Westport and surrounding towns real estate market performance through October, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance through October, 2012

Median Selling price jumps around but the long term trend is up.

For 2012, YTD Median Selling price has jumped around

but the term is flat.

The number of properties sold jumps around but the long term trend is down.

The number of properties sold peaked during spring and

Summer, as normal, with trend up.

Average Days on Market trend since 2009 is up.

Summary Surrounding Towns (Norwalk, Wilton, Weston, Fairfiled, Easton, Ridgefield and Redding) Real Estate Market Performance through October, 2012

The Median selling trend is flat.

The trend in properties sold is down.

The Average Days on Market long term trend is up but flat since 2008.

Inventory of Properties for Sale in Westport

The long term trend is up.

Inventory of Properties for Sale in surrounding towns

The long term trend is up but flat since 2009.

See the following site for real estate information or call any time.

www.swreilly.com See the following link for more sales information including specific sales by town.

http://www.higginsgroup.com/market-news/

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

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Westport and surrounding towns real estate market performance through October, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance through October, 2012

Median Selling price jumps around but the long term trend is up.

For 2012, YTD Median Selling price has jumped around

but the term is flat.

The number of properties sold jumps around but the long term trend is down.

The number of properties sold peaked during spring and

Summer, as normal, with trend up.

Average Days on Market trend since 2009 is up.

Summary Surrounding Towns (Norwalk, Wilton, Weston, Fairfiled, Easton, Ridgefield and Redding) Real Estate Market Performance through October, 2012

The Median selling trend is flat.

The trend in properties sold is down.

The Average Days on Market long term trend is up but flat since 2008.

Inventory of Properties for Sale in Westport

The long term trend is up.

Inventory of Properties for Sale in surrounding towns

The long term trend is up but flat since 2009.

See the following site for real estate information or call any time.

www.swreilly.com See the following link for more sales information including specific sales by town.

http://www.higginsgroup.com/market-news/

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

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Westport and surrounding towns real estate market performance through October, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance through October, 2012

Median Selling price jumps around but the long term trend is up.

For 2012, YTD Median Selling price has jumped around

but the term is flat.

The number of properties sold jumps around but the long term trend is down.

The number of properties sold peaked during spring and

Summer, as normal, with trend up.

Average Days on Market trend since 2009 is up.

Summary Surrounding Towns (Norwalk, Wilton, Weston, Fairfiled, Easton, Ridgefield and Redding) Real Estate Market Performance through October, 2012

The Median selling trend is flat.

The trend in properties sold is down.

The Average Days on Market long term trend is up but flat since 2008.

Inventory of Properties for Sale in Westport

The long term trend is up.

Inventory of Properties for Sale in surrounding towns

The long term trend is up but flat since 2009.

See the following site for real estate information or call any time.

www.swreilly.com See the following link for more sales information including specific sales by town.

http://www.higginsgroup.com/market-news/

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

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Westport and surrounding towns real estate market performance through September,2012 from Steve Reilly

Summary Westport Real Estate Market Performance through September, 2012

Median Selling price jumps around but the long term trend is up.

The number of properties sold jumps around but the long term trend is down.

Average Days on Market trend since 2009 is down.

Summary Surrounding Towns (Norwalk, Wilton, Weston, Fairfiled, Easton, Ridgefield and Redding) Real Estate Market Performance through September, 2012

The Median selling trend is flat.

The trend in properties sold is down.

The Average Days on Market long term trend is up but down sine 2009.

Inventory of Properties for Sale in Westport

The long term trend is up but flat since 2008.

Inventory of Properties for Sale in surrounding towns

The long term trend is up but flat since 2009.

See the following site for real estate information or call any time.

www.swreilly.com See the following link for more sales information including specific sales by town.

http://www.higginsgroup.com/market-news/

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

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Low inventories frustrate buyers is not true in Westport and surrounding towns from Steve Reilly

IT WAS REPORTED IN Daily Real Estate News
that buyers are frustrated by Low Inventories -
This is not true in Westport and surrounding towns.

Westport had 15 months of inventory Sept, 2012.
It was as low as 7 months of inventory during the
Summer. This is plenty of homes for buyers to
choose from.

Surrounding towns had 15 months of inventory
Sept, 2012. It was as low as 8 months of inventory
during the summer. This is plenty of homes for
buyers to choose from.

