By Judy Szablak
The latest Case-Shiller Report out today was clear in revealing what most industry experts already know, but the general public may be in for an unpleasant surprise.
This home on 4 Ledgemoor Lane is listed at $2,395,000. (CLICK TO ENLARGE) Photo courtesy of the Higgins Group Real Estate/Westport.
After a much publicized rise in new home starts by various reporting agencies, many people thought that the positive news might be a signal for a much needed change in the market.
However, today’s report shows that the New York MSA fell 1.1 percent in November, and is down 2.3 percent from the same time last year, and the 10-city composite is now just about 1.0 percent above its low from April 2009.
Chairman of the Index Committee at the S&P Indices, David Blitzer said, “Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall.
“Annual rates were little better as 18 cities and both composites were negative. Nationally, home prices are lower than a year ago. The trend is down and there are few, if any signs in the numbers that a turning point is close at hand.”
Market Stats: there are now 266 homes that are actively on the market. The average list price of the available homes is $2,207,609, and these properties have been listed for sale an average of 137 days.
The median price has been creeping up slowly over the last few weeks and is now $1,398,500.
The highest asking price for all homes currently on the market is $24,950,000, and the lowest available priced home is $214,900.
Eleven new listings came on the market in the last seven days, and no homes came back on the market after being under deposit. Four properties had a price change.
Four properties have gone under the initial deposit stage, which we call CTS, and eight 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 three pending properties was $1,535,125 and they were on the market an average of 141 days.
Closings: nine homes were reported as sold in the last week, and they were listed at an average price of $1,395,100, and were on the market an average of 124 days before they sold. There were 81 status changes in the last seven days.
Condos: There are 14 condominiums that are available, and they have been listed an average of 155 days. Their average listing price is $667,342, and the median price is $537,000. The highest priced condo in town is listed at $1,495,000 and the lowest offering price is $284,900.
There was one no activity at all this past week for condominiums. No new listings, no price changes, no deposits and no closings. There were three status changes in the last seven days.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 61 homes or apartments available. The median price is $3,525 per month and the average price is $5,278 per month. These year round rental opportunities have been on the market an average of 102 days.
There are eight seasonal rental opportunities available, and they have been on the market an average of 41 days, with an average price of $24,968. The median price is $17,875. 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 on 4 Ledgemoor Lane is listed at $2,395,000.
This newly built colonial is bright, sunny, and well constructed by local builder Andy Frank.
Sited beautifully on 1.2 acres, this 5,800-square foot home has an outstanding floor plan which takes full advantage of the natural light afforded throughout its 11 rooms.
The two-story foyer has custom millwork, recessed panel wainscoting, and double perimeter walnut inlaid hardwood floors.
The living room has a tray ceiling, crown molding, oversized windows for additional light, and a fireplace.
The dining room has perimeter walnut inlaid hardwood floors, a bay area overlooking lovely grounds, an octagonal tray ceiling and recessed panel wainscoting.
The sunny custom gourmet kitchen has granite countertops and is fully applianced, and has a marble topped service island that seats four comfortably, and an informal dining area as well as French doors out to the patio
The family room is adjacent to the kitchen, and has a stone fireplace, more oversized windows, and transom window topped French doors out to the patio.
All five bedrooms are on the second floor, including the master bedroom privacy suite complete with a fireplace, and luxurious marble bath.
Two of the four bedrooms are en-suite and there are a total of five full and two one-half baths in this home.
The lower level is finished with a media room, and recreation room with another stone fireplace. French doors lead out to a private yard.
Extras and items to note: Security System; Central Vacuum System; Walkout lower level with nine foot ceilings.
Annual taxes are yet to be determined.
Listing/Photo courtesy of the Higgins Group Real Estate/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 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.
