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Thursday, September 13, 2012

Real Estate Report: Looking Forward to Healthier 2013

By Judy Szablak

Year to date, there have been 261 sales reported through our Multiple Listing Service. Even as we continue to the seasonal slowdown, we seem poised to at least mirror last year’s sales figures, and can look forward to a healthier 2013. Image
This home at 203 Hillspoint Road is listed at $1,699,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/ Westport Beach (+) Country Homes

This year’s closed sale figures are fairly consistent with last year at this time, but with two important changes.

The average listing price of sold homes year to date is $1,531,789 and the average sales price is $1,438,221, which represents a 94 percent sales price to list price ratio.

In 2011, the average listing price of the properties that sold during this same time period was almost $80,000 less at $1,450,443, with those homes selling on average at $1,359,376, or at 95 percent of their asking price.

So while we are enjoying what seems like a small increase in average list pricing, it is equally as important that the sales price to list price ratio has decreased. It is optimal to see that percentage at 96 or better.

However, in spite of the mixed signals that the market is giving us, it does in fact show a market that is trying to recover. Slow improvement is good, and the steadier it gets for an extended amount of time is better yet.
The probability of an optimistic 2013 real estate market looks promising.

Market Stats

There are now 318 homes that are actively on the market.The average list price of available homes is $2,144,058 and these properties have been listed for average of 126 days, with a cumulative market time of 236 days.

The median price remains fairly consistent at $1,685,000.

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

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

Eight properties have gone under the initial deposit stage, which we call CTS, and four 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 four pending properties was $1,092,975. There are currently 26 homes in CTS status throughout Westport, and 33 properties scheduled to close town-wide, with an average price of $1,437,965.

Closings: Nine homes were reported as sold in the last week, and their average list price was $1,191.589.  Average market time for these sold properties was 64 days. There were 75 status changes in the last seven days.

Condos: There are 13 condominiums that are available, and they have been listed an average of 187 days.
Their average listing price is $563,215, and the median price is $549,000. The highest priced condo in town is listed at $1,075,000 and the lowest offering price is $299,900.

There was one new listing and one home came back on the market after being under deposit. There was one price change.

Two properties went under the initial stage of deposit, and one property entered into pending status, and was listed at $659,000.

There are currently two properties in CTS status, and an additional three homes scheduled to close townwide, with an average list price of $735,667.

Closings: There was one condo reported as sold this past week, and it was listed at $649,000.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 79 homes or apartments available. The median price is $5,200 per month and the average price is $6,394 per month.
These year-round rental opportunities have been on the market an average of 67 days.

There are 28 short-term rental opportunities that are available, and they have been on the market an average of 50 days. Their average price is $6,929, and the median price is $5,700.
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 203 Hillspoint Road is listed at $1,699,000.

This direct waterfront shingle style home on the Mill Pond is quite charming, and boasts outstanding water views from every angle.

A gem of a find, natural light fills the open floor plan on this immaculate 12-year-old home, and there are six rooms in its nearly 1,800 square feet of living area.

The great room has 9-foot ceilings with crown molding, built-ins, a fireplace, and two sets of French doors to the deck with spectacular water views. Just off the deck is a lovely lawn and garden with stone steps leading down to the water. 

A first floor library/study has a wall of well designed built in shelving and lots of natural light.
The dining area is open to the kitchen, which has stainless steel appliances and granite countertops. A built-in breakfast bar is perfect for casual dining.

Upstairs, the master bedroom suite has cathedral ceilings, a walk-in closet, and its own luxurious bath with whirlpool. 

French doors lead to the private and spacious balcony that affords more views of the outstanding scenery.

Two additional bedrooms with ample closet space are on this level, and share a full bath.

Pristine, perfect and peaceful, this waterfront colonial is a rare opportunity and offers truly beautiful views at a most affordable price.
Annual taxes are $17,872.

Listing/photo courtesy of Coldwell Banker Riverside/ Westport Beach (+) Country Homes.
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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


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