Marilyn Katz - ABR, e-PRO - WestportCTProperties.com

As we begin the new year, the crystal balls have come out and there have been a wide range of predictions for how the housing market will perform in 2012. I have read that this year we will see a minor recovery, that pent up demand will drive a major recovery, that prices will fall through the first half of the year but pick up, starting in June, that prices won't begin to rebound until 2013, and so on. You get the picture.

While overall forecasts may be useful in determining the state of the economic recovery, they are not really relevant for the home buyer or seller. The numbers that should be important to them are the statistics for their local market.

According to NAR, 2007 existing home sales posted the largest drop in 25 years, while in Westport, this segment showed a 6% gain. The precipitous drop did not hit Westport until 2008, when a third fewer single-family homes (existing and new construction) sold, compared with the previous year. By 2009, only half as many homes sold, than in 2004. The downtrend was not as steep for prices. Median sale price peaked in 2007, at $1,400,000 and only showed a 4% decline, the following year. By 2009, however, median sale price fell to $1,188,500, below 2005 levels.

The trend line for unit and dollar sales began to diverge in 2010. That year, the number of Westport single-family homes sold surged 40% vs. 2009, although remaining considerably below the highs posted in the first half of the decade. 2011 sales were relatively flat, with only a 2% decline. At the same time, median sale price continued to trend down.

The median sale price for a single-family home was $1,085,625, in 2011, roughly equal to the median selling price in 2004. At this point, there is no evidence that prices are rebounding, any time soon.

This data is compiled from the Consolidated Multiple Listing Service and may not always be accurate. No warranty is made as to the accuracy of this information. You should verify any information that is important to your buying.

Copyright © 2011 Marilyn Katz, All Rights Reserved, Active Rain - Westport CT Market Report- Single-Family Home Sale Trends

One method for assessing the activity of the housing market is by calculating the absorption rate. The rate is determined by dividing the current number of active listings by the average number of homes selling each month. The resulting figure shows the number of months it would take to sell the existing inventory of active listings. A normal or balanced market would have a five to six month supply of homes. A seller's market, reflecting a limited number of homes for sale, would have a one to four month supply. A supply time of seven months or more would indicate a buyer's market.

Supply Time Market Description
1 to 4 months Seller's Market
5 to 6 months Normal Market
7 months or more Buyer's Market

Using the preceding twelve months as a determinant for calculating average monthly sales, the current absorption rate for Westport single-family homes is 8.8 months. According to the above chart, this would indicate that Westport is currently in a Buyer's Market. However, as the case with most averages and generalizations, they rarely tell the whole story.

Analyzing the data by price point gives a clearer picture of market activity. The overall absorption rate for homes listed at $1 million or less is 4.6 months. While a few price ranges in this segment have supply times above a normal market, there is generally limited inventory, creating a seller's market at the lower end. At the same time, there is an abundance of inventory for homes in the higher price points. There is a two and a half year supply of homes selling at $2.5 million or more. The absorption rate for listings priced $4 million or more is thirty-nine (39) months, or over three years.

This data is compiled from the Consolidated Multiple Listing Service and may not always be accurate. No warranty is made as to the accuracy of this information. You should verify any information that is important to your buying.

Copyright © 2011 Marilyn Katz, All Rights Reserved, Active Rain - Westport, Ct Market Report - A buyer's market....or not!

The Westport housing market ended on a ho-hum note. On an annual basis, single-family home sales were off two percent (2%) compared with 2010. While unit sales remained comfortably ahead of 2008 and 2009, they were well off the highs posted in the previous decade.

Prices continued to soften. The median sold price of a single-family home, for 2011, was $1,085,625. This represented a five percent (5%) decline from the 2010 median sold price of $1,145,000. The bulk of the sales were for homes selling between one and two million dollars. This segment represented forty percent (40%) of total units sold, for both years. However, the shape of the market changed at the extreme ends. Only half as many homes sold for $4 million or more, in 2011, compared with a year ago (7 vs. 14.) At the same time, two and a half times as many homes sold under $400,000, this year.

