By Judy Szablak
September’s S&P’s Case/Shiller Home Price Index report shows all 20 metro area posted gains from June to July, including the New York MSA. However, our area also fell 2.6 percent over last year at this time.
This home at 12 Sugar Maple Lane is listed at $2,395,000. (CLICK TO ENLARGE) Photo courtesy of William Pitt Sotheby’s/Westport Realty Group
The nationally promising news is that all 20 MSA’s experienced an average increase in property value of 1.2 percent from July 2011 to the present period, which was the biggest 12-month increase since August 2010.
“The news on home prices in this report confirm recent good news about housing,” said Committee Chairman David M. Blitzer. “Single family housing starts are well ahead of last year’s pace, existing home sales are up, the inventory of homes for sale is down and foreclosure activity is slowing. All in all, we are more optimistic about housing.”
Good news nationally, but prices were down year over year in Atlanta, Las Vegas, and Chicago, and the New York areas.
While the New York MSA and Westport, among other towns in Fairfield County are not seeing as significant an improvement as some of the other metros, we are in some cases ahead of forecasts in spite of Connecticut’s present economy.
Market Stats
There are now 325 homes that are actively on the market. The average list price of available homes is $2,153,412 and these properties have been listed for average of 125 days, with a cumulative market time of 236 days. The median price has dropped this week by $23,000 to $1,675,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Seventeen new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Eleven properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and nine 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 nine pending properties was $935,111. There are currently 21 homes in CTS status throughout Westport, and 37 properties scheduled to close town-wide, with an average price of $1,258,765.
Closings: Eight homes were reported as sold in the last week, and their average list price was $1,716,875. Average market time for these sold properties was 75 days.There were 66 status changes in the last seven days.
Condos: There are 11 condominiums that are available, and they have been listed an average of 208 days Their average listing price is $553,255, and the median price is $499,000. The highest priced condo in town is listed at $1,075,000 and the lowest offering price is $299,900.
There was no new listing activity in the last week, with two price changes noted and one new deposit reported.
There are three properties currently in CTS status, and one additional home scheduled to close townwide, which is listed at $659,000.
Closings: There were no condos reported as sold this past week, and a total of three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 68 homes or apartments available. The median price is $5,100 per month and the average price is $6,394 per month. These year round rental opportunities have been on the market an average of 79 days.
There are 26 short-term rental opportunities that are available, and they have been on the market an average of 47 days. Their average price is $5,483, and the median price is $4,475.
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 12 Sugar Maple Lane is listed at $2,395,000.
This immaculate five-bedroom colonial is privately sited and perfectly located on a wonderfully scenic 1.56 acre yard overlooking the meadows at the end of a cul-de-sac.
Boasting over 6,000 square feet of living area in 12 rooms, this gracious home has space and amenities for all, along with character and charm.
There are 9-foot ceilings throughout the main level, and the formal living room has a fireplace with specialty fluted molded accents, coffered ceilings, an oversized bay window, and French doors to the terrace.
A banquet-sized dining room has crown molding, recessed panel wainscoting, and a butlers pantry which is nicely hidden from view.
The “gentleman’s” library has beautifully designed wood coffered ceilings, built-in cabinetry and shelving, all customized with rich wood.
The family room is open to the kitchen through fluted columns, and has a beamed ceiling with crown molding. A stone fireplace is this rooms centerpiece, and is flanked on either side by over-sized French doors to the terrace.
The custom gourmet kitchen has top of the line stainless steel appliances with granite counters and nicely contrasting a service island. A king-sized breakfast area has transom topped French doors out to the patio and pool area.
The master bedroom suite is on the upper level, and has a tray ceiling as well as its own fireplace and sitting room. The master bath is elegant and neutral with marble flooring and counters, and features a large spa tub as well as a glass enclosed shower.
Four additional bedrooms are on the second floor, and two are en suite. One extra large bedroom with cathedral ceilings could also double very easily as an au pair quarters or teen suite.
The lower level offers an additional 1,600 square feet of living area and includes a media room, play room with full bath, and brick lined wine cellar, while still offering plenty of room for storage.
Extras and items to note: In-ground Gunite pool, spa and waterfall, walk-up attic that could easily be finished for additional living area.
This impeccable home is in nearly new condition, has an exceptionally versatile floor plan, and is at privately situated at the end of a cul-de-sac in a highly convenient location.
Annual taxes are $26,054.
Listing/photo courtesy of William Pitt Sotheby’s/Westport Realty Group.
_____
(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.)
