Westport Connecticut and, surrounding towns real estate market is performing much better than National and Northeast Averages as reported by the national Association of Realtors
The Wall Street Journal Heading July 23, 2010 was “Home Sales dip as Unsold Inventory Persists”. National Association of Realtors reported last week that sales of existing homes in June declined 5.1% in June from May nationally, up 7.9% in northeast but up 9.8% since last year. And, the inventory of unsold homes rose 2.5% in June which is not good indicator for the future price of homes. Generally when there is more inventory prices decline.
This market performance is not true in Westport nd surrounding towns. Nationally sales declined and for both Westport and surrounding towns sales increased.
And, nationally inventory of properties for sale increased nationally and decreased in both Westport and surrounding times.
Regarding sales, for Westport, sale of existing homes increased 80% in June from May and 72% since last year. For Westport and surrounding towns, the sale of existing homes increased 72% since May and 47% since last year.
Regarding inventory, for Westport the number of properties for sale in June decreased 5% since May. And for surrounding towns properties for sale decreased 13%
Stephen Reilly
Higgins Group
Best Practice Real Estate
203-246-7372
Swreilly@swreilly.com
Sunday, July 25, 2010
Tuesday, July 13, 2010
Real Estate Market Information© for Westport and surrounding towns (Through June, 2010 as of July 12, 2010)
Westport
Median Selling Price: The median selling price for 2010 YTD thorough June was the same as same period in 2009 ($940,000)
Properties sold: The number of properties sold for 2010 YTD thorough June was up significantly from same period in 2009 (115 vs 65 for 75% increase).
Average days on Market: The average days on market was down slightly in 2010 YTD (110 vs 126).
Westport and surrounding towns ( Westport , Wilton , Weston, Norwalk , Fairfield , Easton , Ridgefield , Redding and Bridgeport )
Median Selling Price: The median selling price for 2010 YTD thorough June was up 5% from the same as same period in 2009 ($395,000 vs. $347,000)
Properties sold: The number of properties sold for 2010 YTD thorough June was up significantly from same period in 2009 (1826 vs 1244 for 54% increase).
Average days on Market: The average days on market was same in 2010 YTD (106 vs 106).
You can see trends at this link http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_june_2010.htm
And, detail by town at this link: http://www.swreilly.com/marketinformation/SF_and_CN_by_town_through_june_2010.htm
Inventory of Properties for Sale in Westport and surrounding towns
The number of properites for sale sale had been increasing since November, 2009 but it took a sharp reduction in 2010.
You can see detail by town and tredn at the following linls:
Inventory of properties for sale http://www.swreilly.com/marketinformation/inventory_SF_and_CN_by_town_through_july12_2010.htm
Trend http://www.swreilly.com/marketinformation/inventory_trend_july12_2009.htm
The accuracy of this information relies on the source which is CMLS.
Stephen Reilly
Higgins Group
Best practice Real Estate
203-246-7372
swreilly@swreilly.com
Median Selling Price: The median selling price for 2010 YTD thorough June was the same as same period in 2009 ($940,000)
Properties sold: The number of properties sold for 2010 YTD thorough June was up significantly from same period in 2009 (115 vs 65 for 75% increase).
Average days on Market: The average days on market was down slightly in 2010 YTD (110 vs 126).
Westport and surrounding towns ( Westport , Wilton , Weston, Norwalk , Fairfield , Easton , Ridgefield , Redding and Bridgeport )
Median Selling Price: The median selling price for 2010 YTD thorough June was up 5% from the same as same period in 2009 ($395,000 vs. $347,000)
Properties sold: The number of properties sold for 2010 YTD thorough June was up significantly from same period in 2009 (1826 vs 1244 for 54% increase).
Average days on Market: The average days on market was same in 2010 YTD (106 vs 106).
You can see trends at this link http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_june_2010.htm
And, detail by town at this link: http://www.swreilly.com/marketinformation/SF_and_CN_by_town_through_june_2010.htm
Inventory of Properties for Sale in Westport and surrounding towns
The number of properites for sale sale had been increasing since November, 2009 but it took a sharp reduction in 2010.
You can see detail by town and tredn at the following linls:
Inventory of properties for sale http://www.swreilly.com/marketinformation/inventory_SF_and_CN_by_town_through_july12_2010.htm
Trend http://www.swreilly.com/marketinformation/inventory_trend_july12_2009.htm
The accuracy of this information relies on the source which is CMLS.
Stephen Reilly
Higgins Group
Best practice Real Estate
203-246-7372
swreilly@swreilly.com
Friday, July 9, 2010
NY Times article "Biggest defaulters on Mortgages are the Rich" - What's up in Westport, Connecticut
The NY Times Article Premise on Friday July 9th is that the rich are more likely to default than people with less lavish homes. This prompted me to look at what's up in Westport, Connecticut.
Realty Trac which follows properties in defaut through foreclosure reported that in Westport, 25 houses are in default, 2 are going to auction and 17 are bank owned. This is less than 10% of the 569 houses active for sale in Westport but a factor in the market.
Call or email if you would like to know more.
Stephen Reilly
Best Practice Real Estate
Higgins Group
203-246-7372
swreilly@swreilly.com
Realty Trac which follows properties in defaut through foreclosure reported that in Westport, 25 houses are in default, 2 are going to auction and 17 are bank owned. This is less than 10% of the 569 houses active for sale in Westport but a factor in the market.
Call or email if you would like to know more.
