By Judy Szablak
Westport’s year-to-date sales are not as strong as last year.
This home at 3 Peters Lane is listed at $1,799,000. (CLICK TO ENLARGE) Photo courtesy of Westport Residential.
Although reasonably close to 2011 figures, there has been a drop off in activity over the last few weeks which is only partly seasonal. Overall pending sales are not currently where they should be.
However, with fewer homes on the market, as we note this week, that can change very quickly.
Our market is absolutely one to watch for the remainder of this quarter to be able to get a good solid read for the fourth quarter.
Nationally, with more signs of an improving real estate market, more voices are being added to those who say this is a good time to buy.
“With nearly one quarter of all U.S. metros currently designated as improving housing markets, there is growing recognition among consumers that now is an opportune time to consider a home purchase,” said Kurt Pfotenhauer, vice chairman at First American Title Insurance Company.
New evidence comes from the National Association of Home Builders/First American Improving Markets Index (IMI) report released earlier this week. It showed a total of 80 improving metropolitan statistical areas (MSAs) spanning 32 states.
The index identifies MSAs that have shown improvement in housing permits, employment and house prices for at least six consecutive months. The five new MSAs added to the list this month were Lubbock, Texas; Miami and Palm Bay, Fla.; Terre Haute, Ind., and Hinesville, Ga.
Although the New York City MSA has been on this list in recent past, it is not currently one of the 80 areas noted in the country.
Market Stats
Inventory is starting to dwindle. There are now 344 homes that are actively on the market, 12 fewer than last week, and their average list price is $2,079,845. These properties that are currently available have been listed for average of 117 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 $309,000.
Eight new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Twelve properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and nine 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 nine pending properties was $1,172,767. There are 48 properties scheduled to close town-wide, and their average price is $1,537,940.
Closings: Thirteen homes were reported as sold in the last week, and their average list price was $1,245,223. Average market time for these sold properties was 116 days. There were 68 status changes in the last seven days.
Condos: There are 19 condominiums that are available, and they have been listed an average of 169 days. Their average listing price is $639,884, 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 was one new listing, two price changes, and no deposits reported of any kind.
Closings: There was one condo reported as sold this past week, and it was listed at $799,000.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 96 homes or apartments available. The median price is $4,300 per month and the average price is $6,485 per month.
These year-round rental opportunities have been on the market an average of 56 days.
There are 32 short-term rental opportunities that are available, and they have been on the market an average of 113 days. Their average price is $11,685, and the median price is $8,900.
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 3 Peters Lane is listed at $1,799,000
This newly built transitional colonial by premier local builders SIR Development, LLC is built to perfection on a .51 acre lot on quiet cul-de-sac.
This 14-room home has four finished levels that comprise over 6,500 square feet of living area.
Beginning with its crisp lines and beautiful exterior, this smartly designed home has custom millwork at every turn, and incorporates natural sunlight throughout its versatile interior.
The entrance foyer has recessed panel wainscoting and chair rails. Nine foot ceilings, and transom windows enhance room entrances with style and sunlight.
The living room has crown molding, custom millwork and recessed panel wainscoting and features a gas fireplace. French doors open to the family room.
The family room has beautifully coffered ceilings, and a stacked stone fireplace with a raised hearth. The symmetrically designed focal point of the room also has custom built-ins on either side, with windows above to let the natural light shine through.
A handsomely crafted custom kitchen is fully applianced and has Carrera marble countertops along with a matching backsplash. A few strategically placed glass front cabinets lend exquisite style to the room.
A matching service island has another sink, and seats three to four comfortably, while the breakfast area is quite spacious and has French doors that lead to the patio.
A large storage pantry, as well as a butler’s pantry is perfectly suited for the entertainer at heart, as is the formal dining room with more custom millwork.
The study/library is also on the main level, has built-in cabinetry and shelving, with recessed panel wainscoting and crown molding for a wonderfully polished look.
Upstairs there are five bedrooms including the master bedroom suite, which has a tray ceiling, dual walk in closets, a sitting room, and spa-like marble bath with tone-on-tone perimeter accented flooring.
A finished third floor has an additional bedroom, a media room and a full bath, and is quite suitable for an au-pair suite if needed.
The lower level offers an additional family room with another stone fireplace.
Extras and items to note: security system, irrigation system.
Annual taxes are yet to be determined.
Listing/photo courtesy of Westport Residential.
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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.)
