By Judy Szablak
The latest Case-Shiller report is out and shows that U.S. home prices are up 0.2 percent in August, making it the fifth consecutive month of gains for the real estate market.
This home at 16 Adams Farms Road is listed for $2,490,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Westport/ Dryburgh & Associates
The Case Shiller Home Price Indices are derived from non-seasonally adjusted home sales data, and changes in the index are gathered from actual changes in selling prices of homes.
Our region is in the New York MSA , and with an index level of 169.19, it is the third highest in the nation, behind Washington D.C. and Los Angeles, respectively. The index references a starting point of January 2000 which equals 100.
David Blitzer, chairman of the Index Committee at S&P indices, said in a statement, “With 16 of 20 cities and both composites seeing their annual rates of change improve in August, we see a modest glimmer of hope with these data.”
The New York area MSP is one of those 16 cities, and the New York area’s change from July is double the U.S. figure at 0.4 percent.
Even though it’s only a small gain, it is good news nationally. Westport is also faring reasonably well these days, depending on how you look at the numbers, and what we anticipate to come before the end of the year.
If we look at year-to-date statistics over last year, we have already surpassed the amount of sales.
However, as reported in an earlier column, our average sale price is down about 3 percent overall. We still have the remainder of the year to catch up on that very minor decline, and “break even,” so to speak, and we have a good opportunity to do that.
Current year-to-date figures as per our MLS system, show an average sales price of $1,353,420.
Market Stats:
Homes: There are 332 single family homes actively on the market. Their average list price is $2,123,410, and these homes have been listed for sale an average of 140 days.
The median price has risen slightly to $1,346,500. Almost 38 percent of the homes available for sale in town have are listed between $1 million and $1.5 million.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000.
Six new listings came on the market in the last seven days, and no homes came back on the market after being under deposit.
Thirteen properties had a price change. Seven properties have gone under the initial deposit stage, which we call CTS, and six properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average listing price for these pending properties was $1,613,833 and their average market time was 57 days.
Closings: Three homes were reported as sold in the last seven days, their average list price was $842,833 and these homes were on the market an average of 197 days. There were 44 status changes in the last seven days.
Condos: There are 23 condominiums that are available, and they have been listed an average of 131 days. Their average listing price is $648,856.
The median price of a condo has risen to $514,450. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $279,000.
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: Three condominiums were reported as closed in the last week, and their average list price was $516,667. These homes were on the market an average of 83 days. There were five status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 78 homes or apartments available. The median price is $3,950 per month and the average price is $5,765 per month. These year-round rental opportunities have been on the market an average of 69 days.
As of this morning, there are four seasonal rental opportunities available and they have been on the market an average of 68 days, and at an average price of $22,875. 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 16 Adams Farms Road is listed for $2,490,000
Located in the Hunt Club area, this custom built colonial has a lovely approach, and is privately set on one acre on a quiet cul-de-sac.
Set back from the road, a gently winding driveway graced by stone pillars sets a nice stage for this immaculate home. The front portico, decorative balcony, and stylized dormered front add to its already handsome curb appeal.
This 11-room 6,036 square foot sun-filled home was built nine years ago, and is in positively pristine condition throughout. There are four fireplaces, five bedrooms and four full and two half baths.
The first floor has 9-foot ceilings, recessed panel wainscoting and crown moldings, and strategically placed oversized windows to let in the sunshine.
The living room has a columned entrance with a transom window above the doorway, and beautifully designed coffered ceilings that are more elegant than most, a fireplace and tall windows for exceptional light.
The family room also has a transom window above the doorway, the stone fireplace serves as a focal point, and there are French doors that lead out to the patio and pool
A banquet-sized dining room has recessed panel wainscoting, chair rails and crown molding.
The expansive sun-filled kitchen is fully applianced and designed with the culinarian in mind, and there are beautiful soapstone counters in both the kitchen and butlers pantry.
There is crown molding, wainscoting and a breakfast island with an antique Cherry wood top that seats three, besides an eating area that overlooks the yard. Two sets of French doors lead out to the bluestone patio.
Upstairs there are five bedrooms, including an exceptional master bedroom suite with tray ceilings, a fireplace, and a beautiful and neutral bath done in Travertine-tumbled limestone with marble countertops, complete with a free standing claw foot bathtub with jets, and a frameless glass shower.
Extras and items to note: outdoor lighting and sound system; central vacuum system; in-ground Gunite pool; outdoor spa; more than 1,000 square feet of bluestone patio; mature landscaping; a walkup attic and unfinished walkout lower level are perfect for expansion if needed.
A meticulously maintained home located on a desirable cul-de-sac with outstanding details throughout, and perfect built-in expansion possibilities.
Annual taxes are $26,291. Listing/photo courtesy of William Raveis Westport/ Dryburgh & Associates
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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.
