Friday, April 19, 2024

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Real Estate Report: Area Fares Better in New Report

By Judy Szablak

The latest S&P Case Shiller report shows that while prices are up since their low in March of this year, prices in general for the 20 Metropolitan Statistical Areas (MSAs) are at 2003 levels.

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This home at 11 West Branch Road is listed for $3,475,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property/Westport

The shocking national indices show prices are down an average of 32.1 percent since their mid-2006 peak. 

Although consumer confidence is at its highest level since April, home prices have registered a 3.4 percent decline for the year as of October.

The New York area MSA once again fared better than the majority of cities indexed, showing only a minus 2.0 annual change from last year.

Our area still remains at one of the highest rates at 168.12, and is second only to the Washington D.C. area.

The worst area decline over last year was in Atlanta with a minus 11.7 percentage annual return.

National numbers and even regional numbers are indeed helpful, however the local figures are the ones that truly count for Westporters, as we learn just how lucky we are.

Westport’s single family home inventory has dropped more than 11 percent in just one week. There are now just 245 homes that are actively on the market.

At the same time, the average list price of the available homes has increased by more than $60,000 to $2,200,269. These properties have been listed for sale an average of 157 days.

The median price has also risen from last week by more than $27,000 to $1,312,500. The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.

Four new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. One property had a price change.

Six 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 price of these six pending properties was $1,014,833 and they were on the market an average of 123 days.

Closings: Seven homes were reported as sold in the last week, and they were listed at an average price of $1,118,143. There were 43 status changes in the last seven days.

Condos: There are 15 condominiums that are available, and they have been listed an average of 179 days. Their average listing price is $697,453, and the median price is $562,000.

The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.

There was virtually no new activity for condos at all this week. No new listings came on the market, no properties came back on the market after being under deposit, there were no price changes,  no status changes to pending, and no closings.

There was just one status change in the last seven days.

Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 64 homes or apartments available. The median price is $3,500 per month and the average price is $5,230 per month.

These year-round rental opportunities have been on the market an average of 102 days

There are two seasonal rental opportunities available, and they have been on the market an average of 103 days, with both an average and median price of $34,500.

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 of The Week: this home at 11 West Branch Road is listed for $3,475,000

This shingle-style colonial was built in 2006 and is impressive in every way the moment you see it. Expertly framed by mature landscaping on two lush acres with 80-foot pines and hardwood trees, the privacy is all yours.

There is plenty of custom millwork by skilled artisans, and many gently arched doorways with classic molding throughout this 6,101 square foot home which lends quite a distinctive regal touch and elegant flair to this refined home.

Each of this home’s 16 rooms has its own personality and style, and even the room configurations are interesting, well planned for furniture placement, and designed for the entertainer at heart. The home boasts four designer fireplaces, and each one defines the room in its own special way.

The living room has an classically designed oversized fireplace with exceptional molding details and two sets of French doors which lead out to an oversized screened porch and also to one of two rear stone patios.

A beautifully trimmed study / library has another fireplace, wood coffered ceilings, plenty of built in shelving and storage and is a handsome respite room.

The family room has an expertly crafted floor to ceiling river stone fireplace flanked on either side by plenty of windows offering much natural light into the room, which also flows effortlessly into the kitchen.

The massive kitchen has a sunlit breakfast area for informal dining, and plenty of custom cabinetry, top of the line appliances ,and work spaces and layout designed to please the fussiest chef.

An 8-foot custom Portuguese granite topped island seats four, and is especially helpful for entertaining. The dining room has more custom molding, recessed panel wainscoting and is superbly accented with Venetian plaster walls.

There is one bedroom or guest suite on the main floor which could suit an au-pair quite easily, while the other personal areas are on the upper level.

There are five en-suite bedrooms in total, and the master bedroom suite has another fireplace, is spacious, elegant and especially luxurious and private. Its spa like bath is fully equipped with an elongated oval soaking tub, steam shower and heated flooring.

One very unique bonus on the second floor is its two-tiered great room/game area with cathedral ceilings and surround sound to be enjoyed by all. The finished lower level adds another 2,000 square feet of living area, and has a gym, home theater and another full bath.

Uniquely and beautifully designed with painstaking attention to every detail,  this classically elegant home also borders eight acres of the Aspetuck Valley Walking Trails system.

Annual taxes are $38,721. Listing/photo courtesy of Halstead Property/Westport.
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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.

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