By Judy Szablak
For the first time in more than a year, there was no activity whatsoever in the condominium segment of the market for the previous week.
This home at 59 Crescent Road is listed at $1,299,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/ Westport
While the condo market seems to have been painfully slow this year, if we compare closed sales on a year-by-year basis, we are exactly where we were unit-wise last year at this time, with exactly 15 closings reported during the first half of the year in both 2012 and 2011. We saw a low point in activity with just nine sales in 2009.
While the unit sales seem to be somewhat stagnant, it does initially appear that prices have increased on average in this segment of the market. In 2012, the average sale price for the first six months was $657,733 and the average sales price for 2010 was $605,893.
When you look at these numbers as raw statistics, it is important to remember that it is only an average, and should not be misconstrued to mean that condominium prices have increased town-wide. Rather, these figures more accurately show that the mid to higher priced condominium units have produced more buyers this year than their lower priced counterparts.
Market Stats
There are now 369 homes that are actively on the market, and their average list price is $2,082,282. These properties that are currently available have been listed for average of 106 days, and the median price is now $1,299,000.
The highest asking price for all homes currently on the market is $27.5 miillion, and the lowest available priced home is $359,000.
Eleven new listings came on the market in the last seven days, and four homes came back on the market after being under deposit. Nine properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and 14 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 14 pending properties was $1,676,286. There are 63 properties scheduled to close town-wide, and their average price is $1,517,705.
Closings: Fourteen homes were reported as sold in the last week, and their average list price was $1,541,429. Average market time for these sold properties was 98 days. There were 81 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 176 days. Their average listing price is $629,618, and the median price is $519,450. The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $307,000.
There was no listing activity at all this past week, and no status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 89 homes or apartments available. The median price is $4,225 per month and the average price is $6,330 per month. These year round rental opportunities have been on the market an average of 53 days.
There are 48 short-term rental opportunities that are available, and they have been on the market an average of 77 days. Their average price is $12,717, and the median price is $9,750. 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 59 Crescent Road is listed at $1,299,000.
This conveniently located and traditionally styled New England colonial was built in 2005.
There is plenty of space for everyone in this 11-room home, which has four bedrooms and almost 4,100 square feet of living area on three floors. The home is exceptionally sunny, has fine detailing, and an abundance of custom millwork throughout.
The living room has a coffered ceiling, oversized windows, and a custom fireplace with bluestone surround and raised hearth.
The dining room has an octagonally recessed tray ceiling, picture frame molding and chair rails, and double walnut perimeter inlaid hardwood flooring.
The custom kitchen is fully applianced, and features cherry cabinets with granite countertops and a matching center island that seats three.
The family room is open to the kitchen, and has another fireplace, as well as access to an oversized deck that looks out onto a level half acre yard.
The master bedroom is on the upper level, and has more fine detailing, including a tray ceiling and crown molding. The master bath has a whirlpool and separate shower.
Three additional bedrooms are on this level, and one is en suite, while the other two share a “Jack and Jill-style” bath.
The finished walk-out lower level has plenty of natural sunlight like the rest of the home, and has two additional large recreation rooms.
Extras and items to note: 9.5-foot ceiling height on the first and second floors, back-up generator.
Annual taxes are $11,835. 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.)
