By Judy Szablak
Zillow’s June 2013 Home Value Forecast is more good news, and evidence that the real estate market has finally turned a corner.
This home at 9 Elmwood Road is listed for $1,492,000. (CLICK TO ENLARGE) Photo courtesy of Coldwell Banker/Westport
Zillow’s newly released second quarter reports show that home values have increased 2.1 percent from the second quarter of 2011, which is the first year-over-year increase since 2007.
The promising report shows that home value appreciation this past quarter was the highest since the last quarter of 2005.
Stan Humphries, who is in charge of data and analytics at Zillow, said that the past three months ending June 30 showed “a really solid second quarter in the midst of some economic headwinds, which indicates the housing market has some organic fundamental strength on its own.”
Despite economic uncertainties, there is ongoing momentum in the market’s recovery, although it is not throughout the country.
Humphries believes that 96 out of the 157 markets in its Zillow Home Value Forecast have already hit a bottom in home values, including Boston, Phoenix, and Miami.
Another 69 of those markets are also expected to see a rise in value over the next year.
In its latest report, the S&P/Case-Shiller home price index also recorded gains, and showed that home prices in 20 major markets rose 1.3 percent in April for the first time in seven months.
Zillow’s methodology is somewhat different than S&P/Case-Shiller and the Federal Housing Finance Agency. The ZHVF does not include foreclosed or bank-owned properties.
Market Stats
There are now 357 homes that are actively on the market, and their average list price is $2,108,322. These properties that are currently available have been listed for average of 114 days, and the median price remains at $1,324,000.
The highest asking price for all homes currently on the market is $27.5 million, and the lowest available priced home is $359,000.
Just four new listings came on the market in the last seven days, and no 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 11 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 11 pending properties was $1,245,527. There are 49 properties scheduled to close town-wide, and their average price is $1,484,185.
Closings: Eleven homes were reported as sold in the last week, and their average list price was $1,245,527. Average market time for these sold properties was 23 days. There were 88 status changes in the last seven days.
Condos: There are 17 condominiums that are available, and they have been listed an average of 180 days. Their average listing price is $630,700, and the median price is $519,450. The highest priced condo in town is listed at $1,295,000 and the lowest offering price is $307,000.
There were no new listings reported, and no homes had a price change. One property went into CTS status, and no homes were reported as entering Pending status.
Closings: There were three closings reported last week, and the average list price was $596,500. There were five status changes.
Rentals: If you are interested in renting year round, either furnished or unfurnished, there are 100 homes or apartments available. The median price is $4,150 per month and the average price is $6,281 per month. These year round rental opportunities have been on the market an average of 56 days.
There are 47 short-term rental opportunities that are available, and they have been on the market an average of 99 days. Their average price is $12,011, and the median price is $8,250.
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 9 Elmwood Road is listed for $1,492,000.
This exceptionally charming home has 4-5 bedrooms, and is sited beautifully on one level acre on a quiet cul de sac in the Hunt Club area.
Originally built in 1949, this 12-room home has been extensively remodeled to meet today’s needs, and has not lost any of its original charm.
In fact, the architecturally designed renovations have embraced and enhanced this 4,739-square foot home’s overall allure.
A well thought out sunny interior has space and privacy for everyone, along with a highly versatile floor plan that could suit many different needs.
A spacious formal living room has a fireplace and floor to ceiling built in shelving.
The den is privately situated off the foyer, has plenty of built-ins, its own full bath, and could easily be a guest bedroom.
A nicely tucked away reading room is also on the first floor to the right of the stairs, and offers the option of yet another bedroom on the first floor, if needed.
The formal dining room has crown molding and chair rails in addition to French doors out to the stone patio.
The combined kitchen, family room and breakfast nook areas have quite a dramatic effect, and are free-flowing and open to one another.
The fully applianced custom kitchen has granite countertops, top of the line appliances, a center island that seats three, and a breakfast nook with cathedral ceilings and French doors to the patio.
The sun drenched family room is open to both the kitchen and breakfast area, and has another fireplace and vaulted ceilings.
A screened porch has two skylights, opens to patio with original stone wall and lovely gardens, and is perfect for entertaining .
Upstairs, the master bedroom suite has cathedral ceilings, a sitting room, luxurious bath with whirlpool and glass enclosed shower, and it own private balcony.
A bonus computer space on this floor has an expansive built-in desk and seating, and there are an additional two bedrooms on this level.
The walk-out lower level is finished, and has a generously sized game room with fireplace, cedar closet and half bath.
Charming and impressive at every turn, this lovely sunlit home is one of the most versatile homes on the market today.
Annual taxes are $14,296.
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.)
