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Trumbull, Shelton, Stratford, Monroe, Bridgeport Real Estate Blog

Bob and Judy Mori

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The National Real Estate Market Update, Week of June 23, 2014

by Bob and Judy Mori

The National Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.

INFO THAT HITS US WHERE WE LIVE... We who work in the housing market understand this observation from one of the world's most successful individuals. Our intuition tells us the recovery will continue to improve, yet the monthly data occasionally seems to contradict that idea. For example, May Housing Starts came in down 6.5%, to a 1.001 million unit annual rate. This was below consensus expectations, but Housing Starts are still up 9.4% compared to a year ago. Single-family starts are up 4.7% and multifamily starts up 18.2% in the past year.

To see the underlying trend, look at the 12-month moving average. In May, that hit its highest level since October 2008. Even with the May drop in starts, overall home building kept moving forward. The total number of homes under construction (started but not finished) was up 1.4% for May and is up 20.6% over a year ago. New Building Permits were down 6.4% in May to a 991,000 annual rate, but this drop was all due to the multifamily sector, which is volatile month-to-month. Single-family permits were up 3.7%.

Have a great day!
Bob and Judy

Are you thinking of buying a new home or selling your current home? If so, we would like to offer you our free Buyer and/or Seller Guides, 2014 Summer Editions.. In them you will find outstanding information on the buying and selling of a home. Click on the corresponding link to receive your free copy of one or both Guides.

  • "Things to Consider When Buying a Home"
    • Free Buyer's Guide
      • Table of Contents
        • 4 Reasons to Buy Your Home Now!
        • 4 Demands to Make on Your Real Estate Agent
        • Home Prices Over the Last Year
        • Future House Prices: A Look Into the Crystal Ball
        • Where are Mortgage Interest Rates Headed?
        • Gallup Poll: Real Estate Best Long Term Investment
        • Homeownership Still the American Dream
           
  • "Things to Consider When Selling Your House"
    • Free Sellers's Guide
      • Table of Contents
        • 5 Reasons to Sell Now!
        • Everyone Agrees: You Should Use an Agent
        • Future Home Prices: A Look Into the Crystal Ball
        • Where are Mortgage Interest Rates Headed?
        • 5 Reasons to Hire a Real Estate Professional
        • Should I Rent my House if I Can't Sell It?
        • FSBOs Must be Ready to Negotiate

The National Real Estate Market Update, Week of June 16, 2014

by Bob and Judy Mori

The Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.


INFO THAT HITS US WHERE WE LIVE... The path forward in the housing market has had obstacles, but they do seem to be showing up less frequently. The latest National Association of Realtors (NAR) survey reported that realtors expect home prices to keep appreciating over the next year, with the median price up 4%. The NAR's director of regional economics and housing policy said: "A moderate increase in inventory will help to steady prices to a historically stable growth path." He noted the median price for existing homes was 31.7% lower than for new homes in March, suggesting they're "a bargain by historical standards."

Fannie Mae's May 2014 National Housing Survey came in with the news that consumers are increasingly upbeat about housing. The share of respondents who say it's a good time to sell grew to 43%, the highest level recorded since the survey began in 2010. The share of those who say it's a good time to buy dipped slightly but is still at 68%. Evidence of that sentiment came when the Mortgage Bankers Association reported that the seasonally adjusted purchase applications index for the week ending June 6 was up 9% from the week before. People could be noticing rates are near six-month lows.

Have a great day!
Bob and Judy

The National Real Estate Market Update, Week of June 9, 2014

by Bob and Judy Mori

The Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.


INFO THAT HITS US WHERE WE LIVE... There were several items of good news in the real estate market last week starting with a Census Bureau report on construction. Despite all the yack about winter weather slowing things down, it turns out construction spending during the first four months of the year was 8.9% above the same period in 2013. The $274.5 billion worth of activity was good news indeed. This level of spending appears to be growing, as the ADP Employment Report showed the construction industry adding 14,000 jobs in May.

Other good news included the research data that demand for purchase mortgages in the last three months gained a cumulative 9%. On the pricing front, a national listing site said prices are beginning to stabilize. Their chief economist explained: "...home price changes are looking more balanced, sustainable and widespread than at any point since the price recovery began." With home prices still rising, but in a more controlled fashion, there are now more than 43 million homes with equity. This should encourage more people to put their properties on the market, improving the inventory situation.

Have a great day!
Bob and Judy

The Trumbull, Bridgeport, Monroe, Shelton Stratford Housing Markets
1st Quarter 2014

Year-over-Year Quarterly Changes

Real estate is local.  It always has been and it always will be.  Too often when we read articles about the housing market, there is no mention that the information therein is national in scope.  Hence it is highly unlikely that it pertains to your local market.  For example, Core Logic recently reported that nationwide home prices were up 10.5% Year-over-Year in April.  As you will see below, this number is not reflective in our markets, except for Residential Homes, Condominiums and Multi-Family Homes in Bridgeport.  This was the result of heavy investor activity in the City.

