By Judy Szablak
Market conditions now are perfect for homebuyers, according to Moe Veissis, president of the National Association of Realtors.
This home at Westport’s 4 Jennings Court is listed at $2,299,000. (CLICK TO ENLARGE) Photo courtesy of Prudential CT Realty Westport/Jonathan Deak & Associates
“For those with good credit, we’ve never seen better housing affordability conditions or market opportunities than we see at present,” he said.
The evidence is the organization’s Housing Affordability Index report for the first quarter of 2012. It clearly sets a significant milestone for home affordability.
The report measures the relationship of median prices to median family income, and the average mortgage rate.
The index for the first quarter of 2012 rose to 205.9. It is the first time the index has reached the 200 mark since the recording of this data began in 1970.
The composite index is based on 100, and that base is defined “as the point where a median-income family household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments”.
Veissis noted that sales could be higher if the lending standards would return to some degree of normalcy.
“Although home prices are stabilizing and sales are rising, some buyers still have to jump through a lot of hoops to convince a lender that they are creditworthy, even for a mortgage that would be well within their means,” he said. “This is especially true for self-employed buyers.”
Market Stats
There are now 383 homes that are actively on the Westport market, and their average list price is $2,025,673. These properties that are currently available have been listed for average of 98 days, and the median price is now $1,325,000.
The highest asking price for all homes currently on the market is $19.9 million, and the lowest available priced home is $375,000.
Just nine new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Nineteen properties had a price change.
Twelve properties have gone under the initial deposit stage, which we call CTS, and eight 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 eight pending properties was $1,990.375.
Closings: Eight homes were reported as sold in the last week, and their average list price was $1,670,500. Average market time for these sold properties was 85 days. There were 65 status changes in the last seven days.
Condos: The condo market continues to lag far behind the single-family home market, both in pricing and in market time. The anomaly is that the higher priced condominiums have been selling better than the entry level or mid-ranged units as of late.
There are 18 condominiums that are available, and they have been listed an average of 172 days. Their average listing price is $598,416, and the median price is $499,000.
The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $312,000.
There were two new listings this past week, and no properties came back on the market after being under deposit. No properties had a price change.
No properties went into the CTS stage, and one property entered into the pending stage of deposit, and was listed at $829,000.
One condominium was reported as sold in the last seven days, and was listed at $850,000. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 84 homes or apartments available. The median price is $3,950 per month and the average price is $5,576 per month.
These year-round rental opportunities have been on the market an average of 52 days.
There are now 57 short-term rental opportunities that are available, and they have been on the market an average of 46 days.
Their average price is $17,693, and the median price is $12,500. 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 4 Jennings Court is listed at $2,299,000.
Located on a quiet cul-de-sac in the Hunt Club area, this magnificent Georgian colonial is stately and elegant, yet still caters to the casual lifestyle.
Built in 2007, this 13-room home has 7,072 square feet of living area on two levels, with all of the finest details and workmanship throughout.
The grand two-story entry has custom millwork that includes crown molding, picture frame detailing, and inlaid marble flooring. A refined, luxurious and comfortable aura is evident the moment you walk in.
The sunlit formal living room has a coffered ceiling, plenty of tasteful built-in cabinetry, and the family room has more built-in shelving custom cabinetry and a fireplace.
The main level has a library/den, as well as a cherry office with herringbone designed wood flooring, and both have beautifully crafted built in cabinetry and storage.
The light-filled sunroom has custom marina blue tile.
The banquet-sized dining room has crown molding, more custom picture frame molding and is positively regal in every way.
A custom gourmet kitchen with top of the line appliances has granite tops, a center island, and a very charming octagonal breakfast nook area.
There are six bedrooms in this home, including two separate master bedroom suites on the main level.
The premier suite has tray ceilings with layered crown molding, a fireplace surrounded by custom built-in cabinetry, an octagon-shaped sitting area with built in storage, which overlooks the level 1.10-acre property. Dual master baths are each beautifully outfitted in marble.
The second master suite is spacious and elegant, and could easily double for guest quarters, or a luxurious au-pair suite.
Four bedrooms are on the second floor and are all en-suite, and two bedrooms share a “Jack and Jill” bathroom, and a 40-foot long balcony.
The second floor also has a generously sized media/game room with cathedral ceilings.
Extras and items to note: radiant hydronic heating in master bath, kitchen and sunroom, sauna, central vacuum, security system, hot tub spa built into the pool with a water fall, sprinkler system.
Annual taxes $32,617
Listing/photo courtesy of Prudential CT Realty Westport/Jonathan Deak & 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 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.)
