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Friday, February 01, 2013

Real Estate Report: No Concerns About New Data

By Judy Szablak

There are no immediate concerns about the most recent S&P/Case-Shiller home price index released earlier this week. Although November showed a slight decline of 0.17 percent from the prior month in the 10-city Composite Index, and a 0.09 percent decline in the 20-city Composite Index, the non-seasonally adjusted figures reflect a typical pattern for this time of year. Image
This home at 2 Quentin Road is listed at $1,999,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/ Westport Beach (+) Country Homes.

“The November monthly figures were stronger than October, with 10 cities seeing rising prices versus seven the month before,” said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices.

“Winter is usually a weak period for housing which explains why we now see about half the cities with falling month-to-month prices compared to 20 out of 20 seeing rising prices last summer. The better annual price changes also point to seasonal weakness rather than a reversal in the housing market.”

Additionally, the National Association of Realtors (NAR) released its Pending Home Sales Report for December which shows that pending home sales also declined with the seasonally adjusted national index down 4.3 percent from November but increasing 6.9 percent above December 2011.

NAR’s chief economist Lawrence Yun suggested that while buyer foot traffic is strong, that supply limitations may be negatively influencing contract activity. The same can also be said for Westport. Homes are coming on the market, but nearly just as many are selling, leaving available inventory lower than expected.

Market Stats

There are now 205 homes that are actively on the market. The average list price of these available homes is $2,350,411 and these properties have been listed for average of 144 days, with a cumulative market time of 253 days. The median price has again risen slightly to $1,798,000.

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

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

Eighteen 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 $1,254,333. There are currently 31 homes in CTS status throughout Westport, and another 41 properties scheduled to close town-wide, with an average price of $1,658,656.

Closings:  There was one property reported as sold in the last week, and it was listed at $1,299,000, and sold with a market time of 204 days. There were 61 status changes in the last seven days.

Condos:  There are seven condominiums that are available, and they have been listed an average of 275 days. Their average listing price is $720,714, and the median price is $799,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $325,000.

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

Closings: There was one condo reported as sold this past week, and it was listed at $654,000. There were five 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 $5,075 per month and the average price is $5,541 per month. These year round rental opportunities have been on the market an average of 78 days.

There are 18 short-term rental opportunities that are available, and they have been on the market an average of 41 days.  Their average price is $14,861,  and the median price is $10,250. 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 2 Quentin Road is listed at $1,999,000.

Reminiscent of a charming Nantucket home, and oozing with style, this Compo Beach area shingle-style home offers year round water views.

Perfectly framed with a white picket fence on a .16-acre lot, this impeccable 2,542-square foot home was built in 2002, and is positively pristine inside and out.

A warm and welcoming covered front porch gives you just a hint of the charm inside, and there are no disappointments.

The sunlit living room has a fireplace with a marble surround and a custom mantel. Crown molding and plenty of transom topped windows make already rich hardwood floors glisten in the sunshine. Open vistas of Gray’s Creek beckon through the three walls of windows.

The dining room also has crown molding, a bay window, and French Doors to the private patio.

A light and bright designer kitchen has top quality appliances and marble counters, glass front cabinetry and more of that beautiful sunlight that is throughout the home.  A mini-butlers pantry off the kitchen has a wine fridge, and additional built-in storage. 

A mudroom leads to a two car garage, which is rare at the beach.

An office on the main level has built in cabinetry and crown molding.

There are three generously sized bedrooms on the upper level—all are en suite, and all have generous closet space.

Soaring ceilings in the master bedroom give a contemporary flair to the room, and it brims with sunlight. The master bath has a whirlpool, and separate glass enclosed shower. The master bedroom offers open views to Gray’s Creek and beyond to the Sound.

Charming, elegant, and impeccably maintained, this is “A house that just makes you smile.”

Items to note: Two-car garage, year-round water views of Gray’s Creek, steps to Compo Beach and Longshore Country Club.

Annual taxes $22,448.

Listing/photo courtesy of William Raveis/ Westport Beach (+) Country Homes.
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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 02/01/13 at 07:39 PM


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