Westport and surrounding towns vs national market performance as reported by Wall Street Journal

Wall Street Journal reported April 16, 2014 that the spring market is off to a slow start

http://online.wsj.com/news/articles/SB10001424052702303887804579503662947889776?mg=reno64-wsj

Home sales declined in 1Q 2014 vs 2013

This was attributed to rising prices, low inventory and an increase in mortgage rates, 20% since last year. Interesting they didn't mention weather that was definitely a factor.

For Westport 1Q sales were down 12% from 2013, median selling price of homes sold in 2014 was less than 2013 and there is no shortage of inventory.

For Towns around Westport 1Q 2014 was down 5% from 2013, median selling price was up marginally and there is no shortage of inventory.

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 Trends through March, 2014 from Steve Reilly

Westport and surrounding towns Real Estate Market Trends

through March, 2014 from Steve Reilly

Reminder we focus on trends not monthly swings

Westport Median Selling Price - The Median Selling Price trend had been increased 2011 to 2013 but 2014 was less than last 2013.

Westport Property Sales – The trend had been Increasing since 2009 but 2014 was less than 2013.

Average days on Market – The trend for how long it takes to sell a house has been improving since 2012.

Months of Inventory - The trend has been improving since 2009 with 2014 about the same as 2013.

At 10 months, there is plenty of inventory.

Towns surrounding Westport include (Easton, Fairfield, Norwalk, Redding, Ridgefield, Weston and Wilton)

Median Selling Price – The median selling price has been improving since 2012.

Properties Sold - The trend has been relatively flat since 2010.

Average Days on Market – The trend of how long it takes to sell a house has been improving since 2011.

Months of Inventory – has been declining since 2009 except for 2014.

This is good news for sellers and bad news for buyers. There is still

plenty of inventory.

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

How Local Real Estate Market compares to National Market as reported by the National Association of Realtors from Steve Reilly

On February 22, 2014 the National Association of Realtors reported that January, 2014 property sales hit an 18 month low.They attributed the low sales to a lack of inventory, higher prices and higher mortgage rates. They said that inventory of properties available for sale was 4.9 months and that prices had risen 10.7% since last year. Interesting that they didn’t mention the weather as a factor. I wonder if they live on the moon.

For Westport, sales for January 2014 was 21 lowest in last 18 months, Median sales price was down since 2013 not up and there is plenty of inventory.

For towns around Westport,  January sales were 146, down from last 18 month average but not as low as January 2013, median sales price was up 12% since January 2013, about the same as last 12 months and there is plenty of inventory.

Regards, Steve

Steve Reilly, Realtor

Higgins Group

278 Post Rd, East

Westport, CT 06880

203-246-7372