Stephen Reilly
Best Practice Real Estate
Higgins Group
203-246-7372
swreilly@swreilly.com
Wednesday, June 30, 2010
Westport Fairfield County real estate market performance
Jun 30, 2010 Real Estate Market update
Consumer confidence down (29 Jun. 2010)
The Conference Board Consumer Confidence Index® which had been on the rise for three consecutive months, declined sharply in June. The Index now stands at 52.9 (1985=100), down from 62.7 in May. The Present Situation Index decreased to 25.5 from 29.8. The Expectations Index declined to 71.2 from 84.6 last month.
Case Shiller housing price survey
April, 2010 survey showed nationally that prices were up in April, 2010 (144.56) vs. last year (139.26) and vs. last month (143,35). This increase was probably due to the tax incentive offered by the federal government which expired at the end of April, 2010.
However, the New York market did not fare so well. April, 2010 (168.95) was down vs. last year (170.69) and last month (169.38).
New Home sales plunged in May, 2010 by -32.79% vs. April, 2010.
Fannie Mae and Freddie Mac issued a ruling that home owners who intentionally defaulted on a mortgage since the house was worth less than what was owed will not be eligible for a federally backed loan for 7 years.
Macromarkets, LLC survey of economists reported that 56% expected home prices to continue to decline in 2010.
Mortgage rates continue to be extremely low. I saw a quote this week for 4.625% for 20 year fixed rate mortgage.
Westport Connecticut and surrounding towns sales in units is up and median selling prices is flat in Westport and up slightly in surrounding towns
You can see performance at the following link:
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_may_2010.htm
Consumer confidence down (29 Jun. 2010)
The Conference Board Consumer Confidence Index® which had been on the rise for three consecutive months, declined sharply in June. The Index now stands at 52.9 (1985=100), down from 62.7 in May. The Present Situation Index decreased to 25.5 from 29.8. The Expectations Index declined to 71.2 from 84.6 last month.
Case Shiller housing price survey
April, 2010 survey showed nationally that prices were up in April, 2010 (144.56) vs. last year (139.26) and vs. last month (143,35). This increase was probably due to the tax incentive offered by the federal government which expired at the end of April, 2010.
However, the New York market did not fare so well. April, 2010 (168.95) was down vs. last year (170.69) and last month (169.38).
New Home sales plunged in May, 2010 by -32.79% vs. April, 2010.
Fannie Mae and Freddie Mac issued a ruling that home owners who intentionally defaulted on a mortgage since the house was worth less than what was owed will not be eligible for a federally backed loan for 7 years.
Macromarkets, LLC survey of economists reported that 56% expected home prices to continue to decline in 2010.
Mortgage rates continue to be extremely low. I saw a quote this week for 4.625% for 20 year fixed rate mortgage.
Westport Connecticut and surrounding towns sales in units is up and median selling prices is flat in Westport and up slightly in surrounding towns
You can see performance at the following link:
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_may_2010.htm
Monday, June 14, 2010
Westport and surrounding towns real estate market trends
TRENDS OF UNITS SOLD, MEDIAN SELLING PRICE AND AVERAGE DAYS ON MARKET , through May, 2010 YTD
For Local Market including Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield and Redding the market is performing better than what Case Shiller reports.
The number of properties sales peaked in 2005, hit bottom in 2009 and has started to improve in 2010. Sales in units were up significantly in 2010 YTD vs 2009.
The median selling price of properties sold peaked in 2006, hit bottom in 2009 and is improving in 2010. The median price of properties sold in 2010 YTD through May was up 5% in surrounding towns and flat in Westport.
The average days on market was best in 2005, worst in 2009 and is improving in 2010.
Trends for all towns in lower fairfield County around Westport and Fairfield at the following link.
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_april_2010.htm
Regards, Steve Reilly
Realtor
Higgins Group
203-246-7372
swreilly@swreilly.com
For Local Market including Westport, Wilton, Weston, Norwalk, Fairfield, Easton, Ridgefield and Redding the market is performing better than what Case Shiller reports.
The number of properties sales peaked in 2005, hit bottom in 2009 and has started to improve in 2010. Sales in units were up significantly in 2010 YTD vs 2009.
The median selling price of properties sold peaked in 2006, hit bottom in 2009 and is improving in 2010. The median price of properties sold in 2010 YTD through May was up 5% in surrounding towns and flat in Westport.
The average days on market was best in 2005, worst in 2009 and is improving in 2010.
Trends for all towns in lower fairfield County around Westport and Fairfield at the following link.
http://www.swreilly.com/marketinformation/selected_towns_sales_trend_through_april_2010.htm
Regards, Steve Reilly
Realtor
Higgins Group
203-246-7372
swreilly@swreilly.com
Thursday, June 10, 2010
Repossession Activity by town - Westport Connecticut and surrounding towns
Repossession Activity by town
Repossession activity is driving down the price of houses. After a home has been repossessed the owner and the bank have taken large losses on the property and when it comes back on the market the price is typically way under market.
The following chart shows repossession acitivty by town as of June 9, 2010.
http://www.swreilly.com/marketinformation/repos%20per%20town%20january%2031%202010.htm
The Wall Street Journal Reported on Monday 10/12/09 that "Foreclosures Grow in Housing Market Top Tiers" and this trend continues.
Repossession by town chart shows that most towns in upper Fairfield County that we track had an increase in the number of repossessions.
Trends for Condos in Norwalk, Wilton, Westport, Weston and Fairfield through May, 2010 - All good news
Trends for Condos in Norwalk, Wilton, Westport, Weston and Fairfield through May, 2010 - All good news
Units Sold, Median Selling Price and Average days on market at this link
http://www.swreilly.com/marketinformation/selected_towns_condo_trend_through_may_2010.htm
All good news about Condo sales in Westport and neighboring towns, Unit sales is improving in 2010, median selling price is improving in 2010 and avergae days on market continues to increase but almost flat in 2010.
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