Daily Real Estate News | Tuesday, October 02, 2012 Low inventories of homes for-sale are becoming troubling to home buyers, Inman News reports. Almost every major market in the U.S. has posted double-digit decreases in for-sale listings. "The buyers tend to become a little frustrated as they are seeing homes that they want to 'think about' and before they can even get home to discuss it there are already multiple offers on the property," Sheri Moritz, a real estate broker with Keller Williams' Wake Home Team in Raleigh, N.C., told Inman News. In Raleigh, inventories have fallen 21 percent in the past year, according to Realtor.com data. "I counsel buyers to be patient, and not get discouraged, that it may take extra time to find the suitable property," adds Tom Avent, broker-owner at Tom Avent Real Estate in Fresno, Calif., which has posted a 43.1 percent drop in inventories in the past year. "I have also seen some buyers give up looking, frustrated with low inventory and losing out in multiple-offer bidding."

Multiple bid situations are a common occurrence in many markets. But surveys show that home buyers lose their enthusiasm when faced with competition for a property, according to a recent survey by Redfin. Seven in 10 of home buyers surveyed reported that they've faced competition on at least one of their offers recently, but 31 percent say they would back off when faced with a multiple offer situation for a home, according to the Redfin survey. Charles Roberts, a director at the Denver Board of REALTORS(r) and co-owner of Your Castle Real Estate, says that "urgency" is the new landscape greeting home buyers. "Gone are the days of looking at 50 homes and taking months to make a decision," Roberts told Inman News. "If there's a good property on the market, buyers need to act quickly, and yes, sometimes bid above asking price. The educated, thoughtful clients are getting great deals with astoundingly low interest rates. The clients that are still insisting on putting offers at 80 cents on the dollar are getting shut out of the market. They either learn that that strategy doesn't work anymore or they keep on renting. Our job as real estate agents is to teach them what the market looks like and guide them in their decision-making."

Source: "Low Inventories Thwarting Buyers
,"
Inman News (Oct. 1, 2012)

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Westport Real Estate Market vs case Shiller July, 2012 from Steve Reilly

How did Westport Real Estate Market perform in July, 2012 compared to the
closely watched Case Shiller Metrics?

July 2012 vs last month

July 2012 vs last year

Case Shiller NY

+1.22%

-2.56%

Case Shiller Boston

+1.81%

+.94%

Westport -.32.8%

-1.4%

Surrounding towns

+2.1%

-3.1%

VS last month: Once again the monthly tracking proves to be unreliable.
Westport market was considerably less than last month for both NY and Boston
markets due to a poor month which more than recovered in August, 2012.

Surrounding towns performed marginally better than both NY and Boston
Markets VS Last Year: Westport market performed better than NY market and worse than
Boston Market.

Surrounding towns compared better than NY market and worse than Boston
market.

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Home Prices Increase Again in July 2012

Home Prices Increase Again in July 2012

According to the S&P/Case-Shiller Home Price Indices

New York, September 25, 2012 - Data through July 2012, released today by S&P
Dow Jones Indices for its

S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home
prices, showed average home prices

increased by 1.5% for the 10-City Composite and by 1.6% for the 20-City
Composite in July versus June 2012.

For the third consecutive month, all 20 cities and both Composites recorded
positive monthly changes. It would

have been a fourth had prices not fallen by 0.6% in Detroit back in April.

The 10- and 20-City Composites posted annual returns of +0.6% and +1.2% in
July 2012, up from their

unchanged and +0.6% annual rates posted for June 2012. Fifteen of the 20
MSAs and both Composites posted

better annual returns in July as compared to June 2012. Dallas and
Washington D.C. saw no change in their

annual rates; and Cleveland, Detroit and New York saw their rates worsen in
July, with respective returns of

+0.4%, +6.2% and -2.6%. After nine consecutive months of double digit annual
declines, Atlanta finally

improved to a -9.9% annual rate in July 2012, but still the worst among the
20 cities followed by S&P Dow

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Home Prices up 2Q 2012 according to S&P Case Shiller released 8/28/2012

New York, August 28, 2012 - Data through June 2012, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed that all three headline composites ended the second quarter of 2012 with positive annual growth rates for the first time since the summer of 2010. The national composite was up 1.2% in the second quarter of 2012 versus the second quarter of 2011, and was up 6.9% versus the first quarter of 2012.
The 10- and 20-City Composites posted respective annual returns of +0.1% and +0.5% in June 2012. Month-over-month, average home prices in the 10-City

Composite were up 2.2% and in the 20-City Composite were up 2.3% versus May. For the second consecutive month, all 20 cities and both Composites recorded positive monthly gains. Eighteen of the 20 MSAs and both

Composites posted better annual returns in June as compared to May 2012 - only Charlotte and Dallas saw a deceleration in their annual rates.

