By Judy Szablak
Real estate values in Westport show that prices have remained relatively level year-over-year. This fact is interesting to note, as for the first time in a long time, Westport has not mirrored or exceeded Case-Shiller’s national index.
Featured Home: This home at 8 Sherwood Farms Lane is listed at $1,439,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/Westport
Comparing our figures to Case-Shiller’s latest report released Tuesday, the national averages enjoyed a 4.7 percent gain. While we did not experience a gain in prices, we certainly saw significant improvement in unit sales as well as decreased market time.
There were 43 sales in this time period in 2014 with an average price of $1,570,145 and an average market time of 101 days.
The same time period this year brought us 61 sales with a reduction of market time to just 88 days, and the average price remained fairly level at $1,534,223. The increase in unit sales is certainly a bright spot for our real estate market.
We are not expecting too much upward movement in sale prices before the end of the year, and our deposit ratios are a little low at this time, which makes it a great time to purchase a home in Westport.
Market Stats
There are now 363 homes that are are actively on the market. These properties have been listed for an average of 120 days, with a cumulative market time of 189 days. The average list price is $2,195,257 and the median price is $1,750,000.
A contemporary home on 8 Bluewater Lane is the highest priced home for sale at $11,995,000, and the lowest available priced home is a three-bedroom home on Crescent Park Road for $339,000.
Nineteen 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twenty properties had a price change.
Five properties have gone under the initial deposit stage, which we call CTS, and five properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those five properties was $1,190,600. There are currently 25 homes in CTS status throughout Westport, and another 43 properties scheduled to close town-wide, with an average price of $1,612,253.
Closings: There were seven single family homes reported as sold in the last week, and they were listed on average at $1,447,271, with a market time of 75 days. There were 65 status changes in the last seven days.
Condos: There are 13 condominiums that are available, and they have been listed an average of 76 days, with a cumulative market time of 91 days. Their average listing price is $673,308 and the median price is $648,500.
The highest priced condo in town is listed at $1,238,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $345,000.
There were two new listings in the past week, and no homes came back on the market after being under deposit. There were two price changes, and no property entered into the initial stage of deposit. No homes entered into pending status.
There are no properties town-wide that are currently in CTS status, and there are two homes scheduled to close that are listed on average at $534,500.
No sales were reported during the last week. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 84 homes or apartments available. The median price is $4,975 per month and the average price is $5,212 per month. These year round rental opportunities have been on the market an average of 56 days.
There are 20 short-term rental opportunities that are available, and they have been on the market an average of 51 days. Their average price is $8,148 and the median price is $6,700.
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 8 Sherwood Farms Lane is listed at $1,439,000.
This custom-built shingle-style colonial is located in a sought after Greens Farms cul-de-sac, and has an open and sunlit floor plan with exceptional flow.
Originally built in 1993, this home has been impeccably maintained and beautifully remodeled. This four-bedroom home was built for the entertainer at heart, has exceptional flow, and has a warm and inviting atmosphere in every one of its nine rooms.
A two-story entry foyer leads to the living room with fireplace, and the sunlit formal dining room has another custom marble fireplace, as well as sliders to the 473-square foot deck, which is partially covered.
The fully applianced gourmet kitchen has richly designed custom Cherry wood cabinets, a breakfast island that seats three comfortably, and a wonderfully sunny breakfast bay that overlooks a private .63-acre yard.
French doors lead to the family room, which has another fireplace and cathedral ceilings.
Upstairs, the master bedroom suite has a luxurious marble bath with whirlpool and separate shower.
Two of the additional three bedrooms share a “Jack and Jill”-style bath, and the bonus room can easily be a fifth bedroom, office or rec room with a cathedral ceiling and built in cabinetry
The surprisingly sunny finished lower level adds another 1,024-square feet of living area and features a recreation room with wet bar and built in cabinetry plus an exercise room.
This home has a truly warm and pleasant atmosphere, and is in an extremely convenient location near train, schools and transportation.
Extras and items to note—three fireplaces, four bedrooms, three and one-half baths, association pool and clubhouse—yearly fee $300.
Annual taxes are $16,898.
Listing/photo courtesy of William Pitt Sotheby’s/Westport.
(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.
