Westport real estate market performance through February, 2011 from Steve Reillys

Summary Westport real estate market performance through February, 2011

 

The median selling price was up 21% in 2011 reversing the trend since 2008, the number of units sold was up 4% since last year and the average days on market was down 15%.

The number of houses and condos for sale as of March 17, 2011 was 319 or +13% vs. last month and -9% since last year. The Spring Market Begins. There are 9 months on inventory on the market vs. 11 months of inventory for same period last year.

Westport Median Selling Price through February, 2011

Median selling price was up 21% in 2011 vs. 2010 and down 10% since peak in 2008

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Westport Properties sold through February, 2011

Properties sold for 6 months through February 2011 was up 4% since same period 2010

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Westport Average days on market through January, 2011

The average days on market was down 15% in 2011 vs. same period 2010

Inventory of Properties for Sale in Westport

The number of houses and condos for sale as of March 17, 2011 was 319 or +13% vs. last month and -9% since last year. There are 9 months on inventory on the market vs. 11 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,

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

Existing-Home Sales Up Again in January

Daily Real Estate News  |   February 23, 2011  |   Share

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Existing-Home Sales Up Again in January
The uptrend in existing-home sales continues, with January sales rising for the third consecutive month with a pace that is now above levels a year ago, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 2.7 percent to a seasonally adjusted annual rate of 5.36 million in January from a downwardly revised 5.22 million in December, and are 5.3 percent above the 5.09 million level in January 2010. This is the first time in seven months that sales activity was higher than a year earlier.

Lawrence Yun, NAR chief economist, said the improvement is good but could be better. “The uptrend in home sales is consistent with improvements in the economy and jobs, which are helping boost consumer confidence,” Yun said. “The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”

A parallel NAR practitioner survey shows first-time buyers purchased 29 percent of homes in January, down from 33 percent in December and 40 percent in January 2010 when an extended tax credit was in place.
Investors accounted for 23 percent of purchases in January, up from 20 percent in December and 17 percent in January 2010; the balance of sales were to repeat buyers. All-cash sales rose to 32 percent in January from 29 percent in December and 26 percent in January 2010.

“Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand. With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes,” Yun said.

All-cash purchases are at the highest level since NAR started measuring these purchases monthly in October 2008, when they accounted for 15 percent of the market. The average of all-cash deals was 20 percent in 2009, rising to 28 percent last year.

The national median existing-home price for all housing types was $158,800 in January, down 3.7 percent from January 2010. Distressed homes edged up to a 37 percent market share in January from 36 percent in December; it was 38 percent in January 2010.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the median price is being dampened by unusual market factors. “Unprecedented levels of all-cash purchases, primarily of distressed homes sold at deep discounts, undoubtedly pulls the median price downward,” Phipps said. “Given the levels of inventory we see today, we believe that traditional homes in good condition have held their value.”

Total housing inventory at the end of January fell 5.1 percent to 3.38 million existing homes available for sale, which represents a 7.6-month supply at the current sales pace, down from an 8.2-month supply in December. The inventory supply is at the lowest level since December 2009 when there was a 7.3-month supply.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.76 percent in January from 4.71 percent in December; the rate was 5.03 percent in January 2010.
Single-family home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.69 million in January from 4.58 million in December, and are 4.9 percent higher than the 4.47 million level in January 2010. The median existing single-family home price was $159,400 in January, down 2.7 percent from a year ago.

Existing condominium and co-op sales increased 4.7 percent to a seasonally adjusted annual rate of 670,000 in January from 640,000 in December, and are 7.9 percent above the 621,000-unit pace one year ago. The median existing condo price was $154,900 in January, which is 10.2 percent below January 2010.

Regional Sales
Northeast: Regionally, existing-home sales in the Northeast fell 4.6 percent to an annual pace of 830,000 in January from a spike in December and are 1.2 percent below January 2010. The median price in the Northeast was $236,500, which is 4.0 percent below a year ago.

Midwest :"Existing-home sales in the Midwest rose 1.8 percent in January to a level of 1.14 million and are 3.6 percent above a year ago. The median price in the Midwest was $126,300, which is 3.2 percent below January 2010.

South: In the South, existing-home sales increased 3.6 percent to an annual pace of 2.02 million in January and are 8.0 percent higher than January 2010. The median price in the South was $136,600, down 2.1 percent from a year ago.

West: Existing-home sales in the West rose 7.9 percent to an annual level of 1.37 million in January and are 7.0 percent above January 2010. The median price in the West was $193,200, down 5.7 percent from a year ago.

