Jun 30, 2010 Real Estate Market update
Consumer confidence down (29 Jun. 2010)
The Conference Board Consumer Confidence Index® which had been on the rise for three consecutive months, declined sharply in June. The Index now stands at 52.9 (1985=100), down from 62.7 in May. The Present Situation Index decreased to 25.5 from 29.8. The Expectations Index declined to 71.2 from 84.6 last month.
Case Shiller housing price survey
April, 2010 survey showed nationally that prices were up in April, 2010 (144.56) vs. last year (139.26) and vs. last month (143,35). This increase was probably due to the tax incentive offered by the federal government which expired at the end of April, 2010.
However, the New York market did not fare so well. April, 2010 (168.95) was down vs. last year (170.69) and last month (169.38).
New Home sales plunged in May, 2010 by -32.79% vs. April, 2010.
Fannie Mae and Freddie Mac issued a ruling that home owners who intentionally defaulted on a mortgage since the house was worth less than what was owed will not be eligible for a federally backed loan for 7 years.
Macromarkets, LLC survey of economists reported that 56% expected home prices to continue to decline in 2010.
Mortgage rates continue to be extremely low. I saw a quote this week for 4.625% for 20 year fixed rate mortgage.
Westport Connecticut and surrounding towns sales in units is up and median selling prices is flat in Westport and up slightly in surrounding towns
You can see performance at the following link:
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_may_2010.htm
Wednesday, June 30, 2010
Monday, June 14, 2010
Westport and surrounding towns real estate market trends
TRENDS OF UNITS SOLD, MEDIAN SELLING PRICE AND AVERAGE DAYS ON MARKET , through May, 2010 YTD
For Local Market including Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield and Redding the market is performing better than what Case Shiller reports.
The number of properties sales peaked in 2005, hit bottom in 2009 and has started to improve in 2010. Sales in units were up significantly in 2010 YTD vs 2009.
The median selling price of properties sold peaked in 2006, hit bottom in 2009 and is improving in 2010. The median price of properties sold in 2010 YTD through May was up 5% in surrounding towns and flat in Westport.
The average days on market was best in 2005, worst in 2009 and is improving in 2010.
Trends for all towns in lower fairfield County around Westport and Fairfield at the following link.
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_april_2010.htm
Regards, Steve Reilly
Realtor
Higgins Group
203-246-7372
swreilly@swreilly.com
For Local Market including Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield and Redding the market is performing better than what Case Shiller reports.
The number of properties sales peaked in 2005, hit bottom in 2009 and has started to improve in 2010. Sales in units were up significantly in 2010 YTD vs 2009.
The median selling price of properties sold peaked in 2006, hit bottom in 2009 and is improving in 2010. The median price of properties sold in 2010 YTD through May was up 5% in surrounding towns and flat in Westport.
The average days on market was best in 2005, worst in 2009 and is improving in 2010.
Trends for all towns in lower fairfield County around Westport and Fairfield at the following link.
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_april_2010.htm
Regards, Steve Reilly
Realtor
Higgins Group
203-246-7372
swreilly@swreilly.com
Thursday, June 10, 2010
Repossession Activity by town - Westport Connecticut and surrounding towns
Repossession Activity by town
Repossession activity is driving down the price of houses. After a home has been repossessed the owner and the bank have taken large losses on the property and when it comes back on the market the price is typically way under market.
The following chart shows repossession acitivty by town as of June 9, 2010.
http://www.swreilly.com/marketinformation/repos%20per%20town%20january%2031%202010.htm
The Wall Street Journal Reported on Monday 10/12/09 that "Foreclosures Grow in Housing Market Top Tiers" and this trend continues.
Repossession by town chart shows that most towns in upper Fairfield County that we track had an increase in the number of repossessions.
Trends for Condos in Norwalk, Wilton, Westport, Weston and Fairfield through May, 2010 - All good news
Trends for Condos in Norwalk, Wilton, Westport, Weston and Fairfield through May, 2010 - All good news
Units Sold, Median Selling Price and Average days on market at this link
http://www.swreilly.com/marketinformation/selected_towns_condo_trend_through_may_2010.htm
All good news about Condo sales in Westport and neighboring towns, Unit sales is improving in 2010, median selling price is improving in 2010 and avergae days on market continues to increase but almost flat in 2010.
