New Canaan Condominium Market 2012

My mother always said, “Good things come in small packages”.  As she was only 5’1″ in stature I understand her fondness for the saying.  In many ways she was right. But, smaller does not necessarily mean sacrificing comfortable amenities and functional space. Condominium buyers sought both last year in their effort to downsize and simplify their lives.

More than 50% of the units sold consisted of 3 bedrooms with 2.5 bathrooms and between 1,200 and 2,000 square feet of finished living space. 17 larger units also sold. More than half  of the condominiums were renovated or updated and had a least a one car garage. Several have transformed their lower levels to provide additional areas for playrooms, offices etc. A quarter of the properties sold have an in-ground pool included in the association amenities and all are walking distance to the center of  New Canaan’s restaurants and vibrant village.

A sampling of some of last year’s sales.


What New Canaan Buyers Purchased Last Year

Buyers headed towards the closing table with a little more gusto this past year in terms of number of homes sold.  This is a value driven real estate market so the number of homes sold is up by 4.2%, but average sales prices were down by approximately 13%.

The strongest segment continues to be a 4-5 bedroom colonial home priced between $850,000. and $2 million. The $3.75 – $4.25 million price range picked up a bit, but the high end market remains slow due in part to a large inventory of competitively priced  homes. Two homes sold over $5 million compared to 6 the previous year. New construction continues to be appealing to buyers with 13 homes sold and 4 more under contract.

* In 2012 the average listing price was $1,759,369.00 (slightly lower than last year) with an average selling price of $1,652,445.00. The sold price to original list price ratio was 92.96% with an average of 185 days on the market.

Pricing is key. Buyers are looking for value. The top three factors driving home buyers are the characteristics of the neighborhood, updated kitchens and/or baths and overall affordability.



Not your typical garage doors….this should shake up the neighborhood

Are you fed up with looking daily at your boring garage door?

Just stick a new decal on your door….and wait for the neighborhood’s reaction!

The German company ” Style your Garage ” makes posters for your garage door, prices varying from $199 to $399 for a double door.  Not sure the New Canaan homeowners association would approve, but these made me laugh out loud. Enjoy and feel free to comment!

ReCap of 2012 New Canaan Real Estate Sales

Happy New Year and welcome to a chilly New England week. After putting away the Christmas decorations and already breaking those New Years food resolutions I finally had a chance to look at the numbers for the 2012 New Canaan real estate market.

New Canaan real estate ended on a strong note with a higher than usual number of closings in November and December. The so called “fiscal cliff” and threats of higher taxes prompted buyers and sellers to seal their deals by December 31st.  All in all, we closed about the same number of properties in 2012 as we did in 2011. There is still a demand for new construction and 18 lots sold to make way for new homes.

The hardest part for me last year was finding the right house for a buyer ready to purchase.  There simply were not enough choices. Many homes had offers as soon as they were listed (read, they were priced right) and only a 140 single family homes were put on the market.

More numbers will follow. From all the signs it looks like we will have an upswing in the spring market. So what are you waiting for?