By Judy Szablak
The latest S&P/Case-Shiller home price indices show that all three headline composites ended the first quarter of 2012 with new post crisis lows. But prices were up in March from February for the first time in seven months—perhaps the latest evidence that the troubled housing market is beginning a slow recovery.
This home at 10 Norwalk Ave. in Westport’s Compo Beach area is listed for $2,095,000. (CLICK TO ENLARGE) Photo courtesy of Fingelly Real Estate-Westport/Barbara Gruning & Associates
“While there has been improvement in some regions, housing prices have not turned,” said David Blitzer, chairman of the Index Committee at S&P Indices.
Although the headlines in the March numbers were disappointing for the two composites and national index, which came up flat or went down to new lows, it is somewhat encouraging to look at the details in a different way.
While all three composites and five cities hit new lows, if you look at these same indices on a city by city basis, there are peaks and valleys for all 20 cities, and the valleys aren’t as low as they were.
While it is clear that the housing market is not out of the woods just yet, there are some positive signs and fewer new all-time lows.
Market Stats
There are now 373 homes that are actively on the market, and their average list price is $2,072,152. These properties that are currently available have been listed for average of 103 days, and the median price is now $1,313,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $375,000.
Just seven new listings came on the market in the last seven days, and three homes came back on the market after being under deposit. Eight properties had a price change.
Nine properties have gone under the initial deposit stage, which we call CTS, and 16 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 16 pending properties was $1,610,000.
Closings: Eight homes were reported as sold in the last week, and their average list price was $1,379,375. Average market time for these sold properties was 122 days. There were 61 status changes in the last seven days.
Condos: There are 16 condominiums that are available, and they have been listed an average of 174 days. Their average listing price is $593,281, and the median price is $499,000. The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $312,000.
There was one new listing this past week, and no properties came back on the market after being under deposit. One property had a price change. One property went into the CTS stage, and two properties entered into the pending stage of deposit, and were listed on average at $444,500.
One condominium was reported as sold in the last seven days, and it was listed at $649,000. There were seven status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 94 homes or apartments available. The median price is $3,900 per month and the average price is $5,620 per month. These year round rental opportunities have been on the market an average of 53 days.
There are now 60 short-term rental opportunities that are available, and they have been on the market an average of 45 days. Their average price is $15,497, and the median price is $10,125. 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 10 Norwalk Ave. is listed for $2,095,000
This quintessential beach house is completely remodeled and boasts outstanding water views and an open floor plan.
Located just a stones throw away from the beach, this home sits on .11-acre of beautifully landscaped property, and it appears that no expense was spared either inside or out.
Originally built in 1930, the interior has been completely redesigned with the utmost in quality and craftsmanship for today’s needs, and boasts 2,352 square feet of living area.
The great room has finely crafted moldings, a fireplace, and a soaring two-story ceiling with multiple skylights.
The family room has another fireplace, and Atrium doors to the porch area.
The custom kitchen has granite countertops and is fully equipped with top of the line stainless steel appliances. A two-tiered service island also acts as a breakfast bar that seats four comfortably.
The sunlit dining room is open and adjacent to the kitchen, and has perimeter Atrium doors.
There are three bedrooms, including the master bedroom suite with a very stylish bath. The master has its own romantic fireplace, expertly crafted built-in bookcases and a window seat plus a private balcony.
The second floor also hosts a wrap-around interior balcony that overlooks the living room, and Atrium style doors to the spacious second floor deck with outstanding water views.
This unique and spacious Compo Beach retreat exudes livable elegance all the way through.
Extras and items to note: Outdoor double shower, Pioneer TV in master, new state of the art security system.
Annual taxes are $15,908
Listing/Photo courtesy of Fingelly Real Estate-Westport/Barbara Gruning & Associates.
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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.)
