Friday, February 15, 2013
Real Estate Report: Inventory Still Low
By Judy Szablak
Inventory continues to remain at lower than average levels even for this time of year, and sales are currently at a good pace. But if the current levels don’t change soon, single family home sales may begin to suffer.
This home at 79 Clinton Ave. is listed at $1,499,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport-Riverside.
Last year at this time, there was 286 homes available for sale. This week’s inventory is down almost 25 percent from 2012, with just 214 available single family homes, and the selection remains limited. As new inventory continues to enter the market, homes are quickly being absorbed by buyers, especially if priced correctly.
While inventory levels are down from 2012, sales have increased from this time last year. There have been 31 single family sales year-to-date, which represents an almost 10 percent increase over the same time period in 2012 with 28 closed units.
When a lower than normal inventory level is coupled with rising sales, it can be good news for sellers, but it can spell trouble for buyers. With little supply and demand high, prices rise, and there is a greater chance that multiple bidding situations will occur.
There are now 214 homes that are actively on the market. The average list price of these available homes is $2,336,372, and these properties have been listed for average of 147 days, with a cumulative market time of 246 days. The median price remains at $1,799,900.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Fifteen new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Nine properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS, and 13 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 13 pending properties is $1,788,000. There are currently 31 homes in CTS status throughout Westport, and another 48 properties scheduled to close town-wide, with an average price of $1,716,144.
Closings: There were four properties reported as sold in the last week, and were listed on average at $1,445,500, and sold with a market time of 151 days. There were 60 status changes in the last seven days.
Condos: There are eight condominiums that are available, and they have been listed an average of 221 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 town-wide 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 just one status change.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 41 homes or apartments available. The median price is $5,900 per month and the average price is $6,188 per month. These year round rental opportunities have been on the market an average of 76 days.
There are 18 short-term rental opportunities that are available, and they have been on the market an average of 48 days. Their average price is $15,933, and the median price is $16,500.
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.
This home at 79 Clinton Ave. is listed at $1,499,000
This charming colonial on 1.79 acres in the heart of Coleytown is brimming with character and charm, boasts Saugatuck River frontage, and has peaceful water views from nearly every room.
Originally built in 1937 and extensively remodeled in 2000 with much attention to maintaining its original charm while adding modern amenities, this 4,027- square foot home has 13 very well configured rooms.
The living room has an over sized fireplace with an exquisite custom mantel and crown molding, and a bay window brings much light into the room.
A romantic dining room has a columned entry, crown molding, and another bay window.
A well designed and sky-lit kitchen has top quality stainless steel appliances and the adjoining breakfast nook is basked in sunlight.
The sunken family room off the kitchen has another fireplace, with French doors on either side that offer plenty of natural light along with over sized windows.
The first floor den is spacious and has outstanding natural light, making it a perfect studio, if so desired.
The master bedroom is on the main level, and has cathedral ceilings, ample closets, and its own full bath. Four additional bedrooms are on the upper level,
The finished lower level has a second family room with fireplace, and also a gym and office/sunroom
Extras and items to note: Saugatuck River frontage, beautifully manicured property with expanded two tiered patios and charming stone walls.
Annual Taxes are $15,660.
Listing/Photo courtesy of Coldwell Banker Westport-Riverside.
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