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The Romney Plan for Economic Recovery - The Wall Street Journal.

I thought you would be interested in the following story from The Wall Street Journal.

The Romney Plan for Economic Recovery

http://online.wsj.com/article/SB30000872396390443687504577562842656362660.html

The Wall Street Journal for iPad provides a new way to experience the Journal’s award winning coverage, blending the best of print and online. Special features include:

• "Now" Issue featuring updated coverage throughout the day, with top article picks from Journal editors
• Market Data including quote search and customizable Watchlist
• Videos and slideshows published with free articles

Click or tap the link below to download The Wall Street Journal from the Apple iTunes App Store.

http://www.wsj.com/ipad

Steve Reilly, Realtor

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, Ct 06880

203-246-7372

Sent from my iPad

Westport and surrounding towns real estate market performance through June, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance through June, 2012

Median Selling price 2012 YTD was $1,151,000 up 7% since last year and down 12% since the peak in 2007. The trend is up.

Properties sold through June 2012 YTD was 184 down 6% since last year. The trend is flat.

Average Days on Market 2012 YTD was 151 up 9% since last year. The trend is up slightly.

Summary Surrounding Towns (Norwalk, Wilton, Weston, Fairfiled, Easton, Ridgefield and Redding) Real Estate Market Performance through June, 2012

Median selling price was $462,000 YTD in 2012 down 9%

since last year. The trend is flat.

Properties sold through June 2012 was 1059 up 3% since 2011. The trend is flat.

The Average Days on Market was 205 YTD up 5% since last year. The trend is up.

Inventory of Properties for Sale in Westport

The number of properties as of July 15, 2012 was 359 which is 7 months of inventory the same as last year.

The trend is flat.

Inventory of Properties for Sale in surrounding towns

The number of houses and condos for sale as of July 15, 2012 was 1932 which represents 8 months of inventory. This

Is down since last month and down since last year. The trend Is flat.

See the following site for real estate information or call any time.

www.swreilly.com See the following link for more sales information including specific sales by town.

http://www.higginsgroup.com/market-news/

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

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Westport and surrounding towns real estate market performance through May, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance

through May, 2012

 

Median Selling price 2012 YTD was $1,103,000 up 2.95%

since last year and down 35% since the peak in 2007.

The trend is up.

Properties sold through May 2012 YTD was 125 down

9% since last year. The trend is down since 2011.

Average Days on Market 2012 YTD was 122 up

8% since last year.  The trend is flat.

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield and Redding) Real Estate

Market Performance through May, 2012

Median selling price was $433,000 YTD in 2012 down 8%

since last year and down 35% since peak in 2005. The

trend is down.  

In towns surrounding Westport, properties sold through

May 2012  was 747 up 2% since 2011. The trend is flat.

The Average Days on Market was 132 YTD up 2% since

last year. The trend is up.

 Inventory of Properties for Sale in Westport

The months of inventory on the market for sale

was 11 in May, 2012. The recent trend is up recently.

.Inventory of Properties for Sale in

surrounding towns

 

The months of inventory available for sale in

May was 10. The recent trend is down.

See the following site for real estate information

or call any time.

www.swreilly.com

See the following link for more sales information

including specific sales by town.

http://www.higginsgroup.com/market-news/

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 surrounding towns real estate market performance through May, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance through May, 2012

Median Selling price 2012 YTD was $1,103,000 up 2.95% since last year and down 35% since the peak in 2007. The trend is up.

Properties sold through May 2012 YTD was 125 down 9% since last year. The trend is down since 2011.

Average Days on Market 2012 YTD was 122 up 8% since last year. The trend is flat.

Summary Surrounding Towns (Norwalk, Wilton, Weston, Fairfiled, Easton, Ridgefield and Redding) Real Estate Market Performance through May, 2012

Median selling price was $433,000 YTD in 2012 down 8%

since last year and down 35% since peak in 2005. The trend is down.

In towns surrounding Westport, properties sold through May 2012 was 747 up 2% since 2011. The trend is flat.

The Average Days on Market was 132 YTD up 2% since last year. The trend is up.

Inventory of Properties for Sale in Westport

The months of inventory on the market for sale was 11 in May, 2012. The recent trend is up recently.

