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Thursday, August 29, 2013

Real Estate Report: Market Slowing a Bit

By Judy Szablak

The Westport real estate market is slowing down a bit, although it is still up from last year at this time. The national news is no different, according to the latest Case-Shiller report.

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This home at 7 Cob Drive is listed at $1,649,000. (CLICK TO ENLARGE) /Photo courtesy of William Raveis Westport & Stamford offices

The index, released this week shows that while all 20 Metropolitan Statistical Areas experienced increased prices in June, and home prices have risen 12.1 percent over last year, 13 of the 20 cities saw their numbers weaken on a monthly basis.

Continued double digit home price increases are seldom sustainable. As rising interest rates begin to enter into the fold, along with the end of the spring through summer selling season, we can expect a further seasonal weakening of sales figures in the coming months.

David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, said that “overall, the report shows that housing prices are rising but the pace may be slowing.”

Market Stats

There are now 278 homes that are actively on the market. The average list price of these available homes is $2,277,426, and these properties have been listed for average of 124 days, with a cumulative market time of 192 days. The median price is currently at $1,840,000.

The highest asking price for all homes currently on the market is $12,985,000, and the lowest available priced home is $385,000.

Eight 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.

Thirteen properties have gone under the initial deposit stage, which we call CTS, and 11 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 11 pending properties is $1,676,000. There are currently 31 homes in CTS status throughout Westport, and another 60 properties scheduled to close town-wide, with an average price of $1,652,763.

Closings:  There were 12 single family homes reported as sold in the last week, were listed on average at $1,660,233, and sold with an average market time of 78 days.  There were 61 status changes in the last seven days.

Condos:  There are eight condominiums that are available, and they have been listed an average of 97 days. Their average listing price is $716,250 and the median price is $859,000. The highest priced condo in town is listed at $899,000 and the lowest offering price is $205,000.

There were three new listings this week, and no homes came back on the market after being under deposit. There were no price changes, and one property entered into the initial stage of deposit. Two homes entered the pending stage, and were listed in average at $525,000.

There are four properties town-wide that are currently in CTS status, and eight homes are scheduled to close that are listed on average at $646,625.

No sales were reported during the last week. There were six status changes reported.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 56 homes or apartments available. The median price is $5,200 per month and the average price is $5,424 per month. These year-round rental opportunities have been on the market an average of 45 days.

There are 31 short-term rental opportunities that are available, and they have been on the market an average of 58 days. 

Their average price is $8,983,  and the median price is $7,900. 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 7 Cob Drive is listed at $1,649,000.

This very stylish 4,352-square foot stone and shingle style colonial sits on a private 1.58-acre lot in a wonderful neighborhood setting in the Coleytown area.

Extensively remodeled with high-end detailing and mill work, this charming and masterfully redesigned five bedroom home doesn’t seem to have anything left either inside or out from the original home that was built in 1963.

Reminiscent of a vintage country manor with beautiful exterior stone work, a wood shingle roof, and a 40-foot covered front porch, this 12-room home has quite a versatile floor plan with a special place for everyone.

The living room has a fireplace with a custom mantel and limestone surround, and a large bay window brings in plenty of natural light.

An expansive dining room has two chandeliers, and three quarter height wainscoting.

A limestone floor is the perfect accent to the elegantly designed cherry wood chef’s kitchen with granite counters.

Detailed custom cabinetry includes dentil accenting, fluted molding, plenty of glass fronts, ample wine storage, and a breakfast bar that seats three. A casual eating area overlooks the front yard.

The family room has another fireplace, is open to the kitchen, and the layout is perfect for large gatherings.

In addition to the family room, there is a large main level sitting room with coffered ceilings and two sets of French doors, and a study/office with thoughtful built-ins which round out the first floor.

Upstairs, there are five bedrooms, including the master, which has dual walk in closets along with two exquisite full baths. One of the bedrooms is also perfectly configured to be a fabulous au-pair or teen suite.

The finished lower level adds almost 800 square feet and includes a club room/recreation area, an office, and one of two laundry rooms.

Expertly redesigned for today’s lifestyle, this home has a warm and inviting feel, along with a comfortable elegance and charm.

Annual taxes are $15,931.

Listing/photo Courtesy of William Raveis Westport & Stamford offices.
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(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 08/29/13 at 07:46 PM  Permalink



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