By Judy Szablak
The Westport real estate market continues to improve for single family homes, and the selling season is in full swing. Ten new listings came on the market this week, and three homes came back on the market after being under deposit.
The median list price for a single family home in Westport is $1,262,450. As of this morning, there are 348 homes actively on the market for 96 days and are listed at an average of $2,129,150.
There were 15 properties that had a price change. Fourteen properties have gone under the initial deposit stage, which we call CTS, and 11 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
Closings: Fifteen properties sold this past week, and they had an average price of $1,395,927 and were on the market an average of 157 days. There were 81 status changes in the last week.
Condos: The median price of a condo in Westport is $457,000. The condo market is experiencing a slight lull, but it’s nothing to get overly concerned about at this time.
The 21 condominiums that are available have been listed an average of 119 days, and have an average price of $593,627. No new listings came on the market this week, and three properties had a price change.
In the last week, no property went into CTS status, and two properties went into pending status.
Closings: No properties closed in the last week. There were seven status changes for the week.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 54 homes or apartments available. The median price is $3,650 per month and the average price is $5,612 per month.
These year-round rental opportunities have been on the market an average of 60 days.
Seasonal rentals are aplenty, and there are 43 available throughout Westport that have been on the market an average of 49 days, and at an average price of $16,986. The median price of both furnished and unfurnished seasonal rentals is $10,500.
April monthly report: There were 27 single family home sales in Westport during the month of April that were reported to the MLS.
The average list price was $1,416,144, the average sale price was $1,316,688, and market time for these listings to sell was 144 days.
On average, the sale price to list price ratio for sold listings was 92.97 percent, and these sales figures include two sales of homes with two bedrooms or less, four sales of three-bedroom homes, 12 sales of four-bedroom homes, and nine sales of homes with five or more bedrooms.
During this same period in 2010, there were 24 sales, and during this period in 2009, there were 17 sales.
Westport’s sales have been steadily increasing since over the past few years during this time frame, and it’s a positive sign of better things to come.
Two condominiums were sold in Westport that were reported to the MLS. The average List price was $354,250 and the average sale price was $318,750, market time for these listings to sell was 94 days, and these sales are both two bedrooms units or less.
On average, the sale price to list price ratio for sold listings was 89.85 percent.
Note: all information was obtained through the GFC-CMLS, which does not include private sales.
I should also note that while April’s condo sales seem low, that the median price of a condominium is Westport is over $450,000, and this report only represents this month closed sales.
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(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 is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.