.Inventory of Properties for Sale in surrounding towns

The months of inventory available for sale in May was 10. The recent trend is down.

See the following site for real estate information or call any time.

www.swreilly.com See the following link for more sales information including specific sales by town.

http://www.higginsgroup.com/market-news/

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

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At Wed Jun 20 15:29:06 2012 the scanner said:
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Westport and surrounding towns real estate market performance through April, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance

through April, 2012

 

Median Selling price 2012 YTD was $1,130,000 up 6%

since last year and down 11% since the peak in 2008.

The trend is up.

Properties sold through April 2012 YTD was 87 down

4% since last year. The trend is flat.

Average Days on Market 2012 YTD was 113 down

10% since last year.  The trend is flat.

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield and Redding) Real Estate

Market Performance through April, 2012

Median selling price was $433,000 YTD in 2012 down 12%

since last year and down 25% since peak in 2006. The

trend is flat.  

Properties sold through April 2012  was 519, down 6%

since 2011 and down 9% since peak in 2004. The trend

is flat to down.

The Average Days on Market was 138 YTD up 2% since

last year. The trend is up.

 

Inventory of Properties for Sale in Westport

The number of properties as of May 31, 2012

was 394 which is 13 months of inventory up 6%

since last month and up 10% since last year.

The trend is up slightly.

.

Inventory of Properties for Sale in

surrounding towns

 

The number of houses and condos for sale as of

May 31, 2012 was 2746 which down since last

Month and up 6% since last year. This represents

11 -25 (by town) months of inventory The trend is up.

See the following site for real estate information

or call any time.

www.swreilly.com

See the following link for more sales information

including specific sales by town.

http://www.higginsgroup.com/market-news/

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 surrounding towns are out performing real estate market performance as reported by Case Shiller from Steve Reilly.

Westport and surrounding towns are out performing real estate market performance as reported by Case Shiller.

For Westport, median selling price in March, 2012 was up 31% since last month, up 57% since last year and down 11% since peak.

For surrounding towns, median selling price in March, 2012 was up 10% since last month, down 1% since last year and down 29% since peak

For top 10 markets, median selling price in March, 2012 was down .09% since last month, down 2.85% since last year and down 35% since peak

For top 20 markets, median selling price in March, 2012 was down .03% since last month, down 2.57% since last year and down 35% since peak

Regards,

Steve Reilly, Realtor

Higgins Group

Best Practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

Update on Real Estate Market from Steve Reilly

Data through March 2012, released today by S&P Indices for

its S&P/Case-Shiller Home Price Indices, the leading measure

of U.S. home prices, showed that all three headline composites

ended the first quarter of 2012 at new post-crisis lows.

In the top 10 markets prices were down .09% since last month.

down 2.85% since last month and down 35% since peak.

In the top 20 markets prices were down .03% since last month,

down 2.57% since last year and down 35% since peak.

In the New York Markets prices were down .85% since last month.

down 2.75% since last year and down 27% since peak.

In the Boston Market prices were down .21% since last month.

down .96% since last month and down 20% since peak.

Steve Reilly, Realtor

Higgins Group

Best practice Real Estate

278 Post Road East

Westport, CT 06880

203-246-7372

Westport and surrounding towns real estate market performance through March, 2012 from Steve Reilly

Summary Westport Real Estate Market Performance

through March, 2012

 

Median Selling price 2012 YTD was $1,130,000 up 12%

since last year and down 13% since the peak in 2008.

The trend is up.

Properties sold through March 2012 YTD was 66 up 14%

since last year. The trend is up.

Average Days on Market 2012 YTD was 129 up 8% since

last year.  The trend is up.

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield and Redding) Real Estate

Market Performance through March, 2012

Median selling price was $415,000 YTD in 2012 down 12%

since last year and down 28% since peak in 2006. The

trend is flat.  

Properties sold through March 2012  was 360,

down 7% since 2011 and down 46% since peak

in 2005. The trend is flat to down.

The Average Days on Market was 146 YTD up 5% since

last year. The trend is up.

 

Inventory of Properties for Sale in Westport

The number of properties as of April 25, 2012

was 372 which is 12 months of inventory up 4%

since last month and up 4% since last year. The trend is flat.

.

Inventory of Properties for Sale in

surrounding towns

 

The number of houses and condos for sale as of March 25,

2012 was 2596 which down since last month and up since

last year. The trend is flat.

