By Judy Szablak
The National Association of Home Builders/First American Improving Markets Index (IMI) for October shows 103 improving markets across the country. The record number represents the largest number of metros on the IMI since it was created one year ago.
This home at 23 Burnham Hill is listed at $3,495,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker Riverside/Westport Beach (+) Country Homes.
Ninety-two metros were retained on the list from the month before, 11 new markets were added, and seven were removed. The New York Metropolitan Statistical area is not included on October’s list.
It’s no secret that the New York metro area real estate market has been struggling to keep up with some other parts of the country. However Westport’s numbers are more encouraging than the metro area as a whole.
While the 286 sales as reported year-to-date by the Greater Fairfield County CMLS are down by almost 5 percent from 300 one year ago, the average sales price has increased by over $60,000, or just under 5 percent to $1,423,193.
Market Stats
There are now 312 homes that are actively on the market. The average list price of available homes is $2,227,794 and these properties have been listed for average of 129 days, with a cumulative market time of 244 days. The median price is now $1,737,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $309,000.
Eight new listings came on the market in the last seven days, and two homes came back on the market after being under deposit. Thirteen properties had a price change.
Six properties have gone under the initial deposit stage, which we call CTS, and 10 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 10 pending properties was $1,621,400. There are currently 21 homes in CTS status throughout Westport, and 43 properties scheduled to close town-wide, with an average price of $1,469,542.
Closings: Five homes were reported as sold in the last week, and their average list price was $1,251,400. Average market time for these sold properties was 104 days.There were 53 status changes in the last seven days.
Condos: There are 10 condominiums that are available, and they have been listed an average of 231 days. Their average listing price is $536,2990, and the median price is $449,000. The highest priced condo in town is listed at $1,075,000 and the lowest offering price is $299,900.
There was one new listing reported last week, and no price changes noted. Two properties entered pending status
There are two properties currently in CTS status, and two additional homes scheduled to close town wide, and they are listed on average at $454,450.
Closings: There were no condos reported as sold this past week, and just three status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 64 homes or apartments available. The median price is $4,850 per month and the average price is $5,809 per month.
These year-round rental opportunities have been on the market an average of 81 days.
There are 25 short-term rental opportunities that are available, and they have been on the market an average of 48 days. Their average price is $4,514, and the median price is $3,500.
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 23 Burnham Hill is listed at $3,495,000.
This newly constructed shingle style colonial home built by award winning Bluewater Home Builders is on a coveted Compo Beach area cul-de-sac, and boasts over 6,500 square feet of living area.
Four levels of this impeccably crafted home provide an exceptionally designed transitional styled interior, and each of its 13 rooms have sleek and modern finishes.
The gracious and sunlit two-story foyer has floor-to-ceiling custom handcrafted mill work and paneling.
The formal living room is to the right of the foyer as you enter, and has an elegant fireplace with a honed limestone surround.
A dining room has recessed panel wainscoting, and a butlers pantry with honed statuary marble counters, a beverage cooler, and illuminated cabinetry.
A chef would also be quite pleased with the masterful design of this state-of-the-art gourmet kitchen with graphite limestone counters and top of the line stainless steel appliances. A center island is topped in a nicely contrasting but subdued statuary marble counter.
The breakfast area has glass doors to the blue stone patio, and is open to the family room, which has low-profile coffered ceilings, a fieldstone fireplace and glass doors out to the patio which has an outdoor fireplace and outdoor kitchen and overlooks a very private .37 acre landscaped and partially fenced yard with room for a pool.
A first floor den/office with built ins and custom millwork is nicely tucked away on the other side of the kitchen, and has its own private outdoor entry as well.
Each of the six bedrooms in this home are en suite, and four are on the second floor. A study/homework center is also located on the second floor and placed perfectly to accommodate the children’s bedrooms.
The third floor has another bedroom with water views from its balcony, and the lower level offers another bedroom, and either area would make a great au-pair suite, maids quarters, or teen suite.
The luxurious master bedroom has its own fireplace, dual walk in closets, and a spa like marble bath with heated floors, whirlpool and glass enclosed multiple spray steam shower as well as dual vanities.
The finished lower level has 9-foot ceilings, an exercise room, playroom/media room and a wine cellar.
Expertly designed and crafted, this beach area home offers the best of both indoor and outdoor living.
Annual taxes are yet to be determined.
Listing/photo courtesy of Coldwell Banker Riverside/Westport Beach (+) Country Homes.
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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.)
