How is the New Canaan Real Estate Market?

The first quarter ended with decent home sales activity. Single family and condominium sales were up 33% from the same period last year. The remainder of the year should be better still for the followng reasons:
~ More jobs
~ Rising apartment rents
~ Rising stock market wealth
~ Home values at historically justifiable levels
~ Continuing high affordability conditions
~ Investors looking to hedge against inflation
~ Foreigners buying U.S. homes on the cheap
“Still the stars are not all aligned. High gas prices are a daily reminder that something is not right with the economy and will hold back consumer confidence. Washington policy makers are debating the ending of government quaranteed mortgages and requiring minimum down payment of 10 to 20% on conventional mortgages, even though the FHA and VA mortgage programs have very low down payments and have yet to require a single dime of taxpayer’s money”, writes a chief economist of the National Association of Realtors.
At least the improving 2011 market developments should outweigh the negative impact imposed by Washington policymakers. Having said that, here is last week’s market update…
[image title=”market update 5.20.2011″ size=”large” id=”1155″ align=”none” linkto=”viewer” ]
[image title=”market update-2 copy” size=”large” id=”1157″ align=”none” linkto=”viewer” ]

New Canaan Weekly Market Update 5-13-2011

Posting last week’s New Canaan market update got away from me, which is a good thing. It means real estate was cranking along and I was introducing people to our wonderful town. Numbers have been up…not prices necessarily, but the number of properties selling. As of today there are 142 closed transactions, 75 additional properties with signed contracts and 11 homes with accepted offers. Here’s what’s been going on the past two weeks.
[image title=”Weekly Update 5 13 11″ size=”large” id=”1125″ align=”none” linkto=”viewer” ]
[image title=”Weekly Update 5 06 11″ size=”large” id=”1120″ align=”none” linkto=”viewer” ]