Despite devastating snowstorms that brought activity to a halt, previously negotiated transactions managed to close during the first quarter of 2011 and units sales of single-family homes remained flat compared with 1Q10. Pent up demand took hold during the second quarter of the year. Units sold surged thirty-two percent (32%) vs the comparable period, a year ago. The second half of the year was a disappointment. Seventeen percent (17%) fewer homes sold during the third quarter, while fourth quarter totals fell twenty-two percent (22%.) As a percentage of total single-family homes sold, the fourth quarter of 2011 posted the smallest contribution to annual sales since 2005.

Single-Family Home Sales - 2011 Statistics

Unit sold - 344
Average Sold Price - $1,338,229
Median Sold Price - $1,085,625
Highest Sold Price - $6,300,000
Lowest Sold Price - $215,000
Average Days on Market - 105

This data is compiled from the Consolidated Multiple Listing Service and may not always be accurate. No warranty is made as to the accuracy of this information. You should verify any information that is important to your buying.

Copyright © 2011 Marilyn Katz, All Rights Reserved, Active Rain - Westport, CT - 2011 Housing Market Report

It's not nice to fool blame Mother Nature

Last week, a rare, late October snowstorm blanketed much of the northeast. Connecticut was among the hardest hit states. At the peak, over 800,000 Connecticut customers were without power. Many Westporters (myself included) dodged the bullet, as the town suffered a relatively small, 22% outage, far less than most of the surrounding communites. Those who lost power, however, were without it for most of the week and earlier today, there were still over 100 Westport homes where power had not yet been restored. The storm wreaked havoc, affecting public transportation, causing school closings, and messing up sports scheduling. But, my beef was with Mother Nature disrupting Halloween and I decided to write a post about it.

I had just gotten past the part where I accused Mother Nature of acting like the grinch witch that stole
Halloween, when the lights went out!

I couldn't believe it, no visible trees or lines down, but a visit with my neighbors confirmed that my street was, indeed, without power.

It's not nice to fool blame Mother Nature!

Needless to say, my unfinished post disappeared, along with the lights. The current power outage map now shows 266 Westport customers without power. According to a power company recording, our power won't be restored until Sunday, at 11 P.M. I'm hoping that's a canned message that people have been hearing, all week and by some miracle, my lights will reappear, shortly. In the meantime, with the generator noise rumbling in my ear, I'll try to finish this Halloween tale.

Westport - November Trick-or-Treat

The storm dumped a heavy, wet snow which weighed down tree branches that had not yet shed their leaves. The result was lots of large tree limbs and wires down, throughout town. Although most Westport residents still had power, for safety sake, town officials joined with the towns of Weston, Wilton and Norwalk in urging Halloween revelers to postpone their trick-or-treating until Saturday.

In an effort to make up for the disappointment of postponing Halloween, Westport first responders have invited Westport trick-or-treaters, in costume, to stop by the Westport Police department (50 Jesup Road) between 4 and 6 P.M, Saturday. Members of the Police Department, Fire Department, Emergency Medical Service and Police Athletic League will hand out Halloween treats. Prizes will be awarded for the best costumes.

Trick-or-Treating at the Police Station - Now that's what I call a Scary Halloween!

Copyright © 2011 Marilyn Katz, All Rights Reserved, Active Rain - Westport - November Trick-or-Treat

Adding to the charm of Westport. CT are the stately trees that line our roads and grace our yards.  Along with the beauty of wooded properties, however, comes the potential disruption and danger caused by falling trees.  The most common occurrences happen during major storms, when fallen limbs routinely cause power outages.  Three times, early this summer, trees fell on motorists on the Merritt Parkway, in Stamford, Westport and Fairfield, in one instance resulting in a fatality.

Of course, trees can also fall on fair weather days, especially if they are diseased or damaged.  So, we were less than thrilled to notice a tall tree, in our front  yard, leaning at a precipitous angle.  On further inspection, we found that the trunk of the tree was split open.

On the one hand, we hoped that mother nature would take care of it, during the next storm, with the surrounding trees cradling it and breaking its fall. but, there were too many ifs in that scenario.  So, it was time to call in the tree service. 

  The first step was a ride, up in the bucket, to trim the extra branches.
  

    With a clear path, the tree was taken down.

That was followed by more

    trimming and chipping

    stump grinding

    and cleanup

 Now we just have to plant some new grass! 

Copyright © 2011 Marilyn Katz, All Rights Reserved, Active Rain - Westport, CT - Caution, Falling Trees