By Judy Szablak
The National Association of Realtors report released today shows that August’s existing-home sales continued with a sixth straight month of pricing improvement on a year-over-year basis, and the national median existing-home price was up 9.5 percent to $187,400 in August from one year ago.
This home at 6 Viking Green is listed at $1,699,000. (CLICK TO ENLARGE) /Photo courtesy of William Raveis Stamford/Borowik Associates
This represents the strongest improvement since January 2006, when the median price rose 10.2 percent. The last time there were six consecutive price increases from a year earlier was from December 2005 to May 2006.
NAR’s chief economist Lawrence Yun said, “The housing market is steadily recovering with consistent increases in both home sales and median prices. More buyers are taking advantage of excellent housing affordability conditions.”
Nationally, the 2.47 million homes in housing inventory represent a 6.1 month supply at the current pace, down from a 6.4 month supply in July.
Locally, conditions continue to mirror the national stats and improve as well. In the prior 7-12 months, Westport had almost a nine-month supply of inventory, and as of this morning, supply has dwindled to 7.93 months, while the median price has increased $96,000 from the same period.
Market Stats
There are now 323 homes that are actively on the market. The average list price of available homes is $2,140,372 and these properties have been listed for average of 124 days, with a cumulative market time of 234 days. The median price remains fairly consistent at $1,698,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Twenty-three new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Three properties had a price change.
Three properties have gone under the initial deposit stage, which we call CTS, and 10 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 10 pending properties was $1,301,300. There are currently 20 homes in CTS status throughout Westport, and 38 properties scheduled to close town-wide, with an average price of $1,334,005.
Closings: Seven homes were reported as sold in the last week, and their average list price was $1,636,686. Average market time for these sold properties was 89 days. There were 82 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 196 days. Their average listing price is $554,317, and the median price is $524,000. 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, and no price changes or new deposits reported.
There are currently two properties in CTS status, and one additional home scheduled to close town-wide, which is listed at $659,000.
Closings: There were three condos reported as sold this past week, and they were listed on average at $732,333.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 73 homes or apartments available. The median price is $5,000 per month and the average price is $6,350 per month. These year round rental opportunities have been on the market an average of 75 days.
There are 24 short-term rental opportunities that are available, and they have been on the market an average of 43 days. Their average price is $5,667, and the median price is $5,125.
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 6 Viking Green is listed at $1,699,000.
This gem is just one of only 57 houses built by Vuko Tashkovich, a highly regarded and renowned architect who was greatly influenced by the works of Frank Lloyd Wright, among other notables.
Built in 1972, and keeping with Tashkovich’s unique style and preoccupation with natural light, this contemporary is on a private cul-de-sac and has beautiful views of the Saugatuck River.
This meticulously maintained and beautifully updated 4,180-square foot home was specifically designed to capture light, and each of its sunlit 10 rooms do just that indeed.
A double height great room has two-story walls of glass on two sides, a fireplace, and an interior curved balcony overlooking this awe-inspiring gallery-like room, with crisp lines and strategically placed lighting. This impressive room also has a dining area , and over-sized sliders lead outside to an in-ground pool.
A handsome remodeled kitchen has granite counters and two sets of top of the line appliances. This spacious kitchen also includes a breakfast bar, informal eating area, and a built in hutch.
The family room has another fireplace and well designed built-ins.
The master bedroom suite has a luxurious and architecturally detailed bath with a separate glass enclosed shower and whirlpool accented with marble.. There is also a private balcony overlooking the river.
A sitting room overlooks the great room below.
There are three additional bedrooms, and a very easily convertible in-law or au pair quarters.
The lower level has a tiled game room and another full bath.
Sited beautifully on 1.03 acres with outstanding views of the Saugatuck River, this home is as much a piece of art as it is a piece of history.
Extras and items to note: Security system, central vacuum, wet bar.
Annual Taxes are $15,150.
Listing/photo courtesy of William Raveis Stamford/Borowik 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.)
