Westport and surrounding towns real estate market performance through November, 2011 from Steve Reilly

Summary Real Estate Market Performance

Through November, 2011 vs. 2010

 

 

For Westport, sales were up same as last year

and the median selling price was up 5%.

For surrounding towns, sales were down

12% and the median selling price was

up 1%.

For Westport, inventory of properties for sale

was same as last year.

For surrounding towns, inventory of properties

For sale was same as last year.

See the following charts for details.

Summary Westport Real Estate Market Performance

through November, 2011

 

 

Median Selling price 2011 YTD $1,050,000, up 5% in 2011

vs. 2010 YTD and down 19% since the peak in 2008.

Properties sold through November 2011 YTD 354 the same

as last year and down 33% since peak in 2004.

Average Days on Market 2011 YTD was 106, the

same as last year.

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield aand Redding) Real Estate

Market Performance through November, 2011

Median selling price was $514,000 YTD in 2011 Up 1%

in 2011 vs. 2010, down 13% since peak in 2007.

Properties sold through November 2011 was 1842

Down 12% since 2010 and down 49% since peak

in 2005.

The Average Days on Market was 119 YTD through

November Up 9% since last year

Inventory of Properties for Sale in Westport

The number of properties as of December 21,

2011 was 271. This represents 8 months of

Inventory down since Last month and about

the same as last year.

Inventory of Properties for Sale in

surrounding towns

 

The number of houses and condos for sale as of

December 21, 2011 was 1823. This represents

9 months of inventory about the same as last

year.

See the following site for real estate information

or call any time.

www.swreilly.com

Regards,

Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

www.swreilly.com

licensed in Connecticut

Westport and Fairfield Real Estate Markets 3Q 2011

Home Prices Keep Dropping

This was the headline in a Wall Street Journal Article on Thursday November 10, 2011 by Alan Ziebel. The article reported that according to the National Association of Realtors that for the quarter July – September, 2011, median selling price declined in 111 of the 150 markets tracked by National Association of Realtors and increased in the other 39 markets.

The market closest to Westport and Fairfield that is tracked by NAR is Bridgeport-Stamford-Norwalk. In this market median selling price declined by 6.5%.

My interest is how the Fairfield and Westport compared.   

Median selling price: Westport declined by 18% and Fairfield increased by 2.8%.

Sales: Westport declined by 16% and Fairfield declined by 7.1%

However, It is more important to look at the trend.

For Fairfield the trend of median selling price of properties sold is down and the trend of properties sold is down.

For Westport, the trend of median selling price of properties sold is down and the trend of properties sold is down.

Regards,

Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

licensed in Connecticut

See the full gallery on Posterous

Home Prices Keep Dropping

Home Prices Keep Dropping

This was the headline in a Wall Street Journal Article on Thursday November 10, 2011 by Alan Ziebel. The article reported that according to the National Association of Realtors that for the quarter July – September, 2011, median selling price declined in 111 of the 150 markets tracked by National Association of Realtors and increased in the other 39 markets.

The market closest to Westport and Fairfield that is tracked by NAR is Bridgeport-Stamford-Norwalk. In this market median selling price declined by 6.5%.

My interest is how the Fairfield and Westport compared.   

Median selling price: Westport declined by 18% and Fairfield increased by 2.8%.

Sales Westport declined by 16% and Fairfield declined by 7.1%

However, It is more important to look at the trend.

For Fairfield the trend of median selling price of properties sold is down and the trend of properties sold is down.

For Westport, the trend of median selling price of properties sold is down and the trend of properties sold is down.

Regards,

Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

licensed in Connecticut

See the full gallery on Posterous

Fairfield County Best Practice Real Estate

The Higgins Group has developed a High Powered

Program designed to Market Fairfield County Real

Estate at The Highest Level. The Program includes:

• Practices that all Realtors use to market properties
• Enhancements to Real Estate Practices to make them Best Practices
• Combine the home Sellers perspective on the property with our knowledge

            of Fairfield County Real Estate to enhance the value of the property

            and highlight the special features.  

• Market the County, Town and Neighborhood
• Photo Marketing System
• Internet Marketing Strategy
• Target Marketing
• Social Networking
• Cooperative Showing Guide
• Merchandising and Staging System
• Quality Customer Care and Project Management. 
• Continuous improvement

Please call if you would like to hear about our Program.

Regards,

Stephen W. Reilly

The Higgins Group,

278 Post Road East

Westport, CT 06880

swreilly@swreilly.com

Phone: 203-246-7372

Westport Connecticu Real Estate through September, 2011 from Steve Reilly

Westport Real Estate Market is holding up through September, 2011

Properties sold YTD is 309, up 3% since last year

The Median Selling Price was $1,050,000, up 4% since last year

The number of properties for sale was 357 which represents 11 months of inventory.