— NAR

Stephen Reilly

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

swreilly@swreilly.com

www.westport-home store.com

www.swreilly.blogspot.com

Licensed in Connecticut

Reuters.com - Consumer confidence at 3-year high

Steve Reilly

Higgins Group

Best Practice Real Estate

203-246-7373

Swreilly@swreilly.com

Www.Westport-homestore.com

Begin forwarded message:

From: "Reuters_News@reuters.com" <Reuters_News@reuters.com>
Date: March 2, 2011 7:17:57 AM EST
To: "Swreilly@swreilly.com" <Swreilly@swreilly.com>
Subject: Reuters.com - Consumer confidence at 3-year high

Steve reilly (Swreilly@optonline.net) has sent you this article. Personal Message: Consumer confidence hits 3year high Consumer confidence at 3-year high Tue Feb 22 19:27:15 UTC 2011 By Leah Schnurr NEW YORK (Reuters) - American consumers are more confident than at any time in the last three years thanks to better prospects for the economy and jobs, even as separate data on Tuesday showed house prices were still falling. The Conference Board, an industry group, said its index of consumer attitudes rose to 70.4 in February from a revised 64.8 in January. Consumer confidence remains low by historical terms, but economists said they saw underlying strength in the numbers. Anthony Chan, chief economist at J.P. Morgan Private Wealth Management, said improvements in views of the labor market bode well for consumer spending growth. "It offers some encouraging words on the sustainability of consumer spending," said Chan. Consumer confidence was at its highest level since February 2008 and better than a forecast of 65 by economists. The expectations index, which accounts for what consumers expect to see in six months, rose to its highest level since December 2006 at 95.1 from 87.3. The present situation index advanced to 33.4 from 31.1. Consumers' assessment of the labor market improved modestly, though the overall view of employment conditions was mixed. U.S. stocks briefly cut losses after the data, but resumed sliding as financial markets were focused mostly on a revolt in oil producer Libya. Oil prices rose to a 2-1/2-year high, highlighting a potential headwind for consumers if commodity prices continue to rise. The Conference Board report showed consumers' expectations for inflation in the coming 12 months were at their highest since June 2009, rising to 5.6 percent from 5.5 percent the month before. Economists also noted a change in the survey's data provider that prompted revisions back to November 2010. Separately, the Standard & Poor's/Case Shiller composite index of home prices in 20 metropolitan areas declined 0.4 percent in December from November on a seasonally adjusted basis. Prices for single-family homes fell for the sixth month in a row, bringing them closer to a trough in 2009 that marked the low point after the U.S. housing bubble burst. Economist Robert Shiller, who helped devise the index, warned that house prices could fall another 25 percent. "My intuition rates the probability of another 15, 20, even 25 percent real home price decline as substantial. That's not a forecast, but it's a substantial risk," Shiller told reporters on a conference call. High unemployment and the anemic housing market remain the biggest challenges to sustainable economic recovery. Even so, economists also noted the rate of decline in home prices has eased in the last two months, and in an upbeat sign, Home Depot Inc lifted its outlook as homeowners took up long-delayed maintenance and repair projects. Unadjusted for seasonal impact, home prices fell 1 percent for the month, leaving them just 2.3 percent above their April 2009 troughs, S&P said. While the composite held above its 2009 low, 11 cities hit their lowest levels since home prices peaked in 2006 and 2007, the report showed. Analysts said the weakness in home prices since the expiration of government stimulus last summer was waning, though the large amount of foreclosures entering the market will continue to pressure prices. (Additional reporting by Corbett Daly in Washington; Editing by Padraic Cassidy) This service is not intended to encourage spam. The details provided by your colleague have been used for the sole purpose of facilitating this email communication and have not been retained by Thomson Reuters. Your personal details have not been added to any database or mailing list. If you would like to receive news articles delivered to your email address, please subscribe at www.reuters.com/newsmails © Copyright Thomson Reuters 2011 All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world. Quotes and other data are provided for your personal information only, and are not intended for trading purposes. Thomson Reuters and its data providers shall not be liable for any errors or delays in the quotes or other data, or for any actions taken in reliance thereon.

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

Recent National News

Case Shiller (Standard and Poor’s Company) reported on Feb 22^nd for top 20 markets that prices were down 3.9% in 4Q and down 31% since peak in June, 2006.

http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en...

New York and Boston Markets were down about the same as the National Market.

National Association of Realtors reported on Feb 23 rd  that existing home sales were up in January, 2011 for the third consecutive month.

http://www.realtor.org/press_room/news_releases/2011/02/january_above

Summary Westport and surrounding towns’ real estate market performance through January, 2011

 

For Westport, median selling price was down sharply in 2011 (close to 2009 level) and number of properties sold is increasing (up 27%).

For Westport and surrounding towns, the median selling price was up 11% vs. last year and property sales were down 5%.    

For Westport and surrounding towns, the inventory of properties for sale is up and the average days on market are up. This is not good news.

Westport Median Selling Price through January, 2011

Median selling price was down 44% 2011 vs. 2010 and down 43% since peak in 2007

.

Westport Properties sold through January, 2011

The number of properties sold up 27% YTD in 2011 vs. 2010

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Westport Average days on market through January, 2011

The average days on market was the same in 2011 as 2010.

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

The median selling price for 2011 YTD thorough January was up 11% from the same as same period in 2010.  

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

The number of properties sold for 2011 YTD thorough January was down 5% from same period in 2010.  

Westport and surrounding towns average days on market (Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield, Redding and Bridgeport)

The average days on market were up 25% in 2011 YTD vs. 2010.

Inventory of Properties for Sale in Westport and surrounding towns

In Westport, the number of houses and condos for sale as of February 25, 2011 was 282 or + 6% vs. last month and -19% since last year. There are 9 months on inventory on the market vs. 11 months of inventory for same period last year.

For Westport and surrounding towns, the number of house and condos for sale as of February 25, 2011 was 2863 or 2% more than last month and -20% since last year. There are 9 months on inventory on the market vs.11 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,

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