By Judy Szablak
Sales of new houses rose in November to the highest level in more than two years, the U.S. Commerce Department reported today.
This home at 5 Heron Lake Lane is listed at $2,650,000. (CLICK TO ENLARGE) Photo courtesy of Higgins Group Real Estate/ Westport
Purchases climbed 4.4 percent to a 377,000 annual pace, the most since April 2010, following a revised 361,000 rate in October, the department said.
Today’s report followed the Case Shiller report which showed that home prices in the 20-City Composite Index increased by 4.3 percent in the 12 months ending in October.
Despite expected seasonal weaknesses in 60 percent of the 20 composites, the report exceeded analysts’ forecasts with healthy increases over the preceding 12-month period.
One of the better indicators of housing market performance is the annual rate of change, as opposed to the month-over-month changes due to higher prices in spring and summer.
Both the 10- and 20-city composites show that average home prices across the country have returned to their fall 2003 levels, and are about 8.4 to 9 percent above their early 2012 lows.
“Looking over this report, and considering other data on housing starts and sales, it is clear that the housing recovery is gathering strength,” said David Blitzer, chairman of the Index Committee.
Market Stats
There are now just 210 homes that are actively on the market in Westport.
The average list price is $2,316,239 and these properties have been listed for average of 163 days, with a cumulative market time of 267 days. The median price is now $1,750,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest is 360,000.
Five new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Two properties had a price change.
Eight properties have gone under the initial deposit stage, which we call CTS, and 10 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 10 pending properties is $1,578,490. There are currently 14 homes in CTS status throughout Westport, and another 41 properties scheduled to close town-wide, with an average price of $1,516,849.
Closings: It was a strong week for closings, with 17 properties reported as sold in the last week. Their average list price was $1,745,694, with an average market time of 105 days. There were 58 status changes in the last seven days.
Condos: There are seven condominiums that are available, and they have been listed an average of 291 days. Their average listing price is $576,409, and the median price is $639,000. The highest priced condo in town is listed at $949,000 and the lowest offering price is $200,864.
There was no new listing activity reported in the last week, and no homes came back on the market after being under deposit. No properties entered the CTS stage of deposit, and no homes went into pending status.
There is one property townwide that is currently in CTS status, and one home is scheduled to close that is listed at $329,000.
Closings: There was one condo reported as sold this past week, and it was listed at $698,000. There were three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 42 homes or apartments available. The median price is $4,850 per month and the average price is $4,988 per month. These year-round rental opportunities have been on the market an average of 79 days.
There are 17 short-term rental opportunities that are available, and they have been on the market an average of 59 days. Their average price is $10,818, and the median price is $5,900. 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 5 Heron Lake Lane is listed at $2,650,000
This waterfront farmhouse colonial is beautifully sited on a private and bucolic 3.45 acres in the prestigious Old Hill area.
Originally built in 1989, this seven-bedroom home boasts more than 6,600 square feet of living area and 15 rooms, feels like a country retreat, and offers beautiful panoramic views of the water.
Wideboard floors and a hint of countrified New England give the home a warm and appealing atmosphere, and plentiful natural light along with beautiful surroundings make this home exceptionally peaceful and serene.
Transom windows top both entries to the sunken living room with oversized brick fireplace, and the entire rear wall is dedicated to viewing the outside scenery.
The dining room also dedicates the rear wall to windows and has an exposed wood beamed ceiling, and also features a floor to ceiling brick fireplace for a romantic feel.
The fully applianced kitchen has a large center island, a breakfast nook alcove with cathedral ceilings, and windows that stem from the floor for exceptional light and views.
The family room is open to the kitchen and breakfast nook, has an exposed wood beamed ceiling, and a custom country style brick fireplace with built ins and shelving on either side.
The great room is in a separate wing, has three sets of French doors to the rear yard overlooking the water, and its tiled floor and exceptionally high ceilings offer exceptional acoustical properties.
The master bedroom is also on the main level, has crown molding, a rear wall of windows overlooking the landscape, as well as dual walk-in closets, and a charming master bath with heated radiant flooring.
Another bedroom with a private bath is on the main level, as well as an office with built in shelving.
Three additional en-suite bedrooms are on the second floor, as well as an in-law suite, which has its own kitchen and laundry, and access to the garage.
The walk-out lower level has a play room and an additional bedroom.
Extras and items to note- Self sufficient in-law suite, heated Gunite in-ground pool and spa, heated garage, central vacuum system, security system, dock and mooring, gated lakefront community- association fee $1,000
Annual taxes are $31,049.
Listing/photo courtesy of Higgins Group Real Estate/ 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.)
