By Judy Szablak
The National Association of Realtors (NAR) recent report on pending home sales shows that this year has started off with the highest rate of contract signings in one month since April 2010.
Featured Home of the Week: this condominium at 111 Lansdowne is listed at $695,000. (CLICK TO ENLARGE) Photo courtesy of Weichert Realtors.
The Pending Home Sales Index (PHSI) assists in predicting future sales by the amount of pending contracts that were entered into in the last reporting period.
Chief economist at NAR Lawrence Yun, indicated that he was hopeful with the latest index results.
“Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year,” he said. “With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations.”
The PHSI rose 7.6 percent to 78.2 in the Northeast, and is among the highest increases reported during this time period in the nation.
The weekly market stats: There are 326 homes that are actively on the market, and their average
list price is $2,087,620.
These properties that are currently on the market have been listed for average of 110 days, and the median price has remained for the time being at $1,323,500.
The highest asking price for all homes currently on the market is $19.9 million, and the lowest available priced home is $192,900.
Fifteen new listings came on the market in the last seven days, and one home 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 six 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 six pending properties was $1,299,750 and they were on the market an average of just 86 days.
Closings: Eight homes were reported as sold in the last week, and their average list price was $1,958,000. Average market time for these sold properties was 122 days. There were 62 status changes in the last seven days.
Condos: There are eighteen condominiums that are available, and they have been listed an average of 161 days. Their average listing price is $646,161, and the median price is $542,499.
The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $325,000.
There was one new listing this past week, and no properties came back on the market after being under deposit. No properties had a price change.
No properties went into the either the CTS stage or pending stage of deposit.
One condominium was reported as sold in the last seven days, and was listed at $699,000. There were four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 64 homes or apartments available.
The median price is $3,650 per month and the average price is $5,267 per month. These year round rental opportunities have been on the market an average of 81 days.
The seasonal rental market has been showing a steady increase over the past few weeks There are now 36 seasonal rental opportunities available, and they have been on the market an average of 35 days.
Their average price is $18,809, and the median price is $13,750. 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 of the Week: this condominium at 111 Lansdowne is listed at $695,000.
This particular townhouse feels much more like a home than it does a traditional condo, and is the most affordably priced home available in this 90-unit community, which was built in 1985.
This 2,100-square foot remodeled six-room home overlooks scenic grounds with an aerated pond, and has two bedrooms and two and one-half baths, as well as two fireplaces.
The living room has a fireplace, cathedral ceilings, and extra tall windows offering outstanding views of the natural surroundings.
The dining room has crown molding and chair rails. A remodeled kitchen is fully equipped with newer stainless steel appliances and has granite-style countertops.
The first floor family room has another fireplace, and the den which is also located on the first floor, is perfect for an in-home office as well.
There are two spacious en-suite bedrooms with crown molding on the upper level, and both are overflowing with natural light.
This carefree living style home is in an easily commutable location, and pays wonderful attention to its lush surroundings.
Items to note: home warranty included; stair lift, garage, pool, and tennis courts.
Common charges are $444 per month; District taxes are $1,273 per quarter. Annual taxes are $7,814
Listing/photo courtesy of Weichert Realtors.
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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.
