New Canaan Connecticut Real Estate

This year’s fall season has seen the traditional influx of new homes to the market in the month of September. With a short window of opportunity before the holiday season sellers scrambled to list their homes in hopes of capturing those buyers who are taking advantage of low interest rates and greater inventory. Prices have stabilized and with banks continuing to offer low rates now is the time to get on board. My prediction is there will be an active market after the first of the year..not the market we saw during  2004-2006, but a healthy exchange in the number of transactions. All indications point this direction from the number of people attending public open houses to the increase in the number of showings on listed homes.  Buyers are amassing information on specific homes and the market in general in preparation of moving forward after the first of the year.

August house sales show an encouraging up tick with the sale of 37 single family homes. Buyers continue to take advantage of the sizeable inventory and choice. For the second month in a row the majority of  homes were purchased under $2. million with 14 homes selling in the price range of $1-2 million and 12 homes selling below $1. million. 7 properties had sales prices between $2-3 million and the high end continues to poke along with only 1 sale at $4 million. Sales prices were on average 13% below original list price and 9% below final adjusted list price.

Since the end of August 6 homes closed and 7 properties have signed contracts. Typically September brings new inventory onto the fall market and 23 new homes have just been listed.

We all love data and easy to read charts so I have included one that compares the monthly sales from January 2007 to the present. All information was gathered from the New Canaan Multiple Listing which is a reliable source. There have been a handful of private transactions over the years and are not included in the stats.  What is interesting and encouraging is the spike in the August  2009 transactions, a typically slower month than June and July. Expect to see it slow down next month and continue the trend through the winter months.

The lines on this chart  show the relationship between how many homes are put on the market, how many are getting offers and how many are actually closing. At the beginning of the year New Canaan had 338 single family residences listed for sale and as of July 31st, there are 261. There is still more listing activity than there are sales, but notice how the lines are starting to converge. The trend is beginning to change. The strongest sales segment has occurred in homes within the price range of $1- $2 million: 37 homes have closed to date. This is followed by 16 closings of houses that sold for under $1 million. The higher price range has been the slowest with a total of 7 homes selling for $3 million and up.

It is still a buyers market, especially in the higher priced homes, but the selection of  that perfect home under $2 million is beginning to shrink.

17 single family homes and  5 condominiums sold during the month of June.

Address                      Original Price    List Price    Selling Price      Sale/Listing%
603 Smith Ridge Road    $7,495,000.      $6,995,000.   $5,625,000.           80%
85 Thurton Drive             $3,395,000.      $2,750,000.    $2,750,000.         100%
503 Silvermine Road       $2,695,000.      $2,695,000.   $2,600,000.           96%
71 Oak Street                $2,635,000.      $2,395,000.   $2,210,000.           92%
198 Middle Ridge Rd      $2,595,000.      $2,595,000.   $2,335,000.           90%
139 Hoyt Farm Rd          $2,495,000.     $2,495,000.    $1,900,000.           76%
35 Green Meadow          $2,249,000.      $2,249,000.    $2,150,000.           96%
23 Church Street            $1,995,000.       $1,995,000.    $1,850,000.          93%
29 Douglas Road            $1,795,000.       $1,595,000.    $1,450,000.          91%
51 Mariomi                     $1,395,000.       $1,395,000.    $1,360,000.          97%
181 Woodridge Circle      $1,395,000.       $1,395,000.    $1,360,000.          97%
15 Snowberry Lane         $1,399,000.       $1,299,000.    $1,225,000.          94%
4 Birchwood Avenue        $1,299,000.       $1,299,000.    $1,220,000.          94%
140 Bayberry Road         $1,195,000.       $1,195,000.     $1,125,000.          94%
46 Oak Grove Place        $1,095,000.       $1,095,000.    $1,025,000.           94%
155 Jelliff Mill Rd             $1,059,000.       $1,059,000.    $1,025,000.           97%
121 Journey’s End           $1,049,000.       $ 995,000.       $ 935,000.           94%
Condominiums:
36 Mead Street               $1,095,000.        $ 995,000.       $ 875,000.           88%
109 Forest Street #6        $ 739,000.          $ 695,000.       $ 650,000.           94%
246 Park Street               $ 635,000.          $ 635,000.      $589,000.             93%
24 St. John’s Place         $ 445,000.          $ 375,000.      $375,000.            100%
83 Locust Avenue            $ 390,000.         $ 300,000.      $ 290,000.             97%

Houses Currently on the Market     291

Condominiums Currently on the Market   78

10 Contracts Pending:

Condominums

109    Forest Street  Unit #6    $695,000.

312   Elm Street  Unit # 21       $1,600,000.

Residential

121     Journey’s End Rd      $   995,000.

59       Dogwood Lane          $1,099,000.

172      Putnam Road           $1,469,000.

161      Adams Lane            $1,992,000.

23       Church Street            $1,995,000.

194      Spring Water Lane    $2,495,000.

31        Gower Road             $2,149,000.

29        Beacon Hill              $2,995,000.

Houses Currently on the Market      289

Condominiums Currently on the Market   88

33 Contracts Pending:

Additionally, there are 14 houses  with accepted offers and contracts being drawn as of this posting

