By Judy Szablak
For the first time in a long time, and generally speaking, Westport is lagging behind the national average. That is according to the latest Case-Shiller report released Tuesday.
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Featured Home: this home at 35 Island Way is listed at $1,625,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside
However, all is not doom and gloom in Westport. Luxury properties and waterfront home sales have soared ahead compared to last year.
The S&P Case-Shiller National House Price Index indicated that prices rose an average of 4.2 percent year-over-year from last April.
And allthough we did not see an increase in prices in Westport, the quite impressive and positive news is that market time to sale of just 45 days was almost half of what it was last year during that same period.
Year to date, our overall market has seen an 11 percent drop in unit sales, however sales of upper end and waterfront properties have doubled from last year.
Market Stats
There are now 220 homes that are are actively on the market. These currently available properties have been listed for an average of 98 days, with a cumulative market time of 153 days.
The average list price is $2,101,046 and the median price is $1,599,000.
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 $363,000.
Twnety-two new listings came on the market in the last seven days, and three properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-two properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and 16 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 16 properties was $2,344,469. There are currently 24 homes in CTS status throughout Westport, and another 43 properties scheduled to close town-wide, with an average price of $1,315,312.
Closings: There were 11 single family homes reported as sold in the last week, and they were listed on average at $1,465,636, with a market time of 121 days. There were 121 status changes in the last seven days.
Condos: There are four condominiums that are available, and they have been listed an average of 96 days, with a cumulative market time of 96 days. Their average listing price is $982,500 and the median price is $1,066,000.
The highest priced condo in town is listed at $1,279,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Cross Street for $519,000.
There were no new listings, and one home came back on the market after being under deposit. There were two price changes, and two properties entered into the initial stage of deposit. Two homes entered into pending status.
There are two properties town-wide that are currently in CTS status, and there is one home scheduled to close that is listed at $1,279,000.
Three sales were reported during the last week. There were 10 status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 58 homes or apartments available. The median price is $5,700 per month and the average price is $5,998 per month. These year round rental opportunities have been on the market an average of 34 days.
There are 32 short-term rental opportunities that are available, and they have been on the market an average of 68 days. Their average price is $13,850 and the median price is $11,000.
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 35 Island Way is listed at $1,625,000.
This custom Gambrel style colonial is located in the sought after Saugatuck Island community, is FEMA compliant, and just steps to the water.
This well crafted four-bedroom home was built in 2003, has just the right amount of rustic flavor, and offers many unique and custom details throughout its 3,330-square feet of living area that has a refreshing nautical and rustic charm.
From the moment you enter this 10-room home through the arched custom front door with antique rim lock, the attention to even the smallest detail is apparent.
The living room has walnut pegged wide oak flooring and crisp white painted beams.
The formal dining room has a beamed ceiling, Travertine flooring, and built in cabinetry.
The beautifully designed and fully applianced chef’s kitchen features a professional grade stove, honed granite counters, a large center island, and banquette seating area. French doors lead to a deck that overlooks a .22 acre level and manicured yard.
A dramatic two-story family room has a beamed ceiling that was reclaimed from a circa 1870 Maine barn, a floor to ceiling stone fireplace with raised hearth, and built-in cabinetry.
Upstairs, the master bedroom suite has beautiful water views, a sitting room, and a spa -like marble bath with deep tub and separate glass enclosed shower.
Three additional bedrooms are on this level and a loft area overlooks the family room below.
Extras and items to note—two full and one-half baths, rooftop deck with sweeping water views, master bedroom has a uniquely designed illuminated constellation dome, main level library/office with built-ins, security system, central vacuum system, audio system, city water, homeowners association, FEMA compliant.
Annual taxes are $15,983.
Listing/photo courtesy of Coldwell Banker Westport-Riverside.
(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.
