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National Association of Realtors Buyer Profile 2011

The real estate industry has access to the National Association of Realtors (NAR) nationwide survey that is distributed each year. Here are some points on the “Characteristics of Home Buyers” and “Characteristics Of The Homes They Purchased” for 2011. Every year, we see a strong “desire to own and home” as homeownership is a goal for many people. And, while first-time buyer numbers are down nationally, the lower end of the market has been fueling the activity in Fairfield County, offsetting the sluggish higher end.

Characteristics of Home Buyers

  • Thirty-seven percent of recent home buyers were first- time buyers, a drop from 50 percent in 2010.
  • The typical buyer was 45-years-old, a jump from 39-years-old in 2010.
  • The 2010 median household income of buyers was $80,900. the median income was $62,400 among first-time buyers and $96,600 among repeat buyers.
  • Sixty-four percent of recent home buyers were married couples—the highest share since 2001.
  • For 27 percent of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.

Characteristics of Homes Purchased

  • New home purchases continue to drag at a share of 16 percent of all recent home purchases.
  • The typical home purchased was 1,900 square feet in size, was built in 1993, and had three bedrooms and two bathrooms.
  • Seventy-seven percent of home buyers purchased a detached single-family home.
  • The quality of the neighborhood, convenience to job, and overall affordability of homes are the top three factors influencing neighborhood choice, however neighborhood choice varies considerably among household compositions.
  • When considering the purchase of a home, heating and cooling costs were at least somewhat important to 87 percent of buyers and commuting costs were considered at least somewhat important by 73 percent of buyers.

 

 

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Westport Prudential CT Realty’s Top Agents For November

Prudential CT Realty’s Westport office congratulates these top two agents for their outstanding performance in November.

Ann Tonucci has been recognized as “Top Selling Agent” in November.

Ann is an experienced real estate agent with an extensive sales background with a fortune 500 company. She managed major accounts, which honed her skills of listening to her clients and being a strong resource for them. She has translated that successful experience into her real estate sales and has continued to exceed her client’s expectations.

“One of the things I love about Ann is her laser focus on her clients”, added Melissa Riley, Manager, “She has patience and compassion for everyone she works with.”Ann has also been committed to her community and does volunteer work with First Church of Fairfield, Cub Scouts and the Sunshine Kids.

Congratulations to Ann for her accomplishments in November and her contributions to our team. She can be reached at anntonucci@prudentialct.om.

Karen Parrella is been highlighted as “Top Listing Agent” in November.

Karen has been involved in real estate since she was 12 years old. As the daughter of an award-winning realtor growing up in Oklahoma, and with a sister (another top producer) also in the business, Karen has been exposed to all aspects of the real estate business. Prior to entering real estate, Karen was President/CEO of her own television production and marketing company and served as the executive producer/creator of several award-winning TV series. She also raised all the production funding and partnered with numerous major publishers.

Karen is deeply involved in the community. She is on the Levitt Pavilion board, an outdoor theater in Westport, is a former board member of the Westport Country Playhouse, and has run The Westport Arts Center’s Auction. She has chaired numerous major events and often serves on committees for all of the Arts’ organizations. Karen is a former professional opera singer & actress. She currently sings with two other women in the group, “3 Chicks Who Sing”.  Recent performances include concerts at The Westport Arts Center, The Levitt Pavilion and a benefit for “The Sunshine Kids”, Prudential’s charity.

Congratulations to Karen Parrella for your accomplishments as the top listing agent for November! She can be reached at kparrella@prudentialct.com

 

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Prudential CT Realty’s Westport Regional Office Welcomes Irmi Streidt

Prudential CT Realty’s Westport Regional Office Welcomes Irmi Streidt

Please welcome Irmi Streidt to our Westport Prudential CT Realty regional office. Irmi has lived in Westport for over 30 years and has been focusing her real estate business in Westport, Weston, Wilton, Norwalk, Fairfield, Southport and Easton. She has been successful working with another company and wanted to utilize all of the tools and services being offered to Prudential CT Realty clients.

“Westport and the surrounding areas have such great amenities and my family enjoys living here,” added Irmi, “Having that area knowledge has helped me in working with my clients”.

