By Judy Szablak
The latest S&P Case-Shiller Index monthly housing report is just out and shows some promise nationally, something we have seen reflected for quite a while in the Westport real estate market.
This newly built Compo colonial on 11 Edgewater Hillside is listed for $2,495,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential, Owner/Broker
For the second month since recording a double-dip in home prices, the index has shown a slight gain nationally. Sixteen of the 20 metro areas in the report, including the New York City metro area, have reported positive monthly increases.
While the numbers as compared to last year’s report at this time are down, it most probably is due to federal home buyer tax credits that were in place at that time, which boosted the activity last year.
David Blitzer, chairman of the Index Committee, does caution that the current gains we are experiencing may be seasonal. The index does reflect a large area, and Westport tends to fare better than its neighbors.
While national and metropolitan trends are a very important part of the overall picture, knowledge of the intricacies of the local real estate market will give you a more in-depth understanding of the market in general.
I have been noticing less sporadic highs and lows in the number of sales in our marketplace lately. However it’s still too early to call it an on-going trend.
What is best to look for is a seasonally adjusted steady pace. This past week we saw an average list price of closed sales that were almsot $300,000 above the median price. But remember, lots of financial concerns going on nationally can certainly affect us here. As for now, we’re in pretty good shape.
Homes: There are 352 single family homes on the market, and their average list price is $2,138,879. These homes have been listed for sale an average of 121 days, and the median price is $1,322,000.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $294,900.
Six new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Twelve properties had a price change, and eight properties have gone under the initial deposit stage, which we call CTS.
Seven properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
Closings: Ten homes were reported as sold in the last seven days, and their average list price was $1,613,290 and these homes were on the market an average of 165 days. Keeping with last week, there were 63 status changes in the last seven days.
Condos: The 30 condominiums that are available have been listed an average of 103 days, and have an average price of $614,911. The median price of a condo is $500,000. The highest price condo in town is listed at $1,595,000 and the lowest offering price is $227,351.
One new listing came on the market this week, and two properties had a price change. Three properties went into CTS status, and two properties went into pending status.
Closings: No condominiums closed in the last week. There were nine status changes in the last seven days.
Rentals: If you are looking to rent year round, either furnished or unfurnished, there are 75 homes or apartments available.The median price is $4,950 per month and the average price is $6,948 per month. These year round rental opportunities have been on the market an average of 44 days.
There are 12 seasonal rental opportunities available and they have been on the market an average of 82 days, and at an average price of $9,737. The median price of both furnished and unfurnished seasonal rentals is $5,850.
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 newly built Compo colonial on 11 Edgewater Hillside is listed for $2,495,000
Located on a quiet and peaceful cul-de-sac, this 4,330-square foot home has a uniquely warm and friendly aura throughout its 10 rooms, four bedrooms, and four and one half baths.
An open, versatile floor plan has strategically placed windows offering year round water views from many rooms, and an abundance of natural light throughout its four levels of living area.
A sunlit foyer sets the stage for the light-filled interior, and the configuration of the rooms lends itself well to the entertainer, a growing family, or the water enthusiast.
There are 9-foot ceilings and character oak flooring on the first floor, and custom handcrafted millwork including recessed panel wainscoting and crown moldings throughout this elegant beach home.
The first floor features an expansive living room with coffered bead-board ceilings, recessed panel wainscoting, plenty of built-ins, and a granite-surround fireplace with relaxing views of the beautiful surroundings.
Any culinarian would most certainly enjoy this gourmet kitchen with floor to ceiling built-in custom cabinetry, a well designed work island, Carrera marble countertops and top of the line appliances, as well as a butlers pantry with plenty of storage and a wine refrigerator.
The breakfast room has eastern exposure so you can have a relaxing meal as you watch the sun rise, or you can enjoy a festive gathering in the elegantly appointed dining room.
Upstairs, a reading nook with handcrafted built-ins and a window seat is perfectly situated at the second floor landing for anyone to enjoy. Also on this level is the master bedroom suite which has water views of Mill Pond, and Long Island Sound on a clear day.
The well designed marble bathroom has heated radiant flooring, a whirlpool and steam shower.
Two other bedrooms on this floor share a Jack-and- Jill bathroom. The sun-drenched third floor has two skylights, a balcony for outstanding water views and could be either a fourth bedroom, office or a perfect artist studio
Outside there is more than 700 square feet of blue-stone patio, with an outdoor stone fireplace, stone walls, and a private yard.
The lower level has plenty of built in storage, a media room and access to the two-car garage.
Other items to note: Hydro-Air gas heating, central vacuum, security system. One year Builders warranty.
This new home in the beach area is on almost one-quarter of an acre, and is well appointed and built by respected local builder SIR Development. Taxes have yet to be determined.
Listing/photo courtesy of Westport Residential, Owner/Broker
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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.
