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Wednesday, November 14, 2012

Real Estate Report: Uptick in Home Sales

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By Judy Szablak

The National Association of Realtors released its third quarter report showing more areas gaining ground and growth in metropolitan area median home sale prices.

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This home at 100 Partrick Road is listed at $1,498,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/Michelle & Company

The median existing single-family home price rose in 120 out of 149 metropolitan statistical areas (MSAs) based upon closings in the third quarter, and is much better than the same quarter in 2011, where 39 metros were up. Twenty-nine MSAs had price declines.

Locally, Westport ‘s 2012 third quarter sales narrowly edged out 2011 during the same period. However, our area was not one of those enjoying an increase in pricing year-over year based solely on the third quarter. 

The average sale prices dropped slightly in town by just under 2.5 percent, or about $30,000 from $1,325,449 in 2011 with an average sale price this year of $1,293,678 in the third quarter. The number of year-to-date home sales is also down slightly, but YTD dollar volume figures show a rosier picture, and a $50,000 increase in average sale prices overall.

It looks somewhat confusing and/or conflicting, but the erratic data can be explained by noting that lower tiered properties sold at a higher pace during this last quarter than they did in the first half of the year.

The overall dollar volume in 2012 is still higher than it was last year, which is no small feat given the market we have experienced as of late.

Bottom line— a minor dip in pricing year-over-year that represents just one fiscal quarter is not necessarily disheartening. Looking at the bigger picture, the average prices have increased YTD from 2011.

Market Stats

There are now 275 homes that are actively on the market. The average list price of available homes is $2,258,329 and these properties have been listed for average of 142 days, with a cumulative market time of 256 days. The median price is now $1,699,000.

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 three homes came back on the market after being under deposit.  Seven properties had a price change.

Eight properties have gone under the initial deposit stage, which we call CTS, and 17 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 17 pending properties was $1,340,900.  There are currently 16 homes in CTS status throughout Westport, and 57 properties scheduled to close town-wide, with an average price of $1,429,405.

Closings: Eight homes were reported as sold in the last week, and their average list price was $1,341,988.  Average market time for these sold properties was 139 days. There were 68 status changes in the last seven days.

Condos:  There are 10 condominiums that are available, and they have been listed an average of 236 days. Their average listing price is $558,886, and the median price is $569,000. The highest priced condo in town is listed at $1,075,000 and the lowest offering price is $200,864.

There was no new listing activity in the last week, and no new deposits reported.

There are two properties currently in CTS status, and one home scheduled to close townwide, and that property is listed at $698,000.

Closings: There were two condos reported as sold this past week, and were listed on average at $424,450. There were a total of four status changes.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 51 homes or apartments available. The median price is $4,500 per month and the average price is $5,150 per month. These year round rental opportunities have been on the market an average of 80 days.

There are 18 short-term rental opportunities that are available, and they have been on the market an average of 58 days. Their average price is $6.147, and the median price is $3,650.

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 100 Partrick Road is listed at $1,498,000.

This cherished piece of Westport history in the Old Hill area was built in 1823 by John Partrick, and has been lovingly maintained, restored and updated.

Set on 1.16 bucolic acres with perennial gardens bordering the Stony Brook River, the 3,200-square foot home also has a guest cottage which was the original barn.

The surprisingly open floor plan is charming, sunny, and the layout is perfectly designed nearly two centuries after it was originally built.

The sunlit living room has crown molding, built in shelving and an oversized fireplace An arched doorway leads to the sunroom/sitting room that has French doors outside to lovely grounds and outdoor spa.

The banquet-sized dining room has another fireplace and is open to the breakfast nook and family areas of the kitchen.

The remodeled custom Kingswood cabinetry kitchen has granite counters with limestone backsplash.

Top of the line appliances include dual convection ovens, a six burner Wolf range, and a breakfast bar with copper sink that seats three comfortably. The well designed space is open to another sitting room/family gathering area.

The master bedroom suite is privately situated on the main level and has a full bath with glass enclosed shower, and California closets.

Three additional bedrooms are on the second floor, and offer their own charm as well. Two share a “Jack and Jill” style bath, and two share “sleeping porches”.

A charming guest cottage offers additional serene living space, and is equipped with a full kitchen and dining area, as well as a bedroom and full bath.

Extras and items to note: root cellar, original fir floors, sleeping porches, guest cottage, river frontage.

A very charming vintage home with history, serenity and space that offers all the charm of yesteryear along with today’s conveniences.

Annual taxes are $10,401.

Listing/photo courtesy of William Raveis Westport/Michelle & Company.
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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 http://www.CThomesAndRealEstate.com.)

Posted 11/14 at 07:56 PM

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