Steve's Real Estate Blog: 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

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.