By Judy Szablak
Special to WestportNow
The first 100 days of 2018 have brought about a stronger market in Westport than last year.
Featured Home: This home at 2A Whippoorwill Lane is listed at $2,198,000. (CLICK TO ENLARGE) Photo courtesy of The Riverside Realty Group/ Bross Chingas Bross
According to our Multiple Listing Service, the 94 single family closings that have already occurred this year represent a 27 percent increase of unit sales for the same time period in 2017.
That’s a hefty increase, especially when inventory has been lower this year.
The amount of activity in different price pockets often point to a trend, if reviewed closely, but they are not at this time.
Currently, the available inventory in the price pockets of $1.1 million to $1.2 million and $2.25 million to $2.5 million represent 14 percent of what is on the market as of today.
Pending sales are equally strong to one another in three ranges; $1.2 million to 1.3 million, $1.7 million to $1.8 million, and $3 million to $3.5 million.
The strongest unit sales year to date have been in $1.1 million to $1.2 million range, closely followed by $1.4 million to $1.5 million and $2.5 million to $2.75 million range.
These activity levels on varying stages of the sale only show fluctuation and inconsistency with each other, and are not pointing to any trend.
However, one fact remains constant. Homes must be priced well for the market, and a shortage of inventory doesn’t necessarily mean one can push the pricing envelope.
Market Stats
There are now 302 homes that are actively on the market, which have been listed for an average of 119 days, with a cumulative market time of 196 days. The average list price is now $2,069,410 and the median price is now at $1,612,500.
A home at 114 Beachside Ave. is the highest priced property for sale at $28 million, and the lowest available priced single-family is a four-bedroom home on Saugatuck Avenue for $339,000.
Twenty 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the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Eleven properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS or Show, and another eight 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 eight pending properties was $1,249,750. There are currently 31 homes in CTS/Show status throughout Westport, and another 55 properties scheduled to close townwide, with an average price of $1,628,451.
Closings: There were eight single family homes reported as sold in the last week, and they were listed on average at $1,718,125 with an average market time of 107 days. There were 71 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 83 days, with a cumulative market time of 130 days. Their average listing price is $591,069 and the median price is $436,700.
The highest priced condo in town is listed at $1,249,000 and is a three bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two bedroom home on Bridge Street for $254,330.
There were two new listings in the last seven days, no properties came back on the market. Two properties had a price change, and one home took a deposit. No homes entered into pending status.
There is one property townwide that is currently in CTS/Show status, and three properties are currently scheduled to close that are listed on average at $809,633.
No sales were reported during the last week. There were five status changes.
Coming soon: 112 Roseville Road, $709,000, 2 Keenes Road, $1,199,000 and 12 Fairfield Ave., $2,650,000.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 56 homes or apartments available.
The median price is $6,100 per month and the average price is $6,000 per month. These year round rental opportunities have been on the market an average of 121 days.
There are 64 short-term rental opportunities that are available, and they have been on the market an average of 107 days. Their average price is $14,406 and the median price is $9,725.
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 SmartMLS and represents activity through our statewide MLS system. Private sales are not included in these statistics.
Featured Home
This home at 2A Whippoorwill Lane is listed at $2,198,000.
This artfully designed 16-room custom home is beautifully set on parklike property on a cul-de-sac in a sought after central location close to schools, Wakeman ball fields, and town farm.
This young colonial sits nicely behind a stone wall, has a moderate Nantucket flair with a classic New England style covered front porch, and the perfect amount of character throughout its 6,577-square feet of living area that sets it apart.
An inviting two story entry, 9-foot ceilings and deep custom moldings add to an unmistakable feeling of space while maintaining a comfortable atmosphere.
The living room has a fireplace with marble surround, and is partially open to the dining room with ceiling medallion.
A custom gourmet kitchen with a hint of Provincial flair has rich black granite counters and top of the line stainless steel appliances including a Wolf range and Sub Zero refrigerator, as well as a matching center island.
The breakfast area has beautiful views of the level and private 1.05 acre lawn, and opens up to the family room.
The stone fireplace with raised hearth and custom mantel serve as a focal point for the family room, which has two sets of French doors out to the spacious and custom designed brick and stone patio with sitting walls.
Upstairs, the master bedroom suite with dressing room includes a fireplace, and the luxurious marble bath with radiant heated flooring has a free-standing tub and oversized steam shower.
Four additional en suite bedrooms are on this level, and each have generously sized closets.
The expansive third floor is perfect for a large media room, or au pair or nanny suite, and the walk out lower level has another bedroom and full bath, along with plenty of additional flexibly designed living area.
Schools — Long Lots Elementary, Bedford Middle, Staples High
Extras and items to note — six bedrooms, six full and two half baths, three fireplaces, main level library, security system, central vacuum system, natural gas, three car garage, generator, room for pool, assumable mortgage
Annual Taxes are $27,222.
Listing/photo courtesy of The Riverside Realty Group/ Bross Chingas Bross.
(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.