The performance would have been better except for a sluggish September.

According to CMLS and RealtyTrac, repossession activity is low. There are 3 bank owned properties on the market and 18 pre foreclosure sales in progress.

Please call or email if I can help with real estate buying, selling or investing.

Regards, Steve

Stephen W. Reilly

The Higgins Group,

278 Post Road East

Westport, CT 06880

swreilly@swreilly.com

Phone: 203-246-7372

See the full gallery on Posterous

Westport and surrounding towns real estate market performance through September, 2011 from Steve Reilly

Summary Real Estate Market Performance

Through September, 2011 vs. 2010

 

 

For Westport, sales were 309 up 3% and the

median selling price was $1,050,000 up 4%.

For surrounding towns, sales were 1541 down

10% and the median selling price was $549,000

up 6%.

For Westport, inventory of properties for sale

was 357 which represents 11 months of inventory.

For surrounding towns, inventory of properties

For sale was 2624 which represents 11 months

of inventory.

.

Summary Westport Real Estate Market Performance

through September, 2011

 

Median Selling price 2011 YTD $1,050,000, up 4% in 2011

vs. 2010 YTD, down 25% since last month, and down 22%

since the peak in 2008.

Properties sold through September 2011 YTD 309, up 3%

since last month YTD, down 35% since last month

and down 32% since peak in 2004.

Average Days on Market 2011 YTD was 104, up 5% in 2011

 vs. 2010 and up 37% since best year 2004.

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield aand Redding) Real Estate

Market Performance through September, 2011

Median selling price was $549,000 YTD through September,

Up 6% in 2011 vs. 2010, down 8% since peak in 2007 and

Down 1% since last month.

Properties sold through September 2011 was 1541,

Down 10% since 2010, 19% since last month and

down 37% since peak in 2007.

The Average Days on Market was 117 YTD through September,

Up 9% since last year

Inventory of Properties for Sale in Westport

The number of properties as of October 21, 2011

was 357

This represents 11 months of inventory, is down

1.9 % since Last month and down 9.4% since

last year.

Inventory of Properties for Sale in

surrounding towns

 

The number of houses and condos for sale as of

October 21, 2011 was 2624

Down 1.2 vs. last month and down 1.3% since last year.

This represents 11 months of inventory

See the following sites for real estate information

or call any time.

www.swreilly.com

Regards,

Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

www.swreilly.com

licensed in Connecticut

"Housing lift proves fleeting" Westport Fairfield vs National performance from Steve Reilly

 “Housing lift proves fleeting”

 

This was the headline in a Wall Street Journal article on Friday October 21, 2011. The article reported that according to the National Association of Realtors, sales of previously owned homes decreased 3% in September, 2011 vs. August 2011 and increased 11.3% since September 2010. And, nationally there is 8.5 months of inventory

The following shows how this compares to Westport and Fairfield, Connecticut:

Sales of previously owned homes September, 2011 vs. August, 2011

National           -3 %

Westport          -34.8 %

Fairfield            -16.8 %

Sales of previously owned homes September, 2011 vs. September, 2010

National           +11.3 %

Westport          -11.8 %

Fairfield            +4.1 %

Median Selling Price of previously owned homes September, 2011 vs. September, 2010

National           -3.5%

Westport          -32.0 %

Fairfield            +42.9 %

Months of inventory available for sale September, 2011

National           8 1/2

Westport          11

Fairfield            11

Although the media reports performance by monthly comparison, this is not a good way to track performance. There are too many variables that distort the numbers within a month. The Fairfield County Market normally out performs the national market so this performance is unusual. Maybe due to the “Wall Street Effect”.

Source of information WSJ and CMLS.

Steve Reilly

Higgins Group

Best Practice Real Estate

203-246-7372

www.swreilly.com

"Housing lift proves fleeting" Westport Fairfield vs National performance from Steve Reilly

 “Housing lift proves fleeting”

 

This was the headline in a Wall Street Journal article on Friday October 21, 2011. The article reported that according to the National Association of Realtors, sales of previously owned homes decreased 3% in September, 2011 vs. August 2011 and increased 11.3% since September 2010. And, nationally there is 8.5 months of inventory

The following shows how this compares to Westport and Fairfield, Connecticut:

Sales of previously owned homes September, 2011 vs. August, 2011

National           -3 %

Westport          -34.8 %

Fairfield            -16.8 %

Sales of previously owned homes September, 2011 vs. September, 2010

National           +11.3 %

Westport          -11.8 %

Fairfield            +4.1 %

Median Selling Price of previously owned homes September, 2011 vs. September, 2010

National           -3.5%

Westport          -32.0 %

Fairfield            -42.9 %

Months of inventory available for sale September, 2011

National           8 1/2

Westport          11

Fairfield            11

Although the media reports performance by monthly comparison, this is not a good way to track performance. There are too many variables that distort the numbers within a month. The Fairfield County Market normally out performs the national market so this performance is unusual. Maybe due to the “Wall Street Effect”.