See the following site for real estate information

or call any time.

www.swreilly.com

See the following link for more sales information including specific

sales by town.

http://www.higginsgroup.com/market-news/

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 real estate Market is out performing what was reported by Case Shiller

case shiller feb 2012.xls Download this file

Case Shiller reported on April 24, 2012 that selling prices continue to fall in top markets. Since 2011 prices decreased 3.6% and 3.5% for the 10- and 20-City Composites. .

But, my analysis shows that this is not true for Westport.

For Westport, Prices were up 12% since last year.

Attached is thr detail.

Regards, Steve

Steve Reilly

Realtor

Higgins Group

Best Practice Real Estate

203-246-7372

www.swreilly.com

swreilly@swreilly.com

Westport and surrounding towns real estate market performance from Steve Reilly

Case Shiller reported on 3/27/201 that prices of previously owned homes 1) dropped in January, 2012 in top 10 and top 20 markets 2) prices were at lowest level since late 2002 3) in January the rate of reduction was less than in December and, 3) prices in the Boston and New York market dropped as they did in the national markets. I watch the Boston and New York markets since they normally represent how the Fairfield County Market is performing.

The Westport and surrounding towns performance is more erratic when comparing month to month performance. I don’t pay much attention to month to mothe numbers because there are so many things that can effect a month but prefer to look at trends. The long term trend for selling prices in Westport is up and the long term trend in surrounding towns is down as shown below.

You can see the detail for Case Shiller below:

Case Shiller
Market		Jan/Dec	Dec/Nov	1 year	lowest level
		%	%	%
Top 10		-0.8	-1.2	-3.9	late 2003
Top 20		-0.8	-1.1	-3.8	late 2003
Boston		-0.4	-1.2	-2.8	Oct-02
New York		-0.8	-1.4	-2.9	Nov-03
Steve Reilly Analysis
Westport		40.5	-28.2	1.0	2003
surrounding towns		3.1	5.0	-8.5	2002

The Case Shiller details are at the following link.

http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldocumentfile&blobtable=SPComSecureDocument&blobheadervalue2=inline%3B+filename%3Ddownload.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1245331072494&blobheadervalue3=abinary%3B+charset%3DUTF-8&blobnocache=true

Regards,

Steve Reilly, Realtor

Higgins Group

Best Practice Real Estate

203-246-7372 phone

swreilly@swreilly.com

swreilly.com

See the full gallery on Posterous

Westport and surrounding towns real estate market performance through February, 2012 from Steve Reilly

Summary Real Estate Market Performance

Through February, 2012 vs. 2011

 

National Association of Realtors

NAR reported that for US market in Feb, 2012 sales

of previously owned homes was up 8.8% vs

Feb, 2011 and median selling price was down .3%.

Northeast sales were up 5.5% and median

selling price was down 2.0%.

And, nationally there was 6.4 months of inventory.

They are trying to convince us that although prices

haven't stabilized that sales are starting to pick up.

Local Market as tracked by me through Feb, 2012

For Westport, sales in units were up 26%, median

selling price was down 19% and days on market

was down 7%.

For towns surrounding Westport, sales were down

14%, median selling price was down 12% and days

on market was up 22%.

For trends in the local market see the following charts:

Summary Westport Real Estate Market Performance

through February, 2012

 

Median Selling price 2012 YTD was $953,000 down 19%

Since last year and down 27% since the peak in 2006

Properties sold through February 2012 YTD 44 was up 26%

Since last year and down 30% since peak in 2006.

Average Days on Market 2012 YTD was 122 down since

last year. .

Summary Surrounding Towns (Norwalk, Wilton, Weston,

Fairfiled, Easton, Ridgefield and Redding) Real Estate

Market Performance through February, 2012

Median selling price was $415,000 YTD in 2012 down 12%

Since last year and down 27% since peak in 2006.

Properties sold through February 2012  was 211

down 14% since 2011 and down 27% since peak

in 2006.

The Average Days on Market was 153 YTD through

February, up 22% since last year.

Inventory of Properties for Sale in Westport

The number of properties as of March 25,

2012 was 353 which is 11 months of inventory up from

9 months in January. This represents about the

same number of properties for sale as last year.

Inventory of Properties for Sale in

surrounding towns

 

The number of houses and condos for sale as of

March 25, 2012 was 2135 which represents

More inventory since January, 2012.

See the following site for real estate information

or call any time.

www.swreilly.com

See the following link for more sales information including specific

sales by town.

http://www.higginsgroup.com/market-news/

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