By Judy Szablak
Our market is improving, according to the National Association of Home Builders (NAHB) and First American Financial Corp. which have just released January’s Improving Markets Index (IMI) .
This home at 57 Crescent Road is listed at $1,399,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/ Laurie Crouse & Associates
The Bridgeport metropolitan area (Fairfield County) is a newcomer to January’s improved market list.
The report shows that 76 markets around the country have improved, and markets that are on the upswing have nearly doubled since the December IMI report.
More encouraging news from this report is that the markets that have shown improvement are not concentrated in one area of the country, and only five metropolitan areas showed a decline.
Kurt Pfotenhauer, vice chairman of First American Title Insurance Co., said, “The substantial gain in the number of improving housing markets in January shows that more consumers are looking favorably at a home purchase in light of today’s historically low interest rates and attractive prices.”
The NAHB/First American Improving Markets Index (IMI) is released on the fourth business day of each month.
This week’s Westport market statistics: It’s the beginning of the year, and inventory is already on the upswing.There are now just 242 homes that are actively on the market.
The average list price of the available homes is $2,228,535, and these properties have been listed for sale an average of 147 days. The median price is $1,322,500.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $399,000.
Sixteen new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Nine properties had a price change.
Three properties have gone under the initial deposit stage, which we call CTS, and four 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 two pending properties was $999,250 and they were on the market an average of just 34 days.
Closings: Three homes were reported as sold in the last week, and they were listed at an average price of $1,334,633. There were 53 status changes in the last seven days.
Condos: There are 15 condominiums that are available, and they have been listed an average of 170 days. Their average listing price is $699,453, 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.
Activity is still somewhat low, but is starting to pick up. One new listing came on the market, and no homes came bakcon the market after being under deposit. There were no price changes. Two properties went into CTS status, and no properties went into pending status.
Two properties were reported as sold in the last week, and their average list price was $639,450. They were on the market an average of 87 days before they sold. There were five status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 63 homes or apartments available. The median price is $3,508 per month and the average price is $5,162 per month. These year round rental opportunities have been on the market an average of 92 days.
There are three seasonal rental opportunities available, and they have been on the market an average of 81 days, with an average price of $29,666. The median price is $22,500. 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: this home at 57 Crescent Road is listed at $1,399,000
This immaculate colonial has everything you would come to expect in pricier homes, and even includes a back-up generator that is powerful enough to provide electricity for the entire home.
Built in 2008, this 4,259 square foot home looks and feels like its brand new. Detailing and craftsmanship is outstanding throughout, and it iwill be apparent the moment you approach this home.
There is a light touch of a farmhouse flavor, and the covered front porch is accented with a barreled ceiling entry while being flanked on either side by columns. In addition, the third floor front balcony gives the home great curb appeal.
You can expect more great details inside this 11-room, five-bedroom, and four full and one-half bath home. There are 9-foot ceilings on the first floor, and a the spacious two-story foyer and front hall have recessed panel wainscoting and crown molding.
The living room is to your right through French doors, and to the left is the formal dining room, which is superb in detail. There are double walnut inlay perimeter hardwood flooring accents as well as recessed panel wainscoting and crown molding. The beautifully designed tiered ceiling has soft under-lighting above the tiered tray.
The sunlit family room has a floor to ceiling stone fireplace, coffered ceilings, two sets of French doors out to the stone patio, and flows nicely to the kitchen.
The fully applianced custom kitchen with separate butlers pantry is designed for the chef at heart, and also has a granite topped service island with wet bar that comfortably seats three. A sunlit breakfast bay overlooks the lovely and private .57 acre yard.
The rear mudroom was well designed with three quarter height wainscoting. built in seating and storage.
There are four bedrooms on the second foor, including the master suite. The master has a sitting room, and the Carrera marble bath has a whirlpool and glass enclosed shower.
The third floor has another bedroom with its own bath, plus a playroom. and could very easily be made into a au-pair suite if needed.
Outstanding features are everywhere to be found in this nearly new home, and a feeling of warmth exudes from every room.
Annual taxes are $14,598. Listing/Photo courtesy of Coldwell Banker Riverside/ Laurie Crouse & 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 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.
