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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