By Judy Szablak
Like many reports over the past year, there is good and bad news in the latest statistics. Average sale prices are up over last year for the first half of 2012. At the same time, unit sales are down by 10 percent from last year during this same period.
This home at 5 Lowlyn Drive is listed at $2,495,000. (CLICK TO ENLARGE) Photo courtesy of Halstead Property
There were 163 sales reported in the first six months of this year with an average sales price of $1,493,789. In 2011, there were 181 sales with an average closed price of $1,372,646. Average market time has stayed fairly consistent at 110 days this year as opposed to 107 days during this same period in 2011.
While looking at these raw figures, one might deduce that the prices have risen almost 9 percent from the first half of last year, which would not be the case. The increase in the average price can be directly attributable to an almost 17 percent increase this year for home sales in the $3 million-plus range.
All being said, continue to be cautiously optimistic. While the average sales price is up, the number of units sold are down.
Considering that 2011 was a not a banner year for sales volume, the first half of 2012 shows some promise for pricing, but we will not break any unit volume records this year.
Market Stats
There are now 380 homes that are actively on the market, and their average list price is $2,061,333. These properties that are currently available have been listed for average of 106 days, and the median price is now $1,294,000.
The highest asking price for all homes currently on the market is $27.5 million and the lowest available priced home is $359,000.
Sixteen 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.
Eight properties have gone under the initial deposit stage, which we call CTS, and five 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 five pending properties was $1,275,150. There are 62 properties scheduled to close town-wide, and their average price is $1,497,700.
Closings: Eighteen homes were reported as sold in the last week, and their average list price was $1,889,939. Average market time for these sold properties was 70 days. There were 72 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 169 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 were no new listings reported, and no homes had a price change. One property went into CTS status, and no homes were reported as entering Pending status. There were no closings, and just four status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 87 homes or apartments available. The median price is $4,175 per month and the average price is $6,112 per month. These year-round rental opportunities have been on the market an average of 50 days.
There are 51 short-term rental opportunities that are available, and they have been on the market an average of 68 days. Their average price is $12,753, 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 5 Lowlyn Drive is listed at $2,495,000.
This two-year-old country colonial has the finest of luxury amenities and all the charm reminiscent of a centuries-old home.
Top quality craftsmanship and exceptional details are throughout this 7,400-square foot home perfectly sited on one acre in the sought after Old Hill neighborhood.
Expertly designed by Jack Franzen, this 15-room home has five bedrooms, six fireplaces, and three levels of living area.
A gracious foyer welcomes you to one of two dramatic open staircases.
The living room has crown molding, a fireplace, and French doors to the den/library, which also has another fireplace.
The formal dining room has crown molding, recessed panel wainscoting and double perimeter walnut inlaid hardwood flooring. A butler’s pantry has plenty of storage and granite counters.
The massive custom gourmet kitchen is open to the great room, has top of the line stainless steel appliances, granite countertops, and a breakfast bar that seats three.
The breakfast nook rivals the size of many dining rooms.
The great room has coffered ceilings, a floor-to-ceiling stone fireplace and two sets of French doors to the patio.
All five bedrooms are on the second floor, and the master bedroom suite has a fireplace, a dressing area, and luxurious marble bath.
The four additional bedrooms are also on this level- two are en suite, and two share a “Jack and Jill-style” bath. One bedroom besides the master has its own fireplace.
The lower level has another family room with a stone fireplace and coffered ceilings, as well as a thoughtfully designed gym, media room, and au-pair quarters. There is also plenty of room for a wine cellar.
This home is spacious, quite charming and very well designed.
Annual taxes are $15,762
Listing/Photo courtesy of Halstead Property..
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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.)
