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Thursday, January 03, 2013

Real Estate Report: Another Positive Indicator

By Judy Szablak

In another positive indicator for the real estate market, the latest National Association of Realtors Pending Home Sales Index (PHSI) shows that sales have increased for the third straight month. Image
This home at 21 Partrick Road is listed at $2,099,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside- Westport/Welling Associates.

Pending home sales have also risen for 19 consecutive months on a year-over-year basis.

The PHSI, a forward looking indicator which reflects contract signings (but not closings), rose 1.7 percent to 106.4 in November, and is 9.8 percent above November 2011 when it was just 96.9.

The index has not been this high since April 2010, when it reached 111.3, and that was mainly due to buyers trying to beat the home buyer tax credit deadline. Another previous high of 107.9 was recorded in February 2007.

The National Association of Realtors also predicts that home sales should rise 8 to 9 percent in the coming year.

Market Stats

There are now just 202 homes that are actively on the market. The average list price of these available homes is $2,363,313 and these properties have been listed for average of 170 days, with a cumulative market time of 272 days. The median price is now $1,795,000.

The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $360,000.

One new listing came on the market in the last seven days, and two homes came back on the market after being under deposit. One property had a price change.

Six properties have gone under the initial deposit stage, which we call CTS, and five 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 five pending properties is $1,353,300. There are currently 15 homes in CTS status throughout Westport, and another 41 properties scheduled to close town-wide, with an average price of $1,531,934.

Closings: Four properties were reported as sold in the last week. Their average list price was $1,137,250, with an average market time of 81 days. There were 30 status changes in the last seven days.

Condos:  There are seven condominiums that are available, and they have been listed an average of 298 days. Their average listing price is $576,409, and the median price is $639,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $200,864.

There was no new listing activity reported in the last week, and 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 one property town-wide that is 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 just one status change.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 40 homes or apartments available. The median price is $5,075 per month and the average price is $5,032 per month. These year round rental opportunities have been on the market an average of 77 days.

There are 18 short-term rental opportunities that are available, and they have been on the market an average of 57 days. Their average price is $10,814, and the median price is $5,950. 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 21 Partrick Road is listed at $2,099,000.

Located in the prestigious Old Hill area, the exceptional quality in this newly built 6,400-square foot colonial is perfectly complimented by its elegance and charm.

Ideally situated on a 1.27-acre lot with sweeping rear lawn with room for pool and pool house, this exceptionally sunlit home was built by premier local builders Pieka Construction, and features superior craftsmanship inside and out.

The two-story foyer has a herringbone wood floor and recessed panel wainscoting, and both the first and second floors have 9-foot ceilings that are nicely embellished with custom crown molding.

An elegant living room has a gas fireplace with custom mantel and marble surround and a coffered ceiling.

The formal dining room features wainscoting, crown molding, and is enriched by a recessed tray ceiling.  A butler’s pantry has marble counter tops and a wine cooler.

The sunlit custom kitchen is fully equipped with top of the line appliances,a walk-in pantry, and has strategically placed glass front cabinetry.

The beautifully designed center service island has a vegetable sink, and seats four comfortably. A sunlit breakfast area has french doors to the blue stone patio.

The family room is open to the kitchen and breakfast areas, and has a floor to ceiling stone fireplace with raised hearth. Built in cabinetry and a window seat give the room a charming and warm atmosphere.

The library/study has a built-in desk and bookcases, and glass french doors.

Upstairs, there is a sunlit reading area, and an interior balcony overlooking the foyer below.

Five bedrooms are on this level, and “Jack and Jill” style bathrooms accommodate four of the bedrooms.

The master bedroom privacy suite is superbly designed with a multiple tray ceiling, crown molding, and fireplace, as well as an exceptionally large walk in closet. A luxurious master bath has a separate water closet, dual sink vanity,  6-foot air tub, and a glass-enclosed shower.

The finished third floor offers another bedroom, full bath, and playroom, which could easily be a nanny suite if needed.

The walk-out lower level has a recreation room with a fireplace, an exercise room, and another full bath.

Extras and items to note—four fireplaces,  elite custom finishes, security system.

Taxes have yet to be determined.

Listing/photo courtesy of Coldwell Banker Riverside- Westport/Welling Associates.
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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 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


Posted 01/03/13 at 08:02 PM


Comment Policy

As to the featured home, a couple of things.

1. Interesting that its not mentioned that the property sits across the street from the Partrick Wetlands, perminant open space. No neighbors, just trees…... a selling point missed.

2. That expanse of back yard so highly touted, was at the cost of 20 trees on a sloping landscape. This builder clear cut the property to offer this without regard to the environmental considertions of run off, noise, and the heating of the fringe greenery which will kill it.

While I’m sure it is beautiful and will most likely sell, this town has an issue it must deal with; That of the clear cutting of properties for new houses. Another property on Manitou Rd just axed 30 trees in order to have a giant backyard.

While I understand pruning to protect houses from falling trees in storms, clear cutting and the excavation and fill to completely change the character and topography is a problem.

Posted by Matthew Mandell on January 03, 2013 at 11:46 PM | #

Yes, it would be wonderful if there were some
limitations on clear cutting. But probably the worst clear cutting will be at Camp Mahackeno. What about that Matt?  Had the sewer line been approved for that one specific use only, hundreds of trees would have been saved, the river would be protected from run off, wildlife would still have its habitat and there would
surely have been less impact on the neighbors’
properties.  By comparison what a builder clear cuts
is nothing to what is going to happen at Mahackeno.
Janet Beasley

Posted by Janet Beasley on January 04, 2013 at 08:31 PM | #

Janet I love you, but the number of trees coming down for the leeching field pales by 10 fold in comparison to the number that will come down for the building, roads and parking lots. That is where the real and greater impact comes from.

But I won’t go there - The Y won its approvals and I wish them well.

Posted by Matthew Mandell on January 04, 2013 at 08:48 PM | #

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