By Judy Szablak
The latest Case-Shiller Report shows that U.S. home prices fell in December from the previous month, and according to the report, 2011 ended at the lowest levels since the onset of the housing crisis in mid-2006.
This home on 104 Harbor Road is listed for $2,450,000. (CLICK TO ENLARGE) Photo courtesy of Country Club Properties
“While we thought we saw some signs of stabilization in the middle of 2011, it appears that neither the economy nor consumer confidence was strong enough to move the market in a positive direction as the year ended,” said David Blitzer, chairman of S&P’s Index Committee.
The national housing market remains somewhat sluggish, although there are still some positives.
According to the latest National Association of Realtors report, sales of previously owned homes rose in January to the highest level in almost two years. It said available housing inventory was right in line with what would be considered a healthy market by economists.
As there are variations in the U.S. real estate market, there will also be some local variations to our market, and conditions can change in what seems to be the proverbial drop of a hat.
As we have seen, certain price pockets in town can outperform other ranges for a period of time, and then change quickly. While the local market seems to show improvement in some areas, it is not across the board and it is not the time to “push” the market.
The weekly stats: there are now 308 homes that are actively on the market, and their average list price is $2,077,544. These properties currently on the market have been listed for average of 120 days, and the median price is now $1,364,5000.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $204,900.
Seventeen new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Eight properties had a price change.
Eight 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 $1,307,650 and they were on the market an average of 123 days.
Closings: Four homes were reported as sold in the last week, and their average list price was $1,087,225. Average market time for these sold properties was 181 days. There were 52 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 156 days. Their average listing price is $651,431, and the median price is $524,500.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $325,000.
There was no condominium activity in Westport this past week .
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 53 homes or apartments available.
The median price is $3,500 month and the average price is $5,103 per month. These year-round rental opportunities have been on the market an average of 98 days.
There are now 22 seasonal rental opportunities available, and they have been on the market an average of 36 days.
Their average price is $21,484, and the median price is $15,375. 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 on 104 Harbor Road is listed for $2,450,000
This “Home on the Harbor” was architecturally designed and has year-round waterviews. Almost 3,400 square feet, this nine-room, shingle-style colonial was built in 2004, and sits on a nicely manicured level .26-acre with specimen plantings.
There are 9-foot ceilings on the main floor, and crown molding and wainscoting with chair rails adorn the main living areas.
A very smart use of custom-made interior window shutters lend a nice nautical flavor, and allow privacy and beautiful harbor views while not missing a bit of natural daylight and sunshine.
Five rooms on this level include a living room with a marble fireplace, the family room with a floor to ceiling stone fireplace and an office/den with plenty of built in shelving and storage.
The well designed custom kitchen has granite countertops, a built in breakfast bar that seats two, and a graceful step down to the sunken dining room which has French doors out to the bluestone patio.
There are four very nicely sized bedrooms on the second floor, and the master bedroom suite boasts a stunning marble bathroom with whirlpool and frameless glass shower, and is one of three full, and one half-baths in this home.
Extras and items to note: rooftop deck overlooking the harbor; outdoor shower; private beach association.
Annual taxes are $26,262; Listing/photo courtesy of Country Club Properties.
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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.
The median asking price in Westport may be $1,364,500 but the median sales price in Westport for 2011 was $960,000. This is using the sales data straight from the Town of Westport website. Also Trulia has the median sales price about the same. It seems a bit misleading to just say “median price” instead of median sales price.
The average sales price in Westport for 2011 was around $1,225,000, a far cry from the average asking price of $2,077,544.
We should be reporting mean and median sales prices, not asking prices. They tell the true story.