Source of information WSJ and CMLS.

Steve Reilly

Higgins Group

Best Practice Real Estate

203-246-7372

www.swreilly.com

Westport and Fairfield Connecticut real estate market perforamnce 3Q 2011 from Steve Reilly

Highlights for Fairfield Include:

Regarding median selling price:

• Trend is down
• Peak was 3Q 2008 $640,000
• Low was 1Q 2009 $463,000
• Last quarter 3Q 2011 was $550,000
• 3Q 2011 was 14% below peak and 19% above lowest quarter

Regarding Properties sold:

• Trend is down
• Low was 1Q 2009 when 80 properties sold
• High was 3Q 2005 when 323 properties sold
• Last quarter 3Q 2011 171 properties sold

Highlights for Westport Include:

Regarding median selling price:

• Trend is down
• Peak was 3Q 2008 $1,435,000
• Low was 2Q 2009 $928,000
• Last quarter 3Q 2011 was $957,000
• 3Q 2011 was 33% below peak and 3% above lowest quarter

Regarding Properties sold:

• Trend is down
• Low was 1Q 2008 when 48 properties sold
• High was 3Q 2005 when 177 properties sold
• Last quarter 3Q 2011 113 properties sold

The source of this analysis is CMLS. We perform this analysis as a tool in establishing a pricing strategy for our listings. If you want to receive a monthly update send an email to swreilly@swreilly.com with “request monthly real estate market update” in the subject and you will receive our monthly newsletter.

Regards, Steve

Steve Reilly, Realtor

Higgins Group

Best Practice Real Estate

203-246-7372

Westport and Fairfield Connecticut real estate market perforamnce 3Q 2011 from Steve Reilly

westport fairfield quarterly sales 3q 2011.xls Download this file

Highlights for Fairfield Include:

Regarding median selling price:

• Trend is down
• Peak was 3Q 2008 $640,000
• Low was 1Q 2009 $463,000
• Last quarter 3Q 2011 was $550,000
• 3Q 2011 was 14% below peak and 19% above lowest quarter

Regarding Properties sold:

• Trend is down
• Low was 1Q 2009 when 80 properties sold
• High was 3Q 2005 when 323 properties sold
• Last quarter 3Q 2011 171 properties sold

Highlights for Westport Include:

Regarding median selling price:

• Trend is down
• Peak was 3Q 2008 $1,435,000
• Low was 2Q 2009 $928,000
• Last quarter 3Q 2011 was $957,000
• 3Q 2011 was 33% below peak and 3% above lowest quarter

Regarding Properties sold:

• Trend is down
• Low was 1Q 2008 when 48 properties sold
• High was 3Q 2005 when 177 properties sold
• Last quarter 3Q 2011 113 properties sold

The source of this analysis is CMLS. We perform this analysis as a tool in establishing a pricing strategy for our listings. If you want to receive a monthly update send an email to swreilly@swreilly.com with “request monthly real estate market update” in the subject and you will receive our monthly newsletter.

Regards, Steve

Steve Reilly, Realtor

Higgins Group

Best Practice Real Estate

203-246-7372

Use a Coupon to Buy a Home?

Daily Real Estate News | Monday, October 17, 2011

-->More real estate professionals are jumping in the coupon-frenzy by luring home buyers with group coupon deals to use in their home purchases. Buyers have to purchase the coupon in order to get the discount.

For example, a buyer may purchase a coupon for $30 and then use the coupon to receive $1,000 cash back at closing when they buy a home, such as in a coupon-deal offered by Prudential Carolina Sun Real Estate in Charleston, S.C. 

Builders and some real estate professionals have started to use the coupons as a way to attract more buyers. For example, Van Metre Homes, a builder in Virginia, used HouseTipper to promote its coupon deal of $5,000 in closing costs. HouseTipper sold about 13 coupons at $50 each, and at least half of the coupon buyers have signed contracts for homes by the builder. 

Some real estate agents are also using Groupon to offer coupon deals. But the new HouseTipper is a collective buying platform directly targeted at the housing and home and garden sectors and works with builders, real estate brokers, lenders, and other housing-related companies. 

Source: “Redeem at Closing; Home-Related Coupons, Web Sites Aimed at Buyers,” Chicago Tribune (Oct. 16, 2011) [Link unavailable.]

Read More

The Groupon of Housing

Consumer Confidence IndexR | The Conference Board from Steve Reilly

The consumer confidence index which is gtracked by the Conference Board
dropped sharply in August and remained unchanged in September.

