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Wednesday, February 01, 2017

Real Estate Report: Spring Market Looks Promising

By Judy Szablak

Special to WestportNow

While Westport has seen a slower real estate recovery than the rest of the nation on average, the deposit activity is better than it has been for months, and the spring market looks promising.

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Featured Home: This home at 34 Maple Lane is listed at $1,499,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property Westport

The most recent S&P CoreLogic Case-Shiller National Home Price Index shows the national price index rose 5.6 percent for the year, with the New York MSA experiencing a 2.4 percent gain.

Westport’s prices have managed to remain constant year over year, even with a slight drop of approximately 4 percent in unit sales. Even more optimistically, Westport sales have not seen an impact at all.

The most recent mortgage rate increases that had not occurred yet due to the two-month lag time of reporting these national statistics are expected to have an effect on affordability and unit sales on a national basis. However, we are not expecting that here.

Year over year, our unit sales in this two-month period are exactly the same and have not dipped at all, when most would assume that would be the case. Given that, along with increased deposit activity, we are certainly poised for a great spring market.

In the latest Case=Shiller report, David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said, “With the S&P CoreLogic Case-Shiller National Home Price Index rising at about 5.5 percent annual rate over the last two-and-a-half years and having reached a new all-time high recently, one can argue that housing has recovered from the boom-bust cycle that began a dozen years ago.”

Market Stats

There are now 259 homes actively on the market, which have been listed for an average of 142 days, with a cumulative market time of 275 days. The average list price is $2,287,423 and the median price remains at $1,749,000.

A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single-family is a two-bedroom cape on Hale Street for $470,000.

Twenty new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Seventeen properties had a price change.

Ten properties have gone under the initial deposit stage, which we call CTS, and another five 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 five pending properties was $1,525,000. There are currently 21 homes in CTS status throughout Westport, and another 30 properties scheduled to close townwide, with an average price of $1,543,603.

Closings: There were 10 single family homes reported as sold in the last week, and they were listed on average at $1,736,600 with an average market time of 114 days. There were 72 status changes in the last seven days.

Condos: There are 11 condominiums that are available, and they have been listed an average of 78 days. Their average listing price is $654,911 and the median price is $665,000.

The highest priced condo is listed at $1,025,000 and is a three-bedroom home at Regents Park, and the lowest priced unit for sale is a two-bedroom home on Hills Lane for $299,000.

There were three new listings this week, and no homes came back on the market. There was one price change, and no properties went under the initial stage of deposit. No homes entered pending status.

There are four properties townwide that are currently in CTS status, and there are two properties scheduled to close.

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

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 71 homes or apartments available. The median price is $4,000 per month and the average price is $6,161 per month.

These year-round rental opportunities have been on the market an average of 84 days.

There are 38 short-term rental opportunities that are available, and they have been on the market an average of 84 days. Their average price is $15,483 and the median price is $14,500.

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 34 Maple Lane is listed at $1,499,000.

This newly built 11-room Greens Farms colonial by Vale Builders has an open floor plan, and is in an exceptionally commutable location.

A sunlit and spacious living room has specialty crown molding, and has an open flow to the dining room, which has more custom millwork that includes recessed panel wainscoting and decorative and elegant ceiling trim.

The white Maple kitchen has marble counters, and top of the line appliances. Pendant lighting above the breakfast bar provides a pleasant atmosphere, and the informal dining area opens to the rear patio that overlooks a level 1.32-acre yard.

The family room is open to the kitchen, and has a wood-burning fireplace, and extra large windows to soak in the sunshine.

Upstairs, the master bedroom suite has two walk-in closets. The luxurious marble bath has a water closet, free-standing tub and glass enclosed shower. 

Another bedroom is en suite, and two more share a Jack and Jill style bath.

A fifth bedroom as well as an expansive bonus/recreation room is on the third level, which can be easily converted to an au pair suite if so desired.

Schools — Greens Farms Elementary, Bedford Middle, Staples High

Extras and items to note — five bedrooms, four full and one half baths, 9-foot ceilings on all levels, finished third floor, security system, pool site.

Annual taxes have yet to be determined.

Listing/photo courtesy of Halstead Property 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 02/01/17 at 11:15 AM  Permalink



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