New Canaan 2016 4th Quarter Real Estate Market Report

For most of 2016, local markets in Darien and New Canaan were driven by a nagging oversupply of inventory and a resulting lack of urgency on the part of homebuyers. As such, the picture painted by the typical year-end statistics is not particularly pretty for sellers: The number of homes sold in Darien and New Canaan during 2016 was down 10.3% and 24.3%, respectively, compared to the 2015 totals.

That said, a careful look at the fourth quarter (particularly the post-election period) reveals some compelling reasons for optimism. Consider the following:

New Canaan year-end pending sales are higher. In New Canaan, the number of transactions pending on December 31, 2016 was 28, compared to only 13 pending transactions on that date in 2015; this marks a year-over-year increase of 115.4% in pending sales activity. For more detailed information..

Click on the image below to view and download the

2016 New Canaan 4th Quarter Market Report.

New Canaan Monthly Real Estate Report – Market Report March 2015

Despite all of the snow and cold temperatures this winter, first quarter sales in New Canaan kept pace with 2014. We had 34 houses close in Q1 compared with 36 last year. Average price and median price are down a bit versus last year at this time, but it’s too early to place a lot of weight on these figures. Inventory is building quickly now that the weather is warming. For more information and charts please click on.. March 2015 Market Report

 

 

Sales Down..Prices Inching Up..New Canaan CT 2014 Real Estate Market Report

The chart says it all… sales were down 6.7% from last year. The housing market, along with the job market, are still in recovery mode.  The good news for buyers was an increase in inventory, which at one point reached 364 homes on the market; however, homes listed between $1 and $2mm continue to be in high demand.

Yearly Tally of Monthly Sales in New Canaan

There was also a bit of good news for sellers as sales prices are beginning to rise from the dramatic decrease we experienced during the recession. The median sales price rose approximately 18.7%.

A big increase in the median price doesn’t necessarily mean prices are up. The real story is that high-end buyers were enticed by markdowns. So while there was more high-end activity, the prices were mostly disappointing for sellers.

Sellers need to be patient as it took longer to sell that house (199 days in 2014 vs 119 days in 2013) due to increased inventory and aggressive pricing. Pricing is key.

Single family Homes Sold by Price

The local housing market is still recuperating. We can’t call it transformed because there are people who want to sell but who can not because they owe more money on their homes than they can get for them.

Credit continues to be tight which is slowing the housing market when would be homebuyers have trouble getting financing. Hopefully this will ease up in 2015.

 

 

 

Signs Of A Recovering Real Estate Market

With temperatures chilly real estate sales grew hot in the first quarter of 2013. The number of buyers has out paced the inventory of homes available (currently 222 offered down approx. 12% from last year) and many sales went to multiple bids.  We are starting to see some modest price increases and sales where the average sale price was higher than the average list price. Sales are up about 25% with an average sale price of $1,696,000.

Value, updated amenities and close to the center of the town continue to lead buyers’ wish lists. There are 66 houses with contracts signed as well as 9 condominiums pending which is up approximately 26% from last year. What does this mean to you? The housing market is gaining strength locally as well as nationally. Below is a sampling of some of the homes sold in the past couple of months.

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.