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.