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Tuesday, November 29, 2011

Real Estate Report: Back to 2003 Prices

By Judy Szablak

Case-Shiller released its monthly housing indices report today and it revealed that national home prices are back to the level of the first quarter of 2003.

National declines averaged 3.9 percent in September, although that is less than the 5.8 percent reported from the second quarter. David M. Blitzer, chairman of the Index Committee at S&P Indices,  noted that, “Home prices drifted lower in September and the third quarter.”

Only three of the nation’s 20 Metropolitan Statistical Areas (MSAs) posted any type of gain in September, and New York was one of the lucky few, albeit by less than 1 percent. 

Analysts are beginning to agree that the worst of the pricing collapse from 2007-2009 seems to be behind us. Fourteen of the 20 MSAs showed improvements with their annual rates of change. The New York MSA index is currently at 169.92, and normalized from the first quarter of 2000 at 100. The weekly statistics:

Homes: With another 10 percent drop in inventory from just last week, there are currently 291 single family homes that are actively on the market. The average list price of the available homes is $2,142,254, and these properties have been listed for sale an average of 149 days. The median price is now $1,297,499.

Five bedroom homes comprise just over 49 percent of the available inventory and are listed on average at $2,901,786. Twenty-eight percent of all single family homes for sale have four bedrooms, and their average list price is $1,748,890.

The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $329,900.

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

Six properties have gone under the initial deposit stage, which we call CTS, and seven 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 seven pending properties was $1,150,857 and they were on the market an average of 151 days.

Closings: Two homes were reported as sold in the last seven days. Their average list price was $2,344,500 and these homes were on the market an average of 164 days. There were 39 status changes in the last seven days.

Condos: There are 20 condominiums that are available, and they have been listed an average of 154 days. Their average listing price is $675,810, and the median price is $539,950. The highest priced condo in town is listed at $1,495,000, and the lowest offering price is $294,500.

No new listings came on the market this week, and no properties came back on the market after being under deposit. No properties had a price change. No properties went into CTS status, and no properties went into pending status.

Closings: One condominium was reported as closed in the last week, and was listed at $385,000. It was on the market for 265 days. There was one status change 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 $3,650 per month and the average price is $5,473 per month. These year-round rental opportunities have been on the market an average of 89 days.

There are three seasonal rental opportunities available and they have been on the market an average of 117 days, and at an average price of $25,500. The median price of both furnished and unfurnished seasonal rentals is $16,250.

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 40 Meadow View Drive is listed for $2,299,000

This 17-room, shingle-style custom home is newly built and in the heart of Coleytown.

Set back from the road on one perfectly level park-like acre, this handsome home’s 8-foot mahogany door greets you with style. This home is beautifully built, and rare in that every angle of the home has something attractive to look at, with no exterior detail unattended to.

The top quality detailing, workmanship and mill work inside this 6,500-square foot home is just as you would come to expect from its exterior.

A spacious and gracious two-story foyer is accented quite nicely with recessed panel wainscoting, specialty moldings, and custom mill work.

Nine-foot ceilings in the main level add to this home’s character, and oversized windows in both the living room and family room offer much natural light. Both rooms have fireplaces, and exquisite crown molding, and the dining room has crown molding and recessed panel wainscoting as well.

Strategically placed lighting creates a warm glow throughout, and the open flow from the family room to the kitchen is perfect for entertaining, with French doors from both the family room and kitchen that lead to an oversized stone patio.

The fully applianced chef’s grade kitchen has custom cabinetry, Carrera marble tops and a granite topped service island. A butler’s pantry has more storage, and an under counter refrigerator for beverages.

The second floor has four additional bedrooms besides the master bedroom three room suite. The master bath has a whirlpool and a glass enclosed shower with multiple heads, and a massive skylit walk in closet.

There are three floors of very well constructed living space in this home, and when you venture downstairs, you might not even realize that you are in the lower level because it is finished to main level standards with the utmost quality.

The walk-out lower level includes a gym, a climate controlled wine cellar, the perfect au-pair suite and a game room.

This is a quality built five- to six-bedroom home with five full and two one-half baths that would please even the most discerning buyer.

Annual taxes are $24,515. Listing/photo courtesy of William Raveis Exceptional Properties / 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 11/29/11 at 06:25 PM  Permalink



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