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Thursday, February 21, 2013

Real Estate Report: Activity Picking Up

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By Judy Szablak

Sales activity is bustling for lower priced homes in Westport.

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This home at 192 Cross Highway is listed at $2,195,000. (CLICK TO ENLARGE) Photo courtesy of Prudential CT Realty, Wilton-Team Advantage

Of the 36 homes under deposit, what is known as Continue to Show (CTS) status, 32 are below the median list price of $1,799,000.

Sales are cyclical, and when the lower priced properties sell, it should still be considered good news for the homes in higher ranges. Many buyers “move up” in the market, especially during this time of year.

The owners of the homes that are selling in the lower ranges are moving up to the mid range properties, and those homeowners, in turn, are moving up to the higher priced homes.

Coupled with the out-of-towners buying in the upper price ranges, the overall market should fare very well this spring. 

Do not be concerned about a few weeks of lower numbers that may seem to drag down averages year to date.

Market Stats

There are now 211 homes that are actively on the market. The average list price of these available homes is $2,390,025, and these properties have been listed for average of 148 days, with a cumulative market time of 251 days. The median price remains at $1,799,000.

The highest asking price for all homes currently on the market is $27.5 million and the lowest available priced home is $309,000.

Seven new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Five properties had a price change.

Eleven properties have gone under the initial deposit stage, which we call CTS, and six properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of these six pending properties is $1,600,167. There are currently 36 homes in CTS status throughout Westport, and another 46 properties scheduled to close town-wide, with an average price of $1,687,693.

Closings:  There were nine properties reported as sold in the last week, and were listed on average at $1,509,555, and sold with a market time of 100 days. There were 46 status changes in the last seven days.

Condos:  There are eight condominiums that are available, and they have been listed an average of 228 days. Their average listing price is $746,250, and the median price is $849,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $325,000.

There were no new listings reported. No homes came back on the market after being under deposit. No properties entered the CTS stage of deposit, and no homes went into pending status.

There is no properties townwide that are currently in CTS status, and one home is scheduled to close that is listed at $329,000.

Closings: There were no condos reported as sold this past week, and no status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 38 homes or apartments available. The median price is $5,950 per month and the average price is $6,574 per month. These year round rental opportunities have been on the market an average of 80 days.

There are 16 short-term rental opportunities that are available, and they have been on the market an average of 40 days. Their average price is $17,391, and the median price is $19,000. 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 192 Cross Highway is listed at $2,195,000.

Privately and perfectly situated on estate-like 2.93-acre grounds, this 5,066-square foot colonial is filled with sunlight throughout its 14 rooms, and offers a quiet and serene setting.

A two-story entry foyer is basked in sunlight, and features hardwood flooring with inlaid walnut perimeter accents.

An elegant living room has crown molding,  and a fireplace with a stunning custom mantel.

Picture frame molding and chair rails along with crown molding enhance the banquet sized dining room, which also has inlaid walnut perimeter accent hardwood flooring.

The family room has crown molding, a stone fireplace with raised hearth, and a built-in wet bar with a marble counter. French doors lead out to the 308-square foot mahogany deck, and French pocket doors lead to the living room.

A beautifully designed and Provincially-styled custom gourmet kitchen with honed marble counters is fully equipped with top of the line stainless steel appliances, and has a contrasting breakfast bar which seats four comfortably.  A quite impressive and light filled breakfast nook bay area has two-story ceiling height.

The second floor landing leads to a two sided balcony, which overlooks the foyer on one side and the breakfast nook on the other.

Upstairs and to your right is the master bedroom privacy suite, which has a fireplace,  cathedral ceilings, a skylight, private balcony,  and two walk in closets. The master bath is beautifully appointed in Verde green marble , with dual vanities, a whirlpool and separate shower.

To your left are three additional en suite bedrooms, the laundry room, and a playroom/ bonus room.

The lower level features a recreation room with 9-foot ceilings, and an exercise room or bedroom with full bath with French doors to the patio.

Beautiful property with lush gardens, stone walls, and curved walkways make this home as pleasant outside as it is indoors.

Extras and items to note: main level office, security system, central vacuum, built in sound system (master, kitchen and living room), walk-up attic

Built in 1997; annual taxes $24,639.

Listing/photo courtesy of Prudential CT Realty, Wilton-Team Advantage.
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(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.

Posted 02/21 at 05:15 PM 

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