Condominiums:

36 Mead Strret                                 $995,000.

246 Park Street                                $635,000.

312 Elm Street                               $1,200,000.

Residential:

83 Parade Hill Rd.                             $540,000.

100 Old King’s Highway                     $649,000.

11 Hillcrest Rd.                                 $785,000.

155 Jelliff Mill                                 $1,059,000.

39 Driftway Lane                            $1,099,000.

140 Bayberry Rd.                           $1,195,000.

295 Smith Ridge Rd.                       $1,250,000.

15 Snowberry Lane                         $1,299,000.

226 Sleepy Hollow                          $1,299,000.

51 Mariomi Rd.                               $1,395,000.

8 Wahackme Lane                          $1,499,000.

29 Douglas Rd.                               $1,595,000.

181 Woodridge Circle                       $1,695,000.

118 Adams Lane                             $1,750,000.

36 Brushy Rd.                                 $1,795,000.

142 Long Lots Rd.                            $1,795,000.

174 Marshall Ridge Rd.                     $1,985,000.

73 Harrison Avenue                           $2,095,000.

687 Carter St.                                  $2,099,000.

175 Woodland Rd.                           $2,099,000.

669 Cheesespring Rd.                      $2,195,000.

107 Lambert Rd.                              $2,200,000.

35 Green Meadow Ln                       $2,249,000.

71 Oak Street                                   $2,395,000.

139 Hoyt Farm Rd.                           $2,495,000.

605 Ponus Ridge                               $2,495,000.

198 Middle Ridge Rd.                        $2,595,000.

37 Lambert Rd.                                  $2,595,000.

138 Lone Tree Farm Rd.                     $2,695,000.

85 Thurton Drive                                $2,750,000.

Houses Currently on Market       295

Condominiums Currently on Market       80

Contracts Pending:

Millport Avenue                 $475,000.

Urban Street                     $499,000.

White Oak Shade              $995,000.

Briscoe Road                  $1,049,000.

South Avenue                  $1,145,000.

Twin Pond                       $1,499,000.

Wahackme Lane              $1,499,000.

Woodridge Circle              $1,695,000.

Brushy Ridge Rd              $1,795,000.

Old Norwalk Rd                $1,895,000.

Marshall Ridge Rd            $1,985,000.

Lambert Rd                      $2,595,000.

Thurton Drive                    $2,750,000.

Houses Currently on the Market               268

Condominiums  Currently on the Market    79

Contracts Pending

• Anthony Lane                    $495,000.

• Oak Grove Place               $1,095,000.

• Bayberry Road                  $1,195,000.

• Sleepy Hollow Road          $1,299,000.

• Marvin Ridge                     $1,300,000.

• Shagbark Drive                  $2,099,000.

• Lambert Road                    $2,200,000.

• Silvermine Road                 $2,695,000.

Summer Street           3 bedroom/2 bath           Condominium   $569,000.

Park Street /               3 bedroom/2 bath           Condominium   $635,000.

South Avenue /            2 bedroom/2 bath           Condominium   $749,000.

Woodland Road /         4 bedroom/2 bath           Tudor              $1,025,000.

South Avenue /            4 bedroom/2 bath           Colonial           $1,050,000.

Hawthorne Road/         4 bedroom/3 bath           Colonial           $1,125,000.

Cheesespring Road      4 bedroom/ 2 bath          Colonial           $1,259,000.

Mariomi Road /            5 bedroom/3 bath           Colonial           $1,395,000.

Hillcrest Road/             4 bedroom/3 bath           Cape Cod        $1,525,000.

Old King’s Highway /    4 bedroom/4 bath           Colonial           $1,695,000.

Ponus Ridge Road /      4 bedroom/4 bath           Cape Cod         $1,799,000.

Running Brook Road /   5 bedroom/4 bath           Colonial           $1,875,000.

Michigan Road             6 bedroom/3 bath           Colonial           $2,195,000.

Cheesespring Road/     5 bedroom/4 bath           Colonial           $2,385,000.

South Avenue /             8 bedroom/7 bath           Colonial           $5,800,000.

Houses currently on the market    273
Condominiums currently on the market  77

Contracts Pending

• Park Street                 $780,000.

• Mill Road                    $899,000.
• Danforth Drive             $995,000.
• Buttery Road               $999,000.
• Field Crest Road         $1,070,000.
• Driftway Lane              $1,099,000.
• Salem Road                $1,249,000.
• Smith Ridge Road       $1,250,000.
• Douglas Road              $1,895,000.
• Shagbark Drive            $1,975,000.
• Weed Street                $1,995,000.
• Green Meadow Lane    $2,249,000.
• Lukes Wood Road       $4,250,000.

Additionally, there are 5  houses and one Condominium with accepted offers and contracts being drawn as of this posting.