By Judy Szablak
Confidence among U.S. homebuilders is at a five-year high.
This home at 159 Greens Farms Road is listed at $1,698,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/ Westport Beach (+) Country Homes
The National Association of Home Builders/Wells Fargo confidence index rose to 29 in June, and that is the highest it has been since May 2007. This figure exceeds the median estimate of 28 in a Bloomberg News survey.
Barry Rutenberg, chairman of the National Association of Home Builders, said, “This month’s modest uptick in builder confidence comes on the heels of a four-point gain in May and is reflective of the continued, gradual improvement we are seeing.”
Locally, there are 44 newly constructed homes that are on the market, which are either proposed, under some stage of construction, or completed.
According to the local MLS system, 17 newly built homes have been sold year to date, and another 12 are under pending status, and waiting to close.
The YTD average sales price for newly built homes in Westport is $2,391,193 and is up more than 4.5 percent from 2011. This data is yet another positive market indicator, and we are on track this year to easily exceed last year’s sales in this category.
Market Stats
There are now 364 homes that are actively on the market, and their average list price is $2,076,369. These properties that are currently available have been listed for average of 104 days, and the median price is now $1,272,500.
The highest asking price for all homes currently on the market is $27.5 million and the lowest available priced home is $359,000.
Thirteen new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Five properties had a price change.
Seven 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 pending properties was $1,311,069. There are 84 properties scheduled to close town-wide, and their average price is $1,581,542.
Closings: Eighteen homes were reported as sold in the last week, and their average list price was $1,739,500. Average market time for these sold properties was 89 days. There were 83 status changes in the last seven days.
Condos: There are 19 condominiums that are available, and they have been listed an average of 165 days. Their average listing price is $614,494, and the median price is $514,000. The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $312,000.
There was minimal activity in Westport’s condo market this week with just one status change. No new listings, and no deposits of any type were reported, although one home had a price change.
There are five properties town-wide that are scheduled to close, and their average price is $600,600.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 85 homes or apartments available. The median price is $4,200 per month and the average price is $5,915 per month. These year-round rental opportunities have been on the market an average of 50 days.
There are 52 short-term rental opportunities that are available, and they have been on the market an average of 57 days. Their average price is $13,190, and the median price is $9,750.
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 159 Greens Farms Road is listed at $1,698,000
This vintage colonial in the heart of Greens Farms was originally built in 1830, converted to a carriage house in 1930, and moved to its current . 50-acre site in 1994.
Extensively and exquisitely remodeled to keep its integrity, and with special attention to incorporate the historic charm, this ten room home has soaring ceilings, spacious rooms, and a surprisingly open floor plan.
Known affectionately as the “Brophy” Carriage House/Barn, this 3,802-square foot home has been masterfully restored and ingeniously updated to include today’s amenities while maintaining all of yesteryear’s charm.
The open floor plan features a sunlit living room and dining room with original flooring, and a dramatic step down family room with soaring ceilings, fieldstone fireplace and French doors to a covered balcony.
The gourmet kitchen has top quality stainless steel appliances, and a Carrera marble countertop with matching backsplash. There is also a breakfast nook area, as well as a center service island that seats three comfortably.
The second floor has exposed beams and roof rafters which add to this home’s overall charm, and admiration for its history. A skylit interior second floor balcony/hallway overlooks the family room below.
All four bedrooms are upstairs, including the master bedroom suite, which has beamed cathedral ceilings, lots of natural light, and a stunning master bath with a free-standing tub and glass enclosed shower.
The finished lower level offers an additional 800-square feet with play room and workshop.
Extras and items to note: original and reclaimed heart pine flooring, security system, central vacuum system
Annual taxes are $10,394
Listing/photo courtesy of Coldwell Banker Riverside/ Westport Beach (+) Country Homes.
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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.)
