to the beach or train, and also has seasonal water views.
Recently staged by Westport Home Renewal, the additions and changes highlight the home’s best features.
A sunlit living room has soaring ceilings, a fireplace and scenic marsh views.
The regally-sized dining room has custom millwork including picture frame moldings, chair rails and crown molding.
The family room has a floor-to-ceiling stone fireplace, and wide plank hardwood flooring, which is also throughout much of the home. The sunroom is just off the family room and has a terra cotta tiled floor and sliders out to the patio.
The recently remodeled and redesigned custom chef’s kitchen has premium stainless appliances, granite counters, and a two- tiered center island with matching granite top.
The built-in buffet table also has a wine cooler, and additional cabinetry above for storage and display, as well as a charming corner breakfast nook with built in seating with wainscoting accents.
The second floor features an interior balcony that overlooks the living room below.
All four bedrooms are on the second floor, with one en-suite bedroom besides the south facing master suite, which has crown molding, a large walk-in closet, and a sauna in the bathroom with cathedral ceilings.
Neutrally decorated, perfectly situated, and pleasing to the eye at every angle, this warm and inviting home is nestled among higher priced homes and offers an outstanding value.
Extras and items to note: marsh views from many rooms, unfinished lower level perfect for future expansion if needed, with a separate room that could easily be a wine cellar.
Annual taxes are $18,250.
Listing/photo courtesy of William Raveis Westport/Kandrak & Rotini.
_____
(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 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.)