She enjoys working with first-time home buyers, downsizing buyers and transitions into condominiums. “Irmi combines her patience and experience in working with her buyers to find them just the right fit”, mentioned Melissa Riley, Manager, “She also works effectively with sellers in pricing their homes correctly.”

Prudential CT Realty in Westport welcomes Irmi Stredt and we look forward to supporting her growth in the company. She can be reached at 272 Post Road East, Westport, Connecticut, at irmistreidt@prudentialct.com or (203)216-1001.

 

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2010 Snapshot Of The Westport, Connecticut Real Estate Market

2010 Snapshot Of The Westport, Connecticut Real Estate Market

Here is a quick snapshot of the real estate statistics for Westport, CT for the full year of 2010:

Units sold were up 38% from 2009, while the average “days on market” was down to a more reasonable 103 days from its peak of 128 last year.  The average list of $1,554,035 was up slightly (<1%) from 2009, while the average sales price was up to $1,448,012 (2% ) from 2009. The average list price and average sales price were skewed by a $20,000,000 (yes, 20 million dollar) sale in 2010. The median list price of $1,199,900 and the median sales price of $1,149,000 reflect downward trending over the past six years. Westport Connecticut real estate is now closest to median price 2004 levels.

So, the market has been more active, moving faster than 2009, however, buyers still have leverage in most price points. This has been resulting in downward pressure on pricing. It’s expected to continue in 2011.

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Westport, CT Real Estate Market-Number of Units Sold Comparison 2001-2010

It has been such as interesting year in Westport, CT real estate. We began 2010 much stronger than in 2009. The increase in the number of units was a reflection of strong showing and selling months in November and December 2009. As I look at the numbers in Westport of units sold, days on market and median prices, it all points to the need for aggressive marketing by sellers. Since price is the number one marketing tool, those sellers that priced “in front of the market” were rewarded with activity and offers. Those who didn’t price to appeal to buyers, languished on the real estate vine. We will finish out 2010 comparable to activity in 2006, certainly not as challenged as 2008 and 2009, which was clearly the beginning of the downturn in Westport, CT. Check back in to look at “days on market” and “median sales prices”. Some interesting trends will be shown, and it’s not all bad news.

    # of Units Sold    
           
Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year Total
2010 54 97 126 54 331
2009 28 62 84 76 250
2008 47 74 97 53 271
2007 65 152 111 79 407
2006 97 108 122 72 399
2005 99 141 166 82 488
2004 79 164 165 93 501
2003 62 112 142 108 424
2002 91 150 167 88 496
2001 77 112 167 85 441

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The Beginning Of The Shift Of Leverage Between Buyers and Sellers in Westport, CT

It’s interesting being on the inside of the real estate market. After 28 years in real estate, I still find it fascinating to look at the day-to-day patterns in an successful real estate office. In 2007, we started to see an increase of listings and mild buyer resistence. Sellers were pushing the upper end of the range for their listings and buyers were showing signs on weariness in overpaying. We starting focusing on making sure our listings were priced in the bottom 25% of the comparables. Since buyers search from the bottom up, it increased the odds of reaching buyers. Buyers began talking about the investment side of the transaction versus the emotional side of buying a home. The word “value” was repeated over and over again by our buyers. All of this resistance contributed to an overall increase in “days on market” or DOM. DOM is a great indicator of the pricing “disagreement” between buyers and sellers, and the gap was widening.
All of this was a new twist for sellers, who for the most part, had the leverage for many years. Many sellers were in shock and some were in denial. They were certain that this “strange” buyer behavior was short-lived, But, buyers had other plans. They began to apply the brakes. The shift was ON.
Check back for more insight on the shift in leverage, and what we call “The Price War and Beauty Contest”. If you were at buyer in 2007-2008, I would love to know what you personally experienced.

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Buying, Selling Or Renting In Fairfield County Connecticut? Contact Us At (203)253-9222

FreshPickedRealEstate.com is known as "Fairfield County CT's Favorite Real Estate Blog". We feature market statistics, community events and interesting happenings in and around lower Fairfield County Connecticut, including Westport, Weston, Wilton, Norwalk, Fairfield and Easton. Look for real estate tips with a focus on "green living" in the area.
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