By Judy Szablak
The number of bedrooms in your home has a direct correlation to its pricing and to its marketability. What you may not know is that the number of bedrooms in your home also represents a segment of the market with its own forecast.
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This home at 5 Sea Spray Road in the Saugatuck Shores area is listed at $2,950,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis /Michelle & Co.
According to the National Association of Realtors report that came out just four days ago, home sales are predicted to edge up by 1 percent by the end of this year, and be stronger in 2012.
Its chief economist, Lawrence Yun, says that next year would mark the beginning of the market recovery with a rise in sales of somewhere between 4 to 5 percent. Let’s hope so.
A few weeks ago, we heard from chief economists who expected further decline. There are so many predictions about the real estate market next year they make one wonder where these experts get their information from, or maybe more importantly, how they interpret it.
Locally, we should be concerned with the interpretation of historical data and what it indicates about the current trends, in order to arrive at the most accurate forecasts.
For example, you might remember that there was a $20 million sale in 2009. If you looked at the stats for that quarter, and compared it to the same quarter in 2010, there would appear to be a drastic drop in pricing.
That one sale “skewed” those stats, and there should never be a negative “spin” based upon that. Likewise, annual figures and year over year figures based upon only one criteria cannot give a truly accurate indicator of gains and losses without cross referencing different types of data. The most appropriate conclusions require further analysis.
While it is appropriate to report that overall pricing has dropped from last year, it’s also appropriate to note that three- and four-bedroom homes appear to be out of that equation altogether.
As a matter of fact, four-bedroom home sales have averaged almost the same year over year—from $1,181,583 in 2010, and $1,171,622 year to date. Three bedroom homes sold on average for $728,771 in 2010 and YTD figures come in at $771,172.
So while four-bedroom home prices look to be stabilized, we also cannot figure based upon this statistic alone that three-bedroom home values increased more than 5 percent without conducting further analysis.
All indications though, are that three- and four-bedroom home prices are outperforming the overall market.
Market Stats
Homes: Inventory continues its seasonal drop. There are currently 309 single family homes that are actively on the market, and to put that into perspective, that’s almost a 10 percent decline from 45 days ago.
The average list price for available homes is $2,118,131, and these properties have been listed for sale an average of 145 days.The median price is now $1,345,000.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.
Five new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Nine properties had a price change.
Eleven 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 $710,950 and they were on the market an average of 149 days.
Closings: Six homes were reported as sold in the last seven days.Their average list price was $2,253,150 and these homes were on the market an average of 96 days. There were 51 status changes in the last seven days.
Condos: There are 21 condominiums that are available, and they have been listed an average of 136 days. Their average listing price is $667,676. The median price of a condo is $539,450. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $294,500.
Two 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 three properties went into Pending status.
Closings: No condominiums were reported as closed in the last week. 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 88 homes or apartments available. The median price is $3,550 per month and the average price is $5,360 per month. These year-round rental opportunities have been on the market an average of 72 days.
As of this morning, there are four seasonal rental opportunities available and they have been on the market an average of 89 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 5 Sea Spray Road is listed at $2,950,000.
This waterfront contemporary in Saugatuck Shores was built in 1984 and is quite comfortably styled, with an added emphasis on natural light and taking advantage of beautiful ever-changing views from day to night.
This 4,014 square-foot home is well sited on .51 acres with over 200 feet of direct waterfront. Just a stone’s throw from the Cedar Point Yacht Club, a lazy afternoon could very easily be spent watching the boats come in and out of the marina right from your expansive rear deck or patio
Sensational water views can be had from nearly every one of this remodeled contemporary’s nine rooms.
The sky lit living room has cathedral ceilings, a custom raised hearth fireplace flanked by recessed built-in glass shelving on either side, and walls of windows offering beautiful views of the marina.
The open and flowing floor plan eases effortlessly to the dining room, which also has cathedral ceilings, and more spectacular views.
The fully applianced kitchen has cathedral ceilings and granite tops and ingeniously utilizes an almost hidden corner of the stone fireplace from the family room for a recessed gas grill, and the extra wide floor to ceiling stone fireplace in the sunken family room is a fabulous focal point for the room.
The first floor den also has another fireplace and plenty of built-ins.
The master suite has spectacular views, a beautifully remodeled sky lit marble bath with a claw tub, dual closets, and a private deck to enjoy the outdoor scenery anytime. There are three additional bedrooms and a total of four full and one half baths.
An entertainers dream, a boating enthusiast’s heaven, and an artist’s retreat all in one splendid package.
Annual taxes are $39,024. Listing/photo courtesy of William Raveis /Michelle & Co.
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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.
