Skolnick's Scoop / Westport real estate review

What is really happening in Westport's real estate market?

Buyers seem to believe that prices are still going down, while sellers are sure prices are on their way up. Of course, without a crystal ball, no one can truly tell the future.

However, based on the first eight months of 2010, the market is definitely improving. Interest lending rates continue to be historically low and sellers have become more negotiable.

Presently there are 352* houses on the market in Westport, with an average list price of $2,231,331, and an average market time of 128 days (which doesn't mean much, since homes could have been re-listed and the market time than restarts at 0).

The most expensive home listed for sale is priced at $24,900,000. It is a 10,500-square-foot house located on 6.62 acres on Beachside Avenue. Included are three building lots with 600 feet of water frontage, a main house with a pool and a pool house, and a second home with a pool and tennis court. The least expensive home on the market in Westport is priced at $329,000. It's on Hiawatha Lane, with three bedrooms and one bath in 1,104 square feet. The total dollar value of available homes in Westport is $785,428,472.

The average list price for three-bedroom homes is $1,184,119; four-bedroom homes, $1,543,475; and five bedrooms or more, $3,123,632. There are 62 homes available in the most saturated price range, $1,500,000 to $1,999,000.

Year to date, 233 homes have closed (sold), with an average market time of 95 days, an average list price of $1,469,928, and an average sales price of $1,378,877.

The most expensive home to date sold in 2010 in Westport closed for $8,187,500. It is located on North Avenue Extension with a pool and tennis court.

The least expensive sale was $358,500, located on Oakview Circle. The most active price range for homes sold in Westport so far in 2010 is $1,000,000 through $1,499,000 -- with 51 sales year to date.

There are currently 45 homes that are considered "pending," which means contracts are executed and they are awaiting closure. The most active price range for pending homes is $1,000,000 to $1,499,000, with seven homes due to close in that range.

In 2009, during the same time period, 148 homes sold in Westport. Average market time was 117 days with an average list price of $1,517,043, and an average sales price of $1,393,020.

The most expensive home sold during this time period last year closed for $6,500,000 on Beachside Avenue, and the least expensive home sold on Cedar Road for $340,000.

The bottom line, the Westport market is alive! Properties at all price points are selling when priced correctly. Our buyers in Westport are well educated. They know the market, and are not willing to overpay. The market will not allow you to under price your home (the price will be bid up by savvy buyers), but the market will allow you to hold on to your overpriced listing for years!

Price it right and be ready to negotiate.

* These statistics are based on the homes listed for sale through the Greater-Fairfield County Multiple Listing Service as of Aug. 24, 2010.

Market wrap

Craig Ellinwood, a mortgage banker with Atlantic Home Loans in Westport, reports that mortgage rates as of Aug. 23 are as follows:

30-year fixed -- 4.375% (4.452% APR)

15-year fixed -- 3.875% (4.008% APR)

Conforming/Jumbo to $708,750 (Fairfield County)

30-year fixed -- 4.625% (4.668% APR)

Jumbo: $750,000 to $1,500,000

30-year fixed -- 5.000% (5.020% APR)

15-year fixed -- 4.250% (4.287% APR)

Linda Skolnick, a Realtor with Prudential Connecticut Real Estate in Westport, can be reached by calling 203-246-0088 or through her Web site, www.GoAskLinda.com