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Tuesday, July 28, 2015

Real Estate Report: Inventory Absorption Rate Higher

By Judy Szablak

There appears to be a positive blip in the Westport real estate market over the last few weeks.

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Featured Home: This home at 196 Hillspoint Road is listed at $2,199,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis- Westport.

Although next month is traditionally one of the slower months of the year due to planned vacations, and back to school preparations,  there is indeed more than a hint of promise for August.

Over time, statistics tell a very important story. Over the last few weeks, the absorption rate on inventory coming on the market and properties going under deposit has been higher than it has been for at least a few months.

A single-family market snapshot for the current period of today (less 90 days) shows that we have 10.26 months of inventory. The prior six to nine month report shows 13.06 months of supply. That’s a significant drop.

Couple that with a few consistent weeks of minimum net inventory gain; whereas this week 18 new listings came on the market and 12 homes went under deposit. Last week, we had similar percentages, and both create a promising future outlook, especially if continued during August

This positive indicator could also have something to do with properties being reduced to market pricing, and homes entering the inventory pool that are priced correctly.

No matter which, it is crucial to make sure you have enough statistics and market data to price your home properly for the market.

Market Stats

There are now 371 homes that are are actively on the market. These currently available properties have been listed for an average of 110 days, with a cumulative market time of 175 days.

The average list price is now $2,254,982 and the median price remains at $1,795,000.

A contemporary home on 8 Bluewater Lane is the highest priced home for sale at $11,995,000, and the lowest available priced home is a three-bedroom home on Crescent Park Road for $359,000.

Eighteen new listings came on the market in the last seven days, and four properties came back on the market after being under deposit, or temporarily withdrawn. Twenty-three properties had a price change.

Twelve properties have gone under the initial deposit stage, which we call CTS, and 10 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.

The average price of those 10 properties was $2,168,4000. There are currently 37 homes in CTS status throughout Westport, and another 60 properties scheduled to close town-wide, with an average price of $1,745,967.

Closings: There were 11 single-family homes reported as sold in the last week, and they were listed on average at $1,854,991, with a market time of 93 days. There were 89 status changes in the last seven days.

Condos: There are 12 condominiums that are available, and they have been listed an average of 98 days. Their average listing price is $707,792 and the median price is $634,000.

The highest priced condo in town is listed at $1,279,000 and is a three-bedroom home located at Terra Nova Circle, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $355,000.

There was one new listing this week, and no other activity in this sector of the market.

There is one property town-wide that is currently in CTS status, and there are two homes scheduled to close, with an average price of $1,027,000.

No sales were reported during the last week. There was one status change.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 59 homes or apartments available. The median price is $5,700 per month and the average price is $5,994 per month. These year round rental opportunities have been on the market an average of 42 days.

There are 29 short-term rental opportunities that are available, and they have been on the market an average of 76 days. Their average price is $11,762 and the median price is $6,900.

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 196 Hillspoint Road is listed at $2,199,000.

This nine-room Compo Beach beauty has water views from every level, and was completely rebuilt and redesigned in 2007.

Over 3,050-square feet of living area features a sunny,flexible and open floor plan which offers many options, and the .13-acre property with low maintenance perennial gardens is surprisingly private.

The living room has a marble fireplace with built in shelving on either side, and the dining room has custom molding and wainscoting, along with a French door to the deck for alfresco dining.

A beautifully designed and cheery kitchen has granite counter tops, stainless steel appliances, and a center island that seats three comfortably. The sunlit breakfast nook has built in window seating to enjoy the beautiful water views. 

The main level family room could easily be a bedroom or office, and has French doors to the deck.

Upstairs, the master bedroom suite has gorgeous water views through over sized windows, a large walk in closet and a stunning bath.

Two additional bedrooms are on this level and the third floor offers yet another option for an additional bedroom, with cathedral ceilings and French door to the rooftop deck with panoramic water views.

Schools - Greens Farms, Bedford, Staples. 

Extras and items to note—9-foot ceilings on main level, two full and two one-half baths, three car garage, 28-foot covered front porch, security system, audio system, central vacuum, passive solar, radiant heat, rooftop deck.

Annual taxes are $17,479.

Listing/photo courtesy of William Raveis- Westport.


Judy Szablak
(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 http://www.CThomesAndRealEstate.com.

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Posted 07/28/15 at 05:12 PM  Permalink



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