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Wednesday, October 05, 2011

Real Estate Report: 4Q Starts With Prices Down

By Judy Szablak

As we begin the fourth sales quarter, bear in mind that while sales have seemed to be fairly good throughout most of the year,  the average sales prices are down about 2 percent from last year at this time.

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This home at 8 Edgemarth Hill Road is listed for $1,799,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport.

That really should not be a cause for concern, as many factors play into average pricing. For example, we have had more sales year-to-date this year over last year, and the slightly lower figure can be attributed to a few more homes selling in lower ranges. It doesn’t mean that your home is worth less than last year, by any means.

The third quarter sales figures were just not as strong as last year’s third quarter either, and that was as I had suspected. The good news is we are primed for a more than reasonable last quarter of 2011. There are currently 29 single family home sales pending in town, and their average price is just over $1.5 million.

It is also important to note that if we were to compare 2011 year-to-date figures to 2009’s annual figures, we have already beat the amount of sales that were posted. 

Considering that the state of the economy is still in flux, the job market is still nowhere that it should be, and that we had a lot of financial ups and downs, I would say 2011 still looks like it will end up being a good year, all things considered.

Market Stats

Homes:  There are 335 single family homes that are actively on the market. Their average list price is $2,132,086, and these homes have been listed for sale an average of 130 days. The median price remains fairly constant at $1,338,500.

The biggest price pocket is between $1 -1.5 million and these homes comprise more than 20 percent of the available inventory, and have been on the market an average of 119 days.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000. 

Fourteen new listings came on the market in the last seven days,  and no homes came back on the market after being under deposit. Eleven properties had a price change.

Three 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 listing price for these pending properties was $1,575,679 and their average market time was 119 days.

Closings:  Four homes were reported as sold in the last seven days, their average list price was $1,513,250 and these homes were on the market an average of 86 days. There were 63 status changes in the last seven days.

Condos: There are 28 condominiums that are available, and they have been listed an average of 107 days. Their average price is $632,196. The median price of a condo is $532,500. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $279,000.

It is still remains somewhat quiet for condo activity. Only one new listing came on the market this week, and no properties had a price change. One property went into CTS status, adn no properties went into pending status.

Closings: Two condominiums closed in the last week, and their average listing price was $567,250. Average market time for both homes was 91 days. There were four status changes in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished,  there are 77 homes or apartments available. The median price is $3,590 per month and the average price is $5,627 per month. These year-round rental opportunities have been on the market an average of 58 days.

There are just three seasonal rental opportunities available and they have been on the market an average of 67 days, and at an average price of $17,500. The median price of both furnished and unfurnished seasonal rentals is $11,250.

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 8 Edgemarth Hill Road is listed for $1,799,000.

This spacious custom ranch is perfectly sited on one acre on a quiet cul-de-sac in Greens Farms, and was inspired by a classic French country manor.

Although this 3,737 square foot home was originally built in 1956, it was completely rebuilt in 1995 by award-winning local builder Don Miro. There are eight rooms, three bedrooms and three full baths.

A regal sized front portico has a double French door entry, and is perfectly accented with specialty exterior moldings. Once you step inside the front to back foyer, an utterly enchanting feeling of warmth and character surrounds you. An additional set of French doors at the other end of the foyer leads out to the rear patio.

The interior is positively alluring, gracefully presented, and has a friendly aura throughout. Every room on the main level has architecturally interesting cathedral ceilings that are at least 14 feet high, with the exception of the master bedroom, that is nearly 18 feet at its peak.

The open great room is over 60 feet in length, and its focal point is a handsome white-washed brick double sided floor to ceiling fireplace in the middle of the room which separates the family room and the living room areas.

There are satin finish wide planked pine floors throughout, and the skylit family room has exposed rustic barn beam accents as well as built in shelving and French doors to the patio.

The free-flowing floor plan continues past the two-sided fireplace to the living room which is also open to the dining room and kitchen.

A fully equipped designer kitchen has top of the line stainless steel appliances, “Santa Cecilia Real” granite counters with a tumbled marble backsplash, and a matching breakfast bar with granite counters that seats three, as well as another skylight, an extra large pantry, and another set of French doors out to the patio. 

Adjacent to the kitchen is the dining room, which has access to the open staircase up to the spacious loft that overlooks the massive great room below, and this area also has additional built-ins and architecturally appealing ceilings.

There are three bedrooms on the main level including the master bedroom, and the finished lower level offers a den that can double as a fourth bedroom if needed, complete with a queen size Murphy Bed which is nicely tucked away inside a wall of built-in shelving.

The master bedroom suite has another fireplace, a sitting room, two skylights, and an extra large walk-in closet. The tumbled marble master bath has another skylight, dual vanities, a whirlpool, and a separate frameless glass enclosed shower with rainfall showerhead.

Items to note: Five skylights; five sets of French Doors; security system; heated in-ground pool; deer fencing; professional landscaping with special attention to maintaining privacy.

This single floor home is open, spacious and sun-drenched, with a tasteful contemporary design and a traditional flair that’s impeccable in every way.

Annual taxes are $18,467. Listing/photo courtesy of William Raveis Westport.
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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 is featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her blog at www.TheCTrealtyBlog.com.

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Posted 10/05/11 at 02:10 AM  Permalink



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