By Judy Szablak
In evaluating the Westport real estate market, just like any other, statistics tell the story. But sometimes you have to know the hidden story behind some of the statistics.
This home at 34 Lyons Plains Road is listed at $1,950,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group-Westport/Lisa Jones Associates
For example, unit sales for the first six months of this year compared to last are up more than 20 percent town-wide—212 compared to 182. A few neighborhoods have seen significant gains.
On average, prices have been steady, although some areas have experienced price increases, coupled with inventory shortfalls.
The Coleytown area is an example of the numbers not quite being what they appear. This area has had the same number of sales during this same period, year over year, suggesting that prices have decreased.
However, the reality is that the average size of these homes is down by more than 700 square feet. So based upon prices per square foot, Coleytown area homes have increased in value by 12.5 percent.
Market Stats
There are now 278 homes that are actively on the market. The average list price of these available homes is fairly steady at $2,235,052, and these properties have been listed for average of 117 days, with a cumulative market time of 187 days. The median price is currently at $1,834,500.
The highest asking price for all homes currently on the market is $12,985,000, and the lowest available priced home is $309,000.
Nineteen new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Eleven properties had a price change.
Eleven properties have gone under the initial deposit stage, which we call CTS, and eight 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 eight pending properties is $1,663,750. There are currently 34 homes in CTS status throughout Westport, and another 65 properties scheduled to close town-wide, with an average price of $1,644,459.
Closings: There were 16 single family homes reported as sold in the last week, were listed on average at $1,337,806, and sold with an average market time of 107 days. There were 79 status changes in the last seven days.
Condos: There are just five condominiums that are available, and they have been listed an average of 140 days. Their average listing price is $750,200 and the median price is $849,000.
The highest priced condo in town is listed at $899,000 and the lowest offering price is $505,000.
There was one new listing this week, no homes came back on the market after being under deposit. There was one price change, and one property entered into the initial stage of deposit. Two properties entered the pending stage, and were listed on average at $644,000.
There are six properties town-wide that are currently in CTS status, and five homes are scheduled to close that are listed on average at $674,600.
One sale was reported during the last week, and the property was listed at $299,000. There were four status changes reported.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 53 homes or apartments available. The median price is $4,500 per month and the average price is $5,039 per month.
These year-round rental opportunities have been on the market an average of 46 days.
There are 37 short-term rental opportunities that are available, and they have been on the market an average of 63 days. Their average price is $9,832, and the median price is $9,200.
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 34 Lyons Plains Road is listed at $1,950,000.
This 11-room contemporary home is at the end of a tucked away private cul-de-sac, and has 275 feet of water frontage on the Aspetuck River.
Custom designed and built in 1984, this Coleytown area home is an entertainers delight with over 4,000 square feet of living area that features cathedral ceilings and plenty of floor-to-ceiling windows to let in the sunlight.
A serene and estate-like landscape includes well manicured 2.43-acre grounds and a secret passage to the River below, and the main living areas all have generously sized windows that bring the beautiful outside scenery indoors.
The living and dining rooms both have cathedral ceilings, and the living room also has a fireplace with marble surround and parquet flooring.
The sky lit kitchen also overlooks the lush landscape, and has a breakfast nook, direct access to the screened-in porch, and also has a large center island.
There are five bedrooms, including the master bedroom suite, which has its own exterior balcony, a floor to ceiling stone fireplace, and a private bath outfitted in marble.
Other rooms include a main level en suite bedroom which could be perfect for a nanny or au pair, a gym, billiard room, and additional second floor recreation/family room and below grade workout area and generous storage area.
Extras and items to note—800-plus square foot “Ipe wood” deck, three family rooms, security system
Annual taxes are $17,210.
Listing/photo courtesy of The Higgins Group-Westport/Lisa Jones Associates.
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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.
