Updated Local Market Information from Steve Reilly

Updated Local Market Information from Steve Reilly

I changed the format of the presentation this month to be able to see trends. I am tracking the trends for Units Sold, Median Selling Price, Average Days on Market and Inventory of properties for sale in 1) a composite of all Fairfield County Towns, 2) Westport and 3) Fairfield. If you decide to list your home with us we will run these reports for your town to get ahead of the trend.

Local Real Estate Market Information

TRENDS OF UNITS SOLD, MEDIAN SELLING PRICE AND AVERAGE DAYS ON MARKET

� Unit Sales Trend is down in Fairfield County towns with decline slowing. Media reported that nationally sales were up by 9.4% in September.

� Median Selling Price Trend is flat with a sharp drop in September 2009 vs. September 2008. Case Shiller reported that nationally selling prices were up in 17 of 20 markets they track. I don’t see this in Fairfield County yet.

� Average days on market Trend is up with rate of increase slowing except Westport showed a sharp increase in September 2009 vs. September 2008. Media reported that months of inventory is down but I don’t see this in Fairfield County yet.

The charts at the following link show these trends. Click tabs on bottom to navigate between all towns, Westport and Fairfield. Call if you would like to see the trend in another town.

Trends for all Fairfield County, Westport and Fairfield

http://www.swreilly.com/marketinformation/localmarketinformation.htm

The information at the following link shows the average price increase by town from 1999 through September, 2009 (as of October 12, 2009)

Home and Condo Sales by Town

MONTHS OF INVENTORY FOR SALE BY TOWN

http://www.swreilly.com/marketinformation/localmarketinformation.htm

Inventory is still high but the trend in most towns is mostly flat with a minor increase but not down as reported by the media and may be true in other parts of the country.

You can see the trend for all Fairfield County Towns, Westport and Fairfield at the following link.

Trend of Properties for sale overall and selected towns

http://www.swreilly.com/marketinformation/localmarketinformation.htm

The chart which shows inventory by town and by month back to 2005 is at the following link:

Months of Inventory available for sale by town

http://www.swreilly.com/marketinformation/localmarketinformation.htm


Disclaimer: This information should be accurate but is not guaranteed since it relies on the source.

Once in a life time opportunity to take advantage of depressed prices to make money investing in real estate.

Once in a life time opportunity to take advantage of depressed prices to make money investing in real estate.


Recent examples;

• Client A invested $45,000 to achieve an operating profit of $8,000 per
year or 18%.ROI and purchased a property for $35,000 cash that sold for $167,000 in 2006.

• Client B invested $52,000 to achieve an operating profit of $11,000 per
year or 21% ROI and purchased a property for $35,000 that sold for $170,000 in 2006.

• Client C Invested $50,000 to achieve an operating profit of $12,000 per
year or 23% ROI and purchased a property for $180,000 that sold for $390,000 in 2006.

Formula for our success:

• Rent until prices recover.
• Locate properties where the price has declined more than the market.(normally repossessed or short sales).
• Develop a realistic P&L considering closing, renovation and operating costs.
• Know the town, neighborhood and street.
• Have adequate cash to purchase low cost properties, large down payment and renovate.
• Purchase property.
• Renovate as required to taste of target tenants.
• Careful vetting of tenants.
• Allocate personal time to managing the property of hire a professional management company.
• Use Experienced Professionals.

If you want to know more call Steve Reilly, Higgins Group at 203-246-7372 or email swreilly@swreilly.com

Regards, Steve Reilly

Higgins Group
Best Practice Real Estate