If you are confused about what’s going on in the Real Estate Market from reading the national news, read the Steve Reilly Best Practice Real Estate Higgins Group BLOG.
The reports in the national news are misleading for three reasons:
1. The used different information sources
2. They are reading National and regional markets not town specific.
3. They report on monthly stub periods that are influenced by many things that happen in a month that blur the trend.
So, if you want to know what’s going on in Westport and surrounding towns I encourage you to read The Steve Reilly Best Practice Real Estate Blog at swreilly.com which:
1. Uses CMLS as the source.
2. Reports performance in Westport and surrounding towns only.
3. Reports performance over time to show trend.
To see how you can become confused by following the information published in the newspaper consider that within 7 days in late June the national media reported a combination of good and bad news. On June 22 it was reported that “home sales slide 3.8%” and prices were down 3.8% BAD NEWS, on June 29 it was reported that pending sales were up in May GOOD NEWS and on June 28 it was reported that April saw a boost in home prices GOOD NEWS.
June 22 Home Re sales Slide 3.8%
National Association of Realtors reported that sales were down 3.8% and prices were down 4.8%.
WSJ http://online.wsj.com/article/SB10001424052702304070104576399481575600692.html?mod=WSJ_RealEstate_LeftTopNews
Case Shiller http://www.standardandpoors.com/indices/sp-case-shiller-home-price-indices/en/us/?indexId=spusa-cashpidff--p-us----
June 29 Pending Home Sales Up 8.2% in May
The National Association of Realtors reported that pending home sales were up in May.
June 28 April seasonal boost in home prices
Case Shiller reported that prices in top 10 and top 20 markets was up in April for first time in 8 months.
The Steve Reilly Best Practice Real Estate Blog shows Westport and surrounding towns:
Westport Real Estate Market Performance
Through May, 2011
The median selling price was up 18% in 2011, the number
of units sold was up 23% since last year and the average
days on market was up 2%.
The number of houses and condos for sale as of June 20 was
416 or +16% vs. last month and -3% since last year.
Westport Median Selling Price through May, 2011
Median selling price was up 18% in 2011 vs. 2010 and down
13% since peak in 2008
.
Westport Properties sold through May, 2011
Properties sold through May 2011 was up 23% since
same period 2010
Westport Average days on market through May, 2011
The average days on market was up 2% in 2011 vs.
same period 2010
Summary Surrounding Towns (Norwalk, Wilton, Weston,
Fairfiled, Easton, Ridgefield aand Redding) Real Estate
Market Performance through May, 2011
Median selling Price through May, 2011
Median selling price was up 2% in 2011 vs. 2010 and down
12% since peak in 2007
Properties sold through May, 2011
Properties sold for 6 months through February 2011
was down 8% since same period 2010
Average days on market through May, 2011
The average days on market was up 15% in 2011 vs.
same period 2010
Inventory of Properties for Sale in Westport and surrounding towns
The number of houses and condos for sale as of June 20, 2011 was
3824 or +9% vs. last month and -19% since last year.
See the following sites for real estate information or call any time.
Regards,
Stephen Reilly
Higgins Group
Best Practice Real Estate
278 Post Road East
Westport, CT 06880
203-246-7372
licensed in Connecticut
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