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Thursday, January 17, 2013

Real Estate Report: Another Sign of Improving Market

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By Judy Szablak

In another sign of the improving real estate market, CoreLogic’s latest Home Price Index shows November was up 7.4 percent from the same time period in 2011. Image
This home at 9 Partrick Lane is listed at $2,170,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate/Michelle and Company

This gain represents the most significant increase in the index since 2006, and the ninth consecutive increase in home prices nationally on a year-over-year basis.

CoreLogic, a leading property information, analytics and services provider, noted that all but six states are experiencing year-over-year gains, and Connecticut was one of five states with the lowest home price depreciation of -0.5 percent

“As we close out 2012, the pending index suggests prices will remain strong.” said Mark Fleming, chief economist for Corelogic.

December’s report, which is due next month, is expected to show a rise by almost 8 percent on a year-over-year basis.

Market Stats

There are now 201 homes that are actively on the market, and inventory is beginning to increase gradually in anticipation of the upcoming spring market. The average list price of these available homes is $2,268,259 and these properties have been listed for average of 164 days, with a cumulative market time of 282 days. The median price is now $1,599,900.

The highest asking price for all homes currently on the market is $27.5 million and the lowest available priced home is $299,000.

Sixteen new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Ten properties had a price change.

Eight 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 $1,678,400. There are currently 18 homes in CTS status throughout Westport, and another 38 properties scheduled to close town-wide, with an average price of $1,555,912.

Closings: Ten properties were reported as sold in the last week. Their average list price was $1,379,240, with an average market time of 158 days. There were 61 status changes in the last seven days.

Condos:  There are six condominiums that are available, and they have been listed an average of 351 days. Their average listing price is $635,000, and the median price is $632,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $299,000.

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 had a price change, and one property was entered the CTS stage of deposit. No homes went into pending status.

There are no properties currently in CTS status, and two homes are scheduled to close that are listed on average at $427,432.

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

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 41 homes or apartments available. The median price is $5,400 per month and the average price is $5,449 per month. These year-round rental opportunities have been on the market an average of 73 days.

There are 20 short-term rental opportunities that are available, and they have been on the market an average of 46 days.

Their average price is $13,385, and the median price is $6,375. 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 9 Partrick Lane is listed at $2,170,000.

This welcoming home was built in 2004, located in the coveted Old Hill area, and is brimming with exceptional workmanship, taste and elegance.

Privately situated on 1.71 acres on a quiet road, this 12-room colonial has a columned wraparound covered porch which takes full advantage of the beautiful and tranquil scenery that this property has to offer, with stunningly beautiful gardens, as well as a private pond in the backyard.

An entertainers dream, a grand two-story foyer and sweeping staircase set the stage for fantastic flow in this 6,124-square foot home.

Subtle decor is refined and regal throughout, and expert finishes and details include specialty crown molding, columns and archways, wainscoting and rich hardwood flooring .

A formal and elegant living room is to your right as you enter, and has pocket doors to the family room for ease of entertaining.

The dining room has recessed panel wainscoting, crown molding, and a center medallion for the chandelier.

The study, or main level sitting room could easily be a media room, and has rich wood built in shelving and cabinetry.

The custom gourmet kitchen has top of the line appliances, granite counters, and a large service island with an intricately designed and stunning stained glass light fixture above. The sunlit breakfast nook sits perfectly in bay area alcove overlooking the scenic property.

The family room is open to the kitchen and breakfast nook areas, and has a floor to ceiling stone fireplace and French doors to an over sized patio with perimeter stone wall, and built in grill.

Upstairs, the master bedroom suite features an intricate tray ceiling, and an arched columned entrance to the sitting room with fireplace. A spa-like bath has a deep soaking tub, steam shower and dual vanities.

Four other bedrooms are on this level, and all are en suite.

The lower level houses a home gym, and also has another full bath.

Annual taxes are $27,260.

Listing/photo courtesy of William Raveis Real Estate/Michelle and Company.
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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

Posted 01/17/13 at 03:35 AM


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