By Judy Szablak
Fixed mortgage rates have risen for the third straight week after setting all-time lows, according to Freddie Mac.
This home at 7 Crooked Mile is listed at $1,599,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Westport
The typical 30-year rate has increased from 3.59 percent to 3.62 percent, and the average for the 15-year fixed loan is now at 2.88 percent, which is up from 2.84 percent from the prior week.
While rates are still low, the fact that they have edged up over the past few weeks is of concern to a still wavering real estate market.
If the recent trend in rates continues, it will inevitably have a negative effect on home sales for our recovering market.
Market Stats
Inventor continues to dwindle. There are now 341 homes that are actively on the market, with 17 of those homes in the initial stage of deposit, otherwise known as CTS.
The average list price of available homes is $2,080,208 and these properties have been listed for average of 120 days. The median price is now $1,648,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Seven new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Fourteen properties had a price change.
Nine 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 $1,189,556. There are currently 50 properties scheduled to close town-wide, and their average price is $1,533,004.
Closings: Five homes were reported as sold in the last week, and their average list price was $1,291,780. Average market time for these sold properties was 91 days. There were 53 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 188 days. Their average listing price is $622,988, and the median price is $648,000.
The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $324,900.
There were no new listings and one price change. No properties went under the initial stage of deposit.
Two properties entered into pending status, and were listed on average at $774,000.
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 99 homes or apartments available. The median price is $5,200 per month and the average price is $6,517 per month.
These year-round rental opportunities have been on the market an average of 54 days.
There are 36 short-term rental opportunities that are available, and they have been on the market an average of 83 days. Their average price is $9,690, and the median price is $8,500.
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 Crooked Mile is listed at $1,599,000.
This vintage colonial on the Saugatuck River has been beautifully updated to incorporate today’s most desired amenities while still retaining all of its charm.
Originally built in 1925, this house is described by the Westport Historic District Commission as “the best example of Colonial Revival style we have seen.”
There are 3,854 square feet of living area, and all the nooks and crannies in a home built in this era that one would expect.
Among this 12-room home’s well preserved period details are wide plank flooring, original fireplaces, arched doorways, and stone walls, as well as walkways and paths that are perfectly placed among its 2.55 acres of wonderfully scenic property.
The sunlit living room has crown molding and chair rails, and its focal point is a fireplace with custom fluted molding.
Take one step down into the formal dining room, which has almost an entire wall of floor-to-ceiling windows that offer a tranquil view of the flowing river and lush grounds.
The well-designed kitchen has stainless steel appliances, marble countertops, and a center island. A built in corner breakfast nook is delightful, and the entire kitchen makes clever use of arches and recessed wall shelving.
The family room has wide planked floors, another charming fireplace, built in shelving, and a cleverly incorporated sky lit wet bar, as well as additional storage with built in window seats.
An en suite bedroom and an office are also on this floor, and can easily be a perfect two-room nanny quarter suite, if needed.
Upstairs, there are four additional bedrooms, and this level is also very well configured to create a perfect master bedroom “privacy” suite.
This means that none of the other bedroom’s walls directly abut its sleeping area, and offers the utmost in privacy, while still remaining close to the other bedrooms.
The enchanting master bedroom has its own romantic fireplace, wide planked flooring and cathedral ceilings, luxe bath, and plenty of storage and closet space in the dressing area.
There are a number of relaxing outdoor areas and patios, including a built in stone barbeque grill with accompanying stone wall, and a few well maintained and picturesque outbuildings
Charismatic, tranquil and private, this home is as versatile as it is lovely.
Extras and items to note: Saugatuck River frontage, five-car garage.
Annual taxes are $16,277.
Listing/photo courtesy of Coldwell Banker 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.)
