Recent National News
WSJ and NY Times reported on January 26, 2011 Housing prices declined in November, 2010 by 1.6% vs. last year showing that the housing market has not joined the national economic recovery. Price declines are attributed to repossessions and people hesitant to but due to high unemployment.
Case Shiller reported for top 20 markets that prices were down ½% since last month, down 1.6% since last year, 30% since peak in June of 2006 and up 3.3% from low point in April 2009.
Case Shiller reported for the NY market that prices were down 1/10th of a percent since last month (less decline than top 20 Markets), down 1.2% from last year, down 21% from peak in June 2006 and down ½% from bottom in April 2009.
Summary Westport and surrounding towns’ real estate market performance through December, 2010
For Westport, median selling prices are down slightly -2.5% for YTD, slightly more than top 20 markets and number of properties sold is increasing. The median selling price in December, 2010 increased significantly to $1,215.000.
For surrounding towns, median selling prices are up and sales are up.
For Westport and surrounding towns, the inventory of properties for sale is lower and average days on market is lower. This is good news.
Westport Median Selling Price through December, 2010
The median selling price for 2010 YTD thorough December was down 2.5% 2010 vs. 2009 ($1,015,000 vs. $1,040,000). This is down 19.5% from peak in 2008.
Westport Properties sold through December, 2010
The number of properties sold 2010 YTD thorough December
was up 39% vs. 2009 (379 vs. 273).
Westport Average days on market through December, 2010
The average days on market was down 20% vs. 2009 (106 vs. 131).
Westport and surrounding towns Median Selling price (Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield, Redding and Bridgeport)
The median selling price for 2010 YTD thorough December was up 10% from the same as same period in 2009 ($410,000 vs. $370,000).
Westport and surrounding towns Property Sales (Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield, Redding and Bridgeport)
The number of properties sold for 2010 YTD thorough December was up 15% from same period in 2009 (3672 vs. 3181).
Westport and surrounding towns average days on market (Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield, Redding and Bridgeport)
The average days on market was down 2% in 2010 YTD through December from same period in 2009 (105 vs. 107).
Inventory of Properties for Sale in Westport and surrounding towns
In Westport, the number of houses and condos for sale as of January 24, 2011 was 266 or -7.4% vs. last month and -10% since last year. There are 9 months on inventory on the market vs. 13 months of inventory for same period last year.
For Westport and surrounding towns, the number of house and condos for sale as of January 24, 2011 was 2811 or -9% since last month and
-4.7% since same month last year. There are 11 months on inventory on the market vs.13 months of inventory for same period last year.
See the following sites for real estate information or call any time.
www.swreilly.com
www.westport-homestore.com
Regards,
