What’s happening in the New Canaan housing market?
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.