The index is 45.4 with 1995 100.

This is not good news. People are not likely to spend money when they aren't
confident about the future.

If you want to see the details copy the following link into your browser.

https://www.conference-board.org/data/consumerconfidence.cfm

Regards, Steve

Steve Reilly
Higgins Group
Best Practice Real Estate
203-246-7373
Swreilly@swreilly.com
Www.Swreilly.com

Case Shiller median price of pre homes sold from Steve Reilly

Case Shiller reported this week that the median price of existing homes sold showed an increase in most markets in July for fourth consecutive month.

But, are less than last year.

Top 10 markets were up .9% from last month and down 3.7% from last year

Top 20 markets were up .9% from last month and down 4.1% from last year

Boston market was .8% from last month and down 1.9% from last year

New York market was up 1.1% from last month and down 3.7% from last year

If you want to see the details copy this link into your browser.

http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&a...

Regards, Steve

Steve Reilly

Higgins Group

Best Practice Real Estate

203-246-7373

Swreilly@swreilly.com

Www.Swreilly.com

Westport and surrounding towns real estate market performance through August, 2011 from Steve Reillys

Summary Real Estate Market Performance

Through August, 2011 vs. 2010

 

 

The National Association of Realtors reported this

Week that sales of pre owned homes was up 7.7%

in August, 2011 vs. July. This increase was due to the

large number of repossessions and resulting lower

median selling price.

For Westport, sales were up 5% but not due to

Repossessions and the median selling price was

up 8%.

For surrounding towns, sales were down but median

selling price was up.

For Westport, the trend is mostly positive with both

sales and prices increasing.

For surrounding towns, the trend is not so positive.

Sales are down and prices are up.

Summary Westport Real Estate Market Performance

through August, 2011

 

Median selling price was up 8% in 2011 vs. 2010 and down

20% since the peak in 2008.

Westport Properties sold through August, 2011

Properties sold through June 2011 was up 5% since

same period 2010 and down 16% since peak in 2007.

Westport Average days on market through August, 2011

The Average Days on Market was up 5% in 2011 vs. 2010

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield aand Redding) Real Estate

Market Performance through August, 2011

Median selling Price through August, 2011

Median selling price was up 16% in 2011 vs. 2010 and down

1% since peak in 2007.

Properties sold through August, 2011

Properties sold through June, 2011 was down 11%

since 2010 and down 38% since peak in 2007.

Average days on market through August, 2011

The Average Days on Market was up 8% in 2011 vs.

2010 and up 24% since 2007.

Inventory of Properties for Sale in Westport

The number of houses and condos for sale as of

September 21, 2011 was down 3.4% vs. last month and

down 5.5% since last year.

Inventory of Properties for Sale in

surrounding towns

 

The number of houses and condos for sale as of

September 21, 2011 was down 2% vs. last month and about

The same as last year.

See the following sites for real estate information

or call any time.

www.swreilly.com

Regards,

Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

www.westport-homestore.com

licensed in Connecticut

Wall Street Journal reported on Wed 9/21/2011 Housing forecast call for pain

Subject: Fwd: Wall Street Journal reported on Wed 9/21/2011 Housing forecast call for pain

A summary of the article includes:

Recovery of housing market and recovery of the economy are dependent on each other

Housing market won’t recover any time soon

Prices have fallen 31.6 % since peak in 2005

Prices will recover only a fraction of loss in next 10 years leaving low equity

The large number of repossessions is driving prices down

Lower consumer spending people feel poorer, less moving activity, improvements with cash vs home equity loans, less improvements, 

Government programs for credits and refinancing haven't worked and may have made things worse. For example, It can't help that the justice department is suing banks for selling improperly vetted mortgages to Fannie Mae and Freddie Mac.

No wonder the consumer confidence is so low.

Steve Reilly

Higgins Group

Best Practice Real Estate

203-246-7373

Swreilly@swreilly.com

Www.Swreilly.com

Home Forecast Calls for Pain

Prices to Stumble Through 2015, Economists Say, Weighing Down Recovery

·          

 

BY NICK TIMIRAOS

Economists, builders and mortgage analysts are predicting the weakened U.S. economy will depress housing prices for years, restraining consumer spending, pushing more homeowners into foreclosure and clouding prospects for a sustained recovery.

Home prices are expected to drop 2.5% this year and rise just 1.1% annually through 2015, according to a recent survey of more than 100 economists to be released Wednesday. Prices have already fallen 31.6% from their 2005 peak, as measured by the Standard & Poor's Case-Shiller 20-city index.

If the economists' forecast is accurate, it means housing faces a lost decade in which home prices recover just ...