By Judy Szablak
The most recent S&P/Case Shiller report shows May posted another gain after seven consecutive months of decline, and it was the strongest month-over-month gain in more than 10 years.
This home at 1 Keenes Road is listed for $1,699,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/Westport
The Composite 20 Index rose 2.2 percent in May from April’s report, and all 20 cities posted monthly results in the positive.
The latest report shows that prices across the country have remained at 2003 levels, as they have been for much of this year. Prices are down about 33 percent from their peak in the summer of 2006.
Davd Blitzer, chairman of the Index committee, was cautious.
“We have observed two consecutive months of increasing home prices and overall improvements in monthly and annual returns,” he said. “However, we need to remember that spring and early summer are seasonally strong buying months so this trend must continue throughout the summer and into the fall.”
The S&P/Case Shiller Indices have been and continue to remain one of the most widely respected real estate market analysts in the country.
Market Stats
There are now 356 homes that are actively on the market, and their average list price is $2,0984,329. These properties that are currently available have been listed for average of 115 days, and the median price is now $1,307,500.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Fourteen new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Nine properties had a price change.
Seven 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 $1,824,167. There are 48 properties scheduled to close town-wide, and their average price is $1,537,940.
Closings: Nine homes were reported as sold in the last week, and their average list price was $907,528. Average market time for these sold properties was 109 days. There were 54 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 193 days. Their average listing price is $650,931, and the median price is $539,000. The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $335,000.
There were no new listings, no depsoits reported of any kind, and was virtually no activity in the condominium market this past week, with just one status change.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 84 homes or apartments available. The median price is $4,925 per month and the average price is $6,363 per month. These year-round rental opportunities have been on the market an average of 75 days.
There are 47 short-term rental opportunities that are available, and they have been on the market an average of 127 days. Their average price is $11,416, and the median price is $10,000.
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 1 Keenes Road is listed for $1,699,000.
This one year young 5,657-square foot colonial has beautifully crafted custom millwork throughout, and superb workmanship with attention to detail.
The handsome entrance foyer features an intricate inlaid hardwood flooring design with perimeter ebony accenting and custom millwork.
Nine foot ceilings and custom crown moldings throughout enhance its New England character and warmth, and is especially unique in a newly built home.
The formal living room has crown molding, and and the den/library is expertly crafted with built wainscoted walls, and built in shelving.
The grand dining room has a country ambiance with a fireplace, crown molding, and exceptional millwork.
The fully applianced custom kitchen has impeccably designed molding detail, and is uniquely designed to afford significant natural light into the room.
A contrasting wood service island seats four comfortably. A French door leads out to the bluestone patio, and the breakfast area is spacious and sunlit.
The sunken family room has a colonial styled fireplace with built in storage cabinets reminiscent of a vintage home.
The master bedroom suite includes a fireplace, and luxurious bath with recessed panel wainscoting and has a glass enclosed steam shower. The remaining five bedrooms are also on this floor, and three are en suite.
The third floor has an additional playroom, and the lower level can be finished for additional living area if desired.
This charming home on .46 acres is exceptionally sunny and bright, and has all the character of a quintessential New England home.
Extras and items to note: six-zone heating, cat-5 wiring, hardwired for generator, heated garage.
Annual taxes are $18,964.
Listing/photo courtesy of William Raveis/Westport.
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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.)
