By Judy Szablak
FiServ, the financial analytics company that provides information for the S&P Case-Shiller Indices, is predicting a “triple dip” and warns that prices are expected to fall by 3.6 percent by next June.
This home at 148 North Ave. is listed for $2,285,000. Photo courtesy of William Raveis/Dryburgh & Associates
The “triple dip” refers to the skid in 2009, the price dip in 2010 that occurred after the first-time home-buyer tax credit expired, and the current dip, which FiServ notes is nowhere near as dramatic as the initial drop.
According to real estate experts, this current dip has a lot to do with tightened credit requirements. Eighteen percent of the Realtors who were polled reported that they had at least one pending contract that was canceled.
FiServ goes on to say that the volume of home sales was up nationally, although median prices were down by 3.9 percent, and that volume could even be better if there were an easier lending environment.
It is estimated that approximately 70 percent of home purchases require financing.
On a more local and positive note, Westport continues to remain above the national trends. Our prices have dipped just half the amount of the national averages, and we have reached a four-year high for year-to-date sales volume.
Market Stats:
Homes: There are 331 single family homes that are actively on the market. Their average list price is $2,139,901, and these homes have been listed for sale an average of 144 days. The median price is holding fairly constant at $1,347,499.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $380,000.
Seven new listings came on the market in the last seven days, and one home came back on the market after being under deposit. Six properties had a price change.
Two properties have gone under the initial deposit stage, which we call CTS, and three properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average listing price for these pending properties was $796,633 and their average market time was 121 days.
Closings: Four homes were reported as sold in the last seven days, their average list price was $1,183,750 and these homes were on the market an average of 179 days. There were 34 status changes in the last seven days.
Condos: There are 22 condominiums that are available, and they have been listed an average of 137 days. Their average listing price is $644,304. The median price of a condo is $514,450. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $279,000.
No new listings came on the market this week, and no properties came back on the market after being under deposit. No properties had a price change. Two properties went into CTS status, and no properties went into pending status.
Closings: One condominium was reported as closed in the last week, and it was listed at $550,000.It was on the market for 83 days before it sold. There were four status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 76 homes or apartments available. The median price is $3,925 per month and the average price is $5,751 per month. These year-round rental opportunities have been on the market an average of 73 days.
There are four seasonal rental opportunities available and they have been on the market an average of 75 days, and at an average price of $22,875. The median price of both furnished and unfurnished seasonal rentals is $16,250.
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 148 North Ave. is listed for $2,285,000.
This gracious 5,445 square foot custom built colonial doubles as a country retreat with all of its amenities.
This six-year-old home boasts quite a peaceful setting on its 1.02 park-like prime acres with mature landscaping.
Thirteen rooms include five bedrooms and five full, and two one-half baths, all built with exceptional craftsmanship and fine detailing, creating a specific warmth and comforting flow throughout.
A grand two-story foyer has herringbone wood flooring accented by nicely detailed recessed panel wainscoting and chair rails plus exquisite crown molding that continue up the staircase to the second floor.
The living room has exceptional moldings a fireplace, and French doors to the stone patio. The family room has floor to ceiling built in shelving, a stone fireplace and French doors to the patio as well.
The cherry wood library has built-in shelving and storage and the crown molding matches the beauty of the detailed recessed panel wainscoting.
A cook’s kitchen is perfectly designed, fully equipped with state of the art appliances, and offers a cherry island that seats four, granite tops, strategically placed windows and a butlers pantry. A breakfast area bay is full of sunlight and overlooks the beautiful and well maintained grounds.
The master bedroom suite is on the second floor, and has a fireplace, a sitting room, and a lavishly designed marble bathroom. There are four additional bedrooms on this floor.
The walk-up attic can easily be finished to add another 1,500 square feet of living area if needed.
The lower level s already finished and adds over 2,000 square feet of living space and includes an expansive recreation room, a full bath, a second laundry, and a custom wine cellar with exquisitely designed separate stone trimmed tasting room.
Items to note: Hydro-Air heating system; heated gunite inground pool; cabana; fully equipped outdoor kitchen; wine cellar; tasting room.
This is an exceptionally warm home with fine detailing and special amenities that truly make it one of a kind.
Annual taxes are $23,273. Listing/Photo courtesy of William Raveis/Dryburgh & 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 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.
