Steve's Real Estate Blog: Westport and surrounding towns' real estate market performance through November, 2010 from Steve Reilly

Recent National News

WSJ December 14, 2010 Economists are worried that the housing sector may be heading into another downdraft as mortgage lenders continue to tighten already restrictive lending standards.

WSJ December 10, 2010 Home-mortgage rates have surged to their highest level in six months, yanked higher by the recent sudden rise in Treasury yields, making refinancing less attractive and potentially hurting the Fed's efforts to maintain low rates.

Summary Westport and surrounding towns’ real estate market performance through November, 2010

For Westport and surrounding towns, the inventory of properties for sale is slightly lower and days on market is lower. This is good news.

For Westport, median selling prices are down slightly and number of properties sold is increasing.

For surrounding towns, median selling prices are up and sales are up.

Westport Median Selling Price through November, 2010

The median selling price for 2010 YTD thorough November was down 5% 2010 vs. 2009 ($1,000,000 vs. $1,050,000). This is down 21% from peak in 2008.

Westport Properties sold through November, 2010

The number of properties sold 2010 YTD thorough October

was up 42% vs. 2009 (353 vs. 248).

Westport Average days on market through November, 2010

The average days on market was down 17% vs. 2009 (106 vs. 128).

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 October was up 12% from the same as same period in 2009 ($415,000 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 October was up 17% from same period in 2009 (3362 vs. 2889).

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 3% in 2010 YTD through November from same period in 2009 (104 vs. 107).

Inventory of Properties for Sale in Westport and surrounding towns

In Westport, the number of houses and condos for sale in November was 288 or -11% vs. last month and -5% 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 in October was 3088 or -7% since last month and -1% since same month last year. There are 11 months on inventory on the market vs.13 months of inventory for same period last year.