Westport Area Real Estate Market performance - sales up, median selling price mixed and average days on market mixed
Local Real Estate Market Information©
(Through April, 2010 as of May 21, 2010)
National Consumer confidence as reported by The Conference Board increased in May to 63.3 from 57,7 in Aril, 2010. 1985 = 100. This was the third monthly gain.
Case Shiller reporting of selling price of pre owned homes was down 3.2% for top 20 markets 1Q 2010. However, in the the Boston Market prices were up 1.8% from 2009 (better than national markets) and NY Market was down 4.1% (worse than national markets).
TRENDS OF UNITS SOLD, MEDIAN SELLING PRICE AND AVERAGE DAYS ON MARKET
For Local Market including Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield and Redding the market is performing better than what Case Shiller reposts.
The number of properties sales peaked in 2005, hit bottom in 2009 and has started to improve in 2010. Sales in units were up 25% 1Q 2010 vs 1Q 2009.
The median selling price of properties sold peaked in 2006, hit bottom in 2009 and is improving in 2010. The median price of properties sold was up 5%.
The average days on market was best in 2005, worst in 2009 and is improving in 2010.
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_april_2010.htm
Units sold and Median price increase by town from 1999 through January, 2010 (as of February 12, 2010) are at the following link.
http://www.swreilly.com/marketinformation/SF_and_CN_by_town_through_april_2010.htm
ForWestport, sales in units were up 18.6% from 2009, median selling price was down 10% and average days on market was down slightly.
MONTHS OF INVENTORY FOR SALE BY TOWN IN FAIRFIELD COUNTY
Inventory is increasing in most towns. Probaly due to the pent up supply of homes waiting to be sold. See in the following charts.
http://www.swreilly.com/marketinformation/inventory_trend_may21_2009.htm
The chart at the following link shows inventory by town and by month back to 2005.
http://www.swreilly.com/marketinformation/inventory_SF_and_CN_by_town_through_may21_2010.htm
Disclaimer: This information should be accurate but is not guaranteed since it relies on the source.
(Through April, 2010 as of May 21, 2010)
National Consumer confidence as reported by The Conference Board increased in May to 63.3 from 57,7 in Aril, 2010. 1985 = 100. This was the third monthly gain.
Case Shiller reporting of selling price of pre owned homes was down 3.2% for top 20 markets 1Q 2010. However, in the the Boston Market prices were up 1.8% from 2009 (better than national markets) and NY Market was down 4.1% (worse than national markets).
TRENDS OF UNITS SOLD, MEDIAN SELLING PRICE AND AVERAGE DAYS ON MARKET
For Local Market including Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield and Redding the market is performing better than what Case Shiller reposts.
The number of properties sales peaked in 2005, hit bottom in 2009 and has started to improve in 2010. Sales in units were up 25% 1Q 2010 vs 1Q 2009.
The median selling price of properties sold peaked in 2006, hit bottom in 2009 and is improving in 2010. The median price of properties sold was up 5%.
The average days on market was best in 2005, worst in 2009 and is improving in 2010.
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_april_2010.htm
Units sold and Median price increase by town from 1999 through January, 2010 (as of February 12, 2010) are at the following link.
http://www.swreilly.com/marketinformation/SF_and_CN_by_town_through_april_2010.htm
ForWestport, sales in units were up 18.6% from 2009, median selling price was down 10% and average days on market was down slightly.
MONTHS OF INVENTORY FOR SALE BY TOWN IN FAIRFIELD COUNTY
Inventory is increasing in most towns. Probaly due to the pent up supply of homes waiting to be sold. See in the following charts.
http://www.swreilly.com/marketinformation/inventory_trend_may21_2009.htm
The chart at the following link shows inventory by town and by month back to 2005.
http://www.swreilly.com/marketinformation/inventory_SF_and_CN_by_town_through_may21_2010.htm
Disclaimer: This information should be accurate but is not guaranteed since it relies on the source.
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