By Judy Szablak
Special to WestportNow
With only 274 single-family homes now for sale, it seems apparent that many Westport homeowners have decided to wait to put their home on the market until spring.
Featured Home: This home at 8 Abbotts Lane is listed at $1,324,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group/Westport
However some buyers can’t wait that long.
A low inventory combined with the fact that buyers are out looking for homes creates a unique opportunity for home sellers.
This, in turn, helps home buyers, all while helping the overall market in general.
Buyers need to purchase a home for various reasons, and not everyone can wait a few months until a seller thinks that the weather will be more cooperative, or that the market will be more conducive to a higher sale.
Demand is where it should be at this time, however supply is not.
The market is suffering a little because of the lack of inventory, which could make a strategic and well timed winter move quite profitable for all.
Market Stats
There are now 274 homes that are actively on the market. These currently available properties have been listed for an average of 149 days, with a cumulative market time of 262 days.
The average list price is now $2,269,142 and the median price is up slightly to $1,749,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single families are a two-bedroom home on Main Street and a one-bedroom home on Northgate for $449,900.
Eight 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Twelve properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and another 10 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 10 pending properties was $1,406,890. There are currently 21 homes in CTS status throughout Westport, and another 31 properties scheduled to close town-wide, with an average price of $1,286,946.
Closings: There were four single-family homes reported as sold in the last week, and they were listed on average at $1,148,0000 with an average market time of 117 days.
There were 57 status changes in the last seven days.
Condos: There are 10 condominiums that are available, and they have been listed an average of 105 days. Their average listing price is $630,600 and the median price is $602,500.
The highest priced condo in town is listed at $1,150,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $319,000.
There was one new listing this week, and no homes came back on the market. There was one price change, and two properties went under the initial stage of deposit. No homes entered pending status.
There are five properties town-wide that are currently in CTS status, and there are two properties scheduled to close.
One sale was reported during the last week, and was listed at $749,000. There were six status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 66 homes or apartments available. The median price is $4,275 per month and the average price is $6,603 per month.
These year-round rental opportunities have been on the market an average of 88 days.
There are 34 short-term rental opportunities that are available, and they have been on the market an average of 88 days. Their average price is $9,648 and the median price is $4,875.
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 Abbotts Lane is listed at $1,324,000.
This nine-room expanded country cape on a private cul-de-sac has a wonderfully open floor plan, an air of sophistication, and a charming feel throughout.
Originally built in 1953, a masterful renovation in 2005 beautifully enhanced this 2,762-square foot home.
The formal living room has a marble fireplace and crown molding, and has a conservatory area perfect for a grand piano.
The dining room has a cathedral ceiling and French doors to the 678-square foot tiered deck that leads out to the 1.01-acre level property.
A thoughtfully designed kitchen has stainless steel appliances, and granite counters. The center island seats three comfortably, and the kitchen is designed to be open to the dining room as well as the family room which makes it perfect for the entertainer at heart.
The family room has a cathedral ceiling and brick fireplace.
The main level master suite has an architecturally designed beamed cathedral ceiling, and a stunning skylit marble bath with tub and glass enclosed shower
Two additional bedrooms are on this floor, and another two are on the second level.
A 605-square foot bonus recreation room with bath has its own entrance is on the lower level, which makes it perfect for a potential au pair if so desired.
Extras and items to note—five bedrooms, three full and one-half baths, two fireplaces, tri-level deck, security system, room for pool.
Annual taxes are $13,601.
Listing/photo courtesy of Higgins Group/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.
