By Judy Szablak
Just a day after a report showed a steep decline in second quarter Fairfield County home prices, a new report out today shows nationally the first year-over-year monthly gain in home prices in almost two years.
This home at 7 Swallow Lane in the Saugatuck Shores area is listed for $975,000. (CLICK TO ENLARGE) Photo courtesy of William Raveis/ Westport.
The S&P/Case-Shiller report for June shows that nationally, prices have risen by the most in more than six years. The index of 20 major metropolitan areas showed home prices rose by 0.5 percent in June, compared with a year ago, to end a 20-month streak of declines.
Home prices are still down by almost 31 percent from their 2006 peak but have returned to mid-2003 levels.
Phoenix led other MSAs in the index, posting a gain of 13.9 percent, and 13 of the 20 cities in the index showed a year-over-year gain. However, the New York MSA was down 2.1 percent.
Home prices in the 20-city index are adjusted for seasonal variations, and have risen 0.9 percent in June from the prior month. Unadjusted prices rose 2.3 percent from May.
On Monday, a new federal report showed Connecticut leading the nation in declining home prices, one of just eight states to lose ground in the second quarter of this year.
And Fairfield County took a particularly strong hit, with prices down more than 8 percent from 2011, according to numbers released by the Connecticut Association of Realtors. (See WestportNow Aug. 28, 2012)
There have been a number of recent reports noting a rise in demand across the country. The Commerce Department’s data from just last week shows that new home purchases rose more than projected in July to match a two-year high.
And the National Association of Realtors states that previously-owned house sales have since rebounded from an eight-month low. This may be the beginning of a truly improving real estate market nationally.
David Blitzer, chairman of the S&P index committee noted, “We seem to be witnessing exactly what we needed for a sustained recovery. The market may have finally turned around.”
Market Stats
There are now 315 homes that are actively on the market. The average list price of available homes is $2,202,990 and these properties have been listed for average of 128 days. The median price remains at $1,699,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $329,000.
Eight new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Eleven properties had a price change.
Seven properties have gone under the initial deposit stage, which we call CTS, and six properties went into pending status. This means that the conditions have been satisfied, and the property is scheduled to close.
The average price of these six pending properties was $1,394,233. There are currently 21 homes in CTS status throughout Westport. And 40 properties sare cheduled to close town-wide, with an average price of $1,452,327.
Closings: Twelve homes were reported as sold in the last week, and their average list price was $1,799,417. Average market time for these sold properties was 126 days. There were 50 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 144 days.Their average listing price is $518,067, and the median price is $509,000. The highest priced condo in town is listed at $799,000 and the lowest offering price is $324,900.
There were no new listings and no price changes. One property went under the initial stage of deposit.
One property entered into pending status, and was listed at $349,000.
Closings: There were two condos reported as sold this past week, and were listed on average at $832,500.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 88 homes or apartments available. The median price is $5,100 per month and the average price is $6,266 per month.
These year-round rental opportunities have been on the market an average of 58 days.
There are 31 short-term rental opportunities that are available, and they have been on the market an average of 86 days. Their average price is $10,055, and the median price is $8,200.
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 7 Swallow Lane is listed for $975,000.
Located in prestigious and scenic Saugatuck Shores, this Nantucket-styled waterfront home offers carefree living in a sought after location at an affordable price.
With a setting as pretty as a postcard, this six-room home takes full advantage of it surroundings, with perennial gardens, tidal marsh views, and outstanding water views from every angle.
Enter through a custom nautically themed stained glass front door into this pleasing 1,644 square foot home, and you are greeted with an open floor plan, which has a comfortably elegant feel.
The great room is open to both the kitchen and dining areas, and features a fireplace, as well as an additional set of French doors to the bluestone patio.
The dining area is open to the kitchen, and a set of French doors leads to a bluestone patio for al fresco dining.
The gourmet kitchen has granite counters, stainless steel appliances, a service island that seats three, and plenty of cabinetry, plus a pantry.
Upstairs, the master bedroom suite has vaulted ceilings, its own private viewing balcony, and a stunning bath with a whirlpool, and glass enclosed shower.
There are two additional bedrooms on this level, and a total of two full and one half-baths.
A very pleasant and peaceful place to call home, or a fantastic waterside retreat.
Annual taxes are $9,976.
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.)
