By Judy Szablak
The National Association of Realtors latest report shows existing home sales rose 3.4 percent in April over March of this year, and a 10 percent increase over last year at this time.
This home at 2 Joanne Circle is listed at $2,599,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis Real Estate/Westport
Existing home sales in the Northeast rose 5.1 percent in April, and are 19.2 percent higher than one year ago. The median price in the Northeast is also up 8.8 percent from April 2011.
The group’s chief economist, Lawrence Yun, indicated that the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions,” he said. “A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,”
Meanwhile, the U.S. Commerce Department said today that U.S. home sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,000. It said demand for new homes was stronger than anticipated.
Sales were up in all regions except the South. The median price rose to $235,700, a slight increase from March.
Even with gain, the pace of new-home sales is well below the 700,000 annual rate that economists equate with healthy markets.
Richard DeKaser, deputy chief economist at Parthenon Group LLC in Boston said, “It’s very clear now that the housing market has turned a corner. The only question is how strong the rebound is going to be. It bodes well for the broader economy.”
While a number of different agencies are reporting an increase in sales and median prices, their figures may not match. The one constant is that various sources all say the same thing—the market is improving.
On a local note, there is a new high priced entry into Westport’s luxury market. Phil Donahue and Marlo Thomas’s home at 120 Beachside Ave. was listed for sale at $27.5 million just a few days ago, which, incidentally, is in close proximity is Don Imus’s home at 106 Beachside. His home has been available for over 500 days at $19.9 million.
The last sale reported through our MLS on Beachside Avenue was in 2010 at $20 million.
There is no need to be concerned about the state of the market because these two properties are available simultaneously. Homeowners all have their reasons for selling, whether they are celebrities or not, and it does not signify anything other than it is the right time for these sellers to move.
In fact, both of these homes being on the market at the same time presents quite a unique opportunity for upper end buyers, and calls attention to the many benefits of living in town. The trickle down effect of additional publicity stemming from this most recent addition to the market is positive for all.
Market Stats
There are now 382 homes that are actively on the market, and their average list price is $2,078,614. These properties that are currently available have been listed for average of 99 days, and the median price is now $1,319,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $375,000.
Twenty new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Fifteen properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and 15 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 15 pending properties was $1,386,460.
Closings: Seven homes were reported as sold in the last week, and their average list price was $1,493,786. Average market time for these sold properties was 128 days. There were 79 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 185 days. Their average listing price is $586,617, and the median price is $489,000. The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $312,000.
There were no new listings this past week, and no properties came back on the market after being under deposit. No properties had a price change. One property went into the CTS stage, and one property entered into the pending stage of deposit, and was listed at $799,000.
Two condominiums were reported as sold in the last seven days, and were listed on average at $347,000. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 91 homes or apartments available. The median price is $4,000 per month and the average price is $5,662 per month. These year round rental opportunities have been on the market an average of 50 days.
There are now 58 short-term rental opportunities that are available, and they have been on the market an average of 45 days. Their average price is $16,020, and the median price is $11,500. 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 2 Joanne Circle is listed at $2,599,000.
This newly built colonial in the heart of Westport is brimming with refined taste and impressive craftsmanship.
Set on one acre, this beautifully styled 14-room home has a custom mahogany front entry door, and the gracious two-story foyer, herringbone wood flooring and recessed panel wainscoting that all set an elegant tone for the remainder of the home.
Custom millwork throughout, 9-foot ceilings on both the first and second floors and abundant well-placed windows add natural light within the home, and with nearly 7,900 square feet of well designed living area, each room has its own distinct flair.
The formal living room has three-piece crown molding, and a fireplace with Calcutta stone surround.
The family room has coffered ceilings, a floor to ceiling stone fireplace, and a 10-foot custom wet bar with ice-maker, wine fridge and granite top. Custom mahogany French doors lead to the sunlit three season room, which has thermal bluestone flooring and a coffered beadboard ceiling.
The exquisitely cherry paneled grand library has coffered ceilings, custom bookshelves, and French mahogany doors to the three-season room as well.
A chef’s kitchen is customized to perfection, and has premium grade appliances and fixtures, a custom built-in hutch, and a walk-in pantry The service island has a Calcutta stone top, and a generously sized breakfast area has French doors out to the patio.
Pocket doors lead to the walk through butlers pantry with ample cabinetry and storage, plus a sink and second dishwasher.
The banquet-sized dining room has an octagonal tray ceiling, crown molding, and recessed panel wainscoting.
There are five bedrooms on the second floor, and each are en-suite. The master bedroom has a tray ceiling, two walk-in closets, a marble fireplace, and a breakfast area / beverage center. The master bath has radiant heated Calcutta stone flooring, air tub, and oversized glass-enclosed shower with multiple sprays.
The walk-out lower level is also finished with a game room area and lounge with another stone fireplace, a full bath, and offers 2,000 square feet living area.
The third floor can easily be finished and plumbing is already in place for an additional bath.
Extras and items to note: security system, central vacuum, hydro-air heating system, central electronic hosting station, surround sound, thermal bluestone patio with outdoor stone fireplace, custom Dobson irrigation system, pool site.
Taxes are yet to be determined.
Listing/photo courtesy of William Raveis 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.)
