Friday, October 29, 2010

Reation to NY Times headline - Thursday October 28, 2010 - "Treasury links Foreclosure ills to Home Prices".

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Reaction NO KIDDING! It is common knowledge in Real Estate that Bank owned properties sell for less than market price since they have been under maintained for an extended period of time and both the bank/lender and the owner have taken big time losses and want to sell the property quickly. The sale of these properties below market price and their condition drives the price of other houses down.

So, the question for homeowners is what’s going on in my neighborhood and town. The following chart shows repossession activity by town as of Jan 31, 2010 and as of September 30, 3010. The key numbers to watch are repossessions as % of properties for sale and is repossession activity increasing or decreasing. See activity in your town at the link above.















































































































































































Thursday, October 28, 2010

Wednesday Headline - Home Prices Appear to be Weakening

Two questions 1) Is this a big deal? and 2) How are prices in Westport and surrounding towns?

1. This may not be a big deal unless the trend continues. For both the top 1 and top 20 markets, median selling prices were down .01% for last month which is not a big number but reverses the trend of improvements. Also, prices were an improvement since last year (+2.6% for top 10 markets and +1.7% for top 20 markets).

The price trend will be determined to a large extent on the number and pace of foreclosures coming on the market. See swreilly.com for repossession activity by town.

2. For Westport, median selling price in September was +11% from last month but -23% since last year. The reason that the Westport market looks different than the top 10 and top 20 Case Shiller markets is that prices in Westport peaked in 2008 when prices for Case Shiller Markets peaked in 2006.

3. For Westport surrounding towns, median selling price in September was -18% from last month but +12% since last year. The reason that the market looks different than the top 10 and top 20 Case Shiller markets is that prices in surrounding towns peaked in 2007 when prices for Case Shiller Markets peaked in 2006.

Regards, Steve









Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

www.swreilly.com

Saturday, October 23, 2010

National Association of Realtors - protect and enhance the value of your home

Please see a new resource developed by the National Association of Realtors for home owners to protect and enhance the value of your home.

Take the tour at the following link:

http://www.houselogic.com/

Stephen Reilly

Higgins Group, Realtor

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

www.swreilly.com

Westport Connecticut and surrounding towns Real Estate Market performance Through September, 2010: from Steve Reilly

Westport Connecticut and surrounding towns Real Estate Market performance September, 2010:

 

Westport

Summary: median selling price is down 21% since peak in 2007 and tend has been flat for last few months, sales in units is improving and inventory of properties for sale has been flat for last few months.

Median Selling Price: The median selling price for 2010 YTD thorough September was down 3% 2010 vs. 2009, a big improvement in September. ($1,014,000 vs. $1,050,000)

Properties sold: The number of properties sold for 2010 YTD thorough September was +60% from same period in 2009 (300 vs. 188).

Average days on Market: The average days on market were -13% in 2010 through September YTD (104 vs. 120).

Westport and surrounding towns (Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield, Redding and Bridgeport)

Summary: median selling price is down 13% from 2007 peak and has been improving in 2010, sales in units is improving in 2010 and inventory of properties for sale is high by historical standards and has been flat for last few months,

Median Selling Price: The median selling price for 2010 YTD thorough August was up 12% from the same as same period in 2009 ($417,000 vs. $373,000)

Properties sold: The number of properties sold for 2010 YTD thorough August was up 27% from same period in 2009 (2840 vs. 2244).

Average days on Market: The average days on market was down 3% in 2010 YTD through September from same period in 2009 (103 vs. 106).

Inventory of Properties for Sale in Westport and surrounding towns

 

In Westport, the number of houses and condos for sale in September was 394 or +2% vs. last month and

+13% since last year. There are 12 months on inventory on the market vs. 12 months of inventory for same period last year.

For Westport and surrounding towns, the number of house and condos for sale in September was 3719 or -.96% since last month and +7.7% since same month last year. There are 12 months on inventory on the market vs. 12 months of inventory for same period last year.

Regards,

Stephen Reilly

Higgins Group

Best Practice Real Estate

203-246-7372

swreilly@swreilly.com

Friday, October 1, 2010

Real Estate Repossessions in Westport and surrounding towns

Then number of repossessions has a negatve effect on property values so it is important to watch the number of repossessions as a per cent of total properties for sale and the trend.

You can see this information at the following link:

http://www.swreilly.com/marketinformation/pepos%20sept%2029%202010.htm

Regards, Steve

Steve Reilly
Higgins Group
Best Practice Real Estate
203-246-7372