By Judy Szablak
Home prices continue to gain ground across the country, according to the latest S&P/Case-Shiller Home Index.
This home at 66 Hillandale Road is listed at $2,775,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group/Westport Waterfront Homes
Locally, the Westport market is brimming with activity that we haven’t seen for a very long time. As long as inventory levels grow while the buyers are still out, we can expect our market to continue to improve.
The concern from some analysts is that this seemingly sudden market burst is short-lived, but the signs of a locally improved market seem to be strong.
The S&P/Case-Shiller Home Index report reviewed sales in February, and both the 10- and 20-city composites increased 0.4 percent and 0.3 percent respectively from January to February.
All 20 cities in the index have seen home values edge upward for the past two months.
Average home prices showed increases of 8.6 and 9.3 percent respectively for the 10-city and 20-city composites for the past year, and are also up from January from .3 -.4 percent for both composites.
“Home prices continue to show solid increase across all 20 cities,” said David Blitzer, chairman of the Index Committee. “Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy.”
Market Stats
There are now 262 homes that are actively on the market. The average list price of these available homes is $2,243,074, and these properties have been listed for average of 108 days, with a cumulative market time of 185 days. The median price is now $1,887,000.
The highest asking price for all homes currently on the market is $12 million, and the lowest available priced home is $309,000.
Twenty-one new listings came on the market in the last seven days, and four homes came back on the market after being under deposit. Twenty-one properties had a price change.
Seventeen properties have gone under the initial deposit stage, which we call CTS, and 13 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 13 pending properties is $1,583,377. There are currently 47 homes in CTS status throughout Westport, and another 77 properties scheduled to close town-wide, with an average price of $1,899,409. (Note that one pended property was significantly above the median price, and has been included in the pending average.)
Closings: There were 10 properties reported as sold in the last week, and were listed on average at $1,169,500, and sold with a market time of 104 days. There were 94 status changes in the last seven days.
Condos: There are 15 condominiums that are available, and they have been listed an average of 100 days.Their average listing price is $625,967, and the median price is $635,000. The highest priced condo in town is listed at $919,000 and the lowest offering price is $299,000.
There were four new listings, and no homes came back on the market after being under deposit.
One home had a price change, and one property entered into the beginning stage of deposit, which we call CTS.
There are two properties townwide that are currently in CTS status, and six homes are scheduled to close that are listed on average at $518,083.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 25 homes or apartments available. The median price is $3,300 per month and the average price is $4,569 per month. These year round rental opportunities have been on the market an average of 51 days.
There are 35 short-term rental opportunities that are available, and they have been on the market an average of 32 days. Their average price is $15,946, and the median price is $13,000.
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 66 Hillandale Road is listed at $2,775,000.
This newly built 15-room, shingle-style home on .76 acres in the Greens Farms area boasts impeccable modern transitional design and quality workmanship by Tomas Brothers Builders, along with Susan Tracy House Whisperers Designers.
An attractive exterior is complimented nicely by a wood roof, impressive stone work, stone walls, and terraces, and the interior has “timeless styling with a modern edge.”
Enter through the two and one-half story entry, which has exquisite detailing including herringbone flooring and recessed panel wainscoting. The 10-foot ceilings on the main level and 9-foot ceilings on the second floor enhance an already well configured 6,500-square foot floor plan.
The charcoal living room has a fireplace and double crown molding, and opens to the family room through glass French pocket doors.
An office/study on the main level also has a fireplace, and could easily double as a guest bedroom, with its full bath.
The dining room has richly designed painted paneling with crown molding, and the butlers pantry is neatly tucked away.
A cool toned gourmet kitchen has custom “Gray Fox” cabinetry with 2-foot thick Calacutta marble tops and stainless steel appliances, and a walk-in pantry offers additional storage. The 10-center island with vegetable sink makes food preparation a breeze, and the breakfast room with desk/workstation that serves as an extra buffet server.
The family room is open to the kitchen, and features a strip stone fireplace and plenty of windows to let the sun shine through.
Upstairs, the master bedroom has crown molding, a fireplace, and French doors to a private balcony, breakfast bar and a luxurious master bath with glass enclosed shower.
Four additional bedrooms are on the second floor, and each are en suite.
The sun-drenched garden level walkout has 10-foot high ceilings, and features four additional finished rooms. This bonus living area includes another family room with stone fireplace and kitchenette, a game room, bedroom, and a full bath.
This home is classic, yet modern—and has a flair for being perfectly styled throughout.
Extras and items to note: four fireplaces, generator ready, security system, walk up attic with above average ceiling height can be finished for additional space, stone grill, future pool site.
Annual taxes have yet to be determined.
Listing/photo courtesy of Higgins Group/Westport Waterfront Homes.
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(Editor’s Note: Judy Szablak of Coldwell Banker Westport – Riverside, 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.
