By Judy Szablak
Special to WestportNow
The well publicized migration from New York to Connecticut is quite apparent in Westport. Based upon overall sales, it’s nearly doubled percentage-wise from last year at this time.
Featured Home This home at 96 Kings Highway North is listed at $1,250,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport
According to agent input data from our local Multiple Listing Service which has been tracking the states that buyers are coming from for only the past three years, the increase is substantial.
In 2018, New Yorkers moving into Westport accounted for 16.5% of the sales during this time frame. The rate was largely flat in 2019 with 17% of buyers coming from our neighboring state. This year we experienced an increase to 31%.
Looking back at the last 60 days, unit sales of homes and condominiums combined are down 8.5% from the same time period in 2019, however that equates to a seven unit reduction in sales throughout a pandemic
The current market is strong, there are more homes under the initial stage of deposit than under the pending stage, and three listings have increased prices over the last week. As good as that sounds, be wary and not overly optimistic.
The market fell flat due to COVID in what seemed like a nanosecond, and then bounced back; but remember, things can change as quickly as they did earlier in the year. Seize the opportunity while it still exists.
Market Stats
There are now 221 homes that are actively on the market, and the available inventory has significantly decreased by the 371 properties that were available last year at this time.
The currently available properties have been listed for an average of 123 days, with a cumulative market time of 233 days, which is by one and two weeks respectively to that of last year.
The average list price is up approximately $282,000 from a year ago to $2,315,891. The median price is at $1,688,000, which is also up by $238,000 from a year ago at this time.
Twenty-eight new listings came on the market in the last seven days, and nine properties came back on the market after being under deposit, or temporarily withdrawn. Eight properties were temporarily taken off the market, withdrawn or canceled. There were 11 properties in the past week that had a price change.
An estate on Beachside Avenue is the highest priced home on the market, and is currently listed at $16.75 million. The Tudor style home on 112-116 Beachside Ave. is an 8,482-square foot waterfront property comprised of three lots on 7.267 acres with 365 feet of waterfront.
The lowest available priced single family is a one-bedroom antique on one acre at 3 Northgate, which was built in 1839. The 660 square foot bungalow is listed at $349,000
There are currently 82 homes under the initial stage of deposit townwide, and another 59 scheduled to close. This is a meteoric rise from last year at this time, when there were 57 homes under all stages of deposit at this time.
Twenty-two homes entered the initial stage of deposit last week, and an additional 17 homes went under pending status with an average price of $1,852,294.
Three homes took an initial deposit in less than one week. A 2,286-square foot raised ranch listed at $899,000 on 5 Ruta Court took a deposit in two days; a 4,984-square foot colonial at 2 Tulip Lane listed at $1.45 million in five days; and a colonial at 5 Tall Trees Drive listed at $935,000 in four days.
Closings: There were nine sales reported during the last week, and their average price was $1,555,544 with an average market time of 197 days. The average sale price to list price ratio was 95 percent.
Two homes sold at list price last week. The 2,033 square foot split level home at 11 Mortar Rock Road has five bedrooms, three and one half baths and closed at $929,000 after 97 days on the market.
Also, a 3,257 square foot colonial at 35 Easton Road closed at $1,089,000 after 26 days on the market. The remodeled four-bedroom colonial has three and one half baths, and is sited on 1.27 acres in the Coleytown area.
Condos: There are 18 condominiums that are currently available, which is up by one unit from this time last year. These condos have been listed an average of 141 days, with a cumulative market time of 214 days.
The average price is $701,211 and is up by approximately $119,000 from last year at this time, and the median price of $612,000 is up by $13,000 from a year ago.
There was one new listing entered in the last seven days, and no properties came back on the market. No homes had a price change, and two homes entered the initial deposit stage. No homes entered pending status, and no homes closed.
The highest priced condo in town is listed at $1,299,000 and is in a new nine-unit adult development at Daybreak Commons, which is the former site of Daybreak Nursery. The luxury free-standing unit is 2,800 square feet and has two bedrooms, two full and two half baths.
The lowest priced unit for sale is a one-bedroom home with 750 square feet on 35 Bridge St. at The Saugatuck, which is an adult complex and listed at $168,300.
There is one property currently under the initial stage of deposit townwide, and one that is scheduled to close that is listed at $1,299,000.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 35 homes or apartments available, and inventory is down by over 40% from last year at this time. The available rentals have an average market time of 89 days.
The median price for townwide available annual rentals is currently $4,800, which is down by $100 from this time last year. The average price is $8,152 per month, which is up by $1,900 from last year at this time.
The highest priced annual rental is listed at $35,000 per month. The contemporary colonial at 8 Sandpiper Road is also for sale at $3.5 million. The 3,444 square foot Saugatuck Island home with a private beach has three bedrooms and three full baths,
The lowest priced rental is a 297-square foot efficiency apartment that is listed for $1,400 monthly and is located at 18 Riverside Ave. Unit 1.
There are 29 short-term rental opportunities that are available, and these seasonal or short-term rentals currently have an average price of $20,898 and a median price of $18,000 with an average market time of 79 days.
The highest priced short term rental is listed at $83,000 for July and August and is located at 73 Old Hill Road. The sophisticated 9,056-square foot Schmiedeck-built home has six bedrooms, seven full and two half baths, and an infinity pool.
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 — Listing information and data is compiled from the SmartMLS and represents listings and activity through our statewide MLS system. Private sales are not included in this information or these statistics.
Featured Home
This home at 96 Kings Highway North is listed at $1,250,000.
This historically significant antique home built in 1760 is in the sought after Old Hill area.
A wonderful home for entertaining, the ten-room cape known as the David Judah house has been painstakingly preserved and restored by its current owner, and is the recipient of the prestigious “Helen Muller Award for an Outstanding Property in a Local Historic District.”
The original owner is reportedly one of the first merchants in town, and subsequent owner and noted impressionist painter Caroline Bean Binyon added the adjoining studio c. 1919, which is currently used as a grand family room, bringing the home to 3,238 square feet of living area.
Natural light abounds in the beamed ceiling living room with built-ins, which is largely the same as it was when the home was built, and includes a stone fireplace with side brick oven
A large dining room with crown molding has a corner built-in and French doors lead out to the deck which overlooks the beautifully landscaped .52-acre fenced corner lot.
The beautifully remodeled and chic chef’s kitchen with Carrera marble counters includes high end appliances, a breakfast bar, and a breakfast nook that overlooks the private backyard through French doors that also afford easy access to al fresco dining on the deck.
An adjoining lounge area includes a wet bar, 3” pencil soapstone counter area with nicely hidden wine fridge and is perfect for serving guests, as well as an area to just relax.
The grand room, which was Caroline Bean Binyon’s attached studio has another fireplace and 19-foot ceilings, along with an extra large window affording much sunlight into the room, and the rest of the home takes full advantage of its location for the maximum amount of natural light.
The romantic main level en suite master bedroom has a fireplace, and its sitting/ dressing room has another fireplace, along with exceptional closet space.
Three additional bedrooms are on the second level, and one is en suite with a walk-in closet. An additional en suite bedroom is in the lower level and has its own entrance, and the original summer kitchen with fireplace can be found in the lower level as well.
Extras and items to note — Five bedrooms, four full and one half baths, five fireplaces, three car garage, public water and sewer, natural gas, brick patio
Annual taxes are $10,204.
Listing/photo courtesy of Coldwell Banker 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.