Our primary local markets are Trumbull and the surrounding towns of Bridgeport, Monroe, Shelton and Stratford.  The information below covers just these towns.  We have chosen to report on a quarterly basis rather than monthly simply because we have more data to work with and therefore, in our opinion, the results are more meaningful.  Also, as to the Multi-Family market, only Bridgeport has such a market of any relevance.

If you would like a report such as the one below for a CT town not shown, please let us know and we will be happy to email it to you.

  Median Sale Price   No. of Units Sold
  1st Qtr 1st Qtr Change   1st Qtr 1st Qtr Change
  2013 2014     2013 2014  
 
  Residential Homes
Bridgeport $115,000 $127,500 10.9%   105 112 6.7%
Monroe $309,000 $319,000 3.2%   39 27 -30.8%
Shelton $296,000 $280,000 -5.4%   58 35 -39.7%
Stratford $209,500 $202,000 -3.6%   86 90 4.7%
Trumbull $327,500 $339,000 3.5%   62 55 -11.3%
 
  Condominiums
Bridgeport $55,000 $82,500 13.6%   48 69 43.8%
Monroe $186,000 $170,000 13.6%   48 69 43.3%
Shelton $300,000 $219,000 -27.0%   33 20 -39.4%
Stratford $148,999 $149,500 0.3%   27 42 55.6%
Trumbull $296,000 $113,000 -4.0%   6 5 -16.7%
 
  Multi-Family Homes
Bridgeport $94,000 $113,000 20.2%   69 73 5.8%

Data Source: GFC CMLS


Bob and Judy Mori
TeamMoriRealEstate.com
RE/MAX Right Choice
Trumbull, CT 06611
203 913-1108
www.teammori@teammori.com
www.TeamMoriRealEstate.com
Licensed in CT


 

The National Real Estate Market Update, Week of June 2, 2014

by Bob and Judy Mori

~~The Real Estate Market Update – Week of June 2, 2014
The Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.

INFO THAT HITS US WHERE WE LIVE... We were all very happy to see that Pending Home Sales grew for the second month in a row, up 0.4% in April. This National Association of Realtors (NAR) measure of contracts signed on existing homes indicates continued growth for these sales when contracts go to closing a couple of months out. The NAR's chief economist sees a gradual gain in sales: "Higher inventory levels are giving buyers more choices, and a slight decline in mortgage interest rates this spring is raising prospective home buyers' confidence. An uptrend in closed sales is expected."

The NAR further projected that annual existing home sales should come in slightly below the almost 5.1 million closings we had in 2013, but then should hit nearly 5.3 million next year. The national median price for existing homes is expected to increase 5% to 6% this year and 4% to 5% in 2015. The S&P/Case-Shiller 20-City Composite Home Price Index continued rising in March, but at a slower 0.9% pace. However, the index is up 12.6% versus a year ago, and 19 of the 20 cities reported monthly gains. Most observers feel a moderation in price gains is healthy for the housing market.

Have a great day!
Bob and Judy

The National Real Estate Market Update, Week of May 26, 2014

by Bob and Judy Mori

The Real Estate Market Update – Week of May 26, 2014
The Real Estate Market Update is presented courtesy of Lisa Nicholas, Michelle Connor, Sherry Sawyer and Jamie Mason, Mortgage Consultants, Prime Lending, Shelton, CT.  Please remember that real estate is local, and the Update below is national in scope.  It might not accurately reflect the housing market where you live or are thinking of moving to.


INFO THAT HITS US WHERE WE LIVE... In the housing market, we all keep trying and we certainly are succeeding, as Existing Home Sales were up 1.3% in April to a 4.65 million annual rate. This was the first sales increase in four months and the second monthly gain in the last year. Best of all, inventories shot up by 330,000 units, which was the third largest monthly increase on record since 1999. Many housing observers blamed the recent slower sales pace on a lack of inventory, so this jump up is very good news, pointing to a pickup in May and June sales.

Even better, New Home Sales shot up 6.4% in April, to a 433,000 annual rate. This brought a sigh of relief to everyone after last month's numbers. Unfortunately, we still haven't gotten the bounce we need off those sluggish winter sales. But compared to a year ago, the median price fell 1.3% and the average price dropped 5.0%, indicating builders recognize buyers' price sensitivity and want to preserve affordability in today's marketplace. The months' supply of new homes dipped to 5.3 in April, below the 5.7 average of the last 20 years.

Have a great day!
Bob and Judy

Should I Buy a Home Now?

by Bob and Judy Mori

We are often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall down the road, while others are convinced that home prices will go up.

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have fluctuated, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, a one point rise in interest rates could cost tens of thousands of dollars over the life of your mortgage!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates while they are still available.

Please give us a call if we can be of any assistance in determining how much home you can afford in today's market.

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