The Housing Update for New Canaan CT.

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The New Canaan real estate market has been an interesting ride this year with fits and starts. Record low interest rates and realistic listing prices have resulted in increased sales within the higher price ranges. Of the 179 single family homes sold so far, 6 have sold over 5 million, 7 houses have sold in the 4 million bracket and 17 have closed over 3 million. In 2010 there were a total of 17 homes that sold over $3 million dollars. Land sales have also increased with 25 lots sold to date and ranging from $275,000. for a .12 acre parcel on Sunrise to $1,550,000 for 2 acres on West Road. The majority of sales in this category are end users with only a few builders dipping their toes back into the waters of spec. building. Condominiums sales are on par with last years numbers with 40 units closed to date. However, no sales have occurred over $1 million dollars compared to last year where a total of 43 units sold with 3 condominiums selling over that number. In addition, there are 24 properties currently pending which should close in the next month or two.

The  fall real estate sales are also ones to watch. They start right after Labor Day and goes through to Thanksgiving. Buyers are out looking and kicking tires, but the volatility in the stock market and general uncertainty is slowing down a traditionally healthy market place.

Housing Market Update for New Canaan, Ct

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When Warren Buffet speaks, the volume on the TV goes up, phone calls are ignored and people weigh his comments pretty carefully. Recently, he said “[h]ome ownership makes sense for most Americans, particularly at today’s lower prices and bargain interest rates.” He also said of home ownership,”the third best investment I ever made was the purchase of my home” (wedding rings being his number one and two best investments). His approach to home ownership is based on 3 basic steps.
1. Buy a home you can afford. What is better is to buy a home that makes sense for your family’s future and its finances. In other words, make sure your eyes aren’t bigger than your wallet.
2. Plan to hold. Buffet’s stock investing advice has long been to avoid making investments you can’t hold for at least 10 years. Likewise, buying a home should be done with a long-term plan to avoid catastrophe when home values fluctuate in the short term.
3. Fixed affordable mortgages. A good rule of thumb is to stick with a fixed mortgage payment (including taxes and insurance) that’s under 30 percent of your take home income.
From the number of real estate sales so far this year, people are taking his advice.

[image title=”Yearly Comparison of Sales in New Canaan, CT 2007-2011″ size=”large” id=”1346″ align=”none” ]

So how’s the New Canaan real estate market now?

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Lurking within the halls of the state governing bodies was the insane piece of legislation that proposed a conveyance tax on the home buyer. This just in from the Connecticut Association of Realtors, Inc:
“Senate Bill 1019, was killed in the State Senate. This bill would have resulted in ANOTHER increase in real estate conveyance taxes – this time on homebuyers! This is good news for consumers and the housing market. Thanks to all who helped protect CT home buyers! We appreciate the Senate not making it harder to buy a home in Connecticut.” Despite a painful and fragile real estate recovery government officials actually thought an additional tax would help matters? Government officials did however raise the existing real estate conveyance tax that home sellers are required to pay.
The New Canaan market continued to churn, albeit a little slower than during our active spring market….holiday weekend, graduations, weddings and summer activities have curtailed some of the momentum. Currently there are 252 homes on the market with 43 pending transactions waiting to close.
[image title=”weekly update 6.10.2011″ size=”large” id=”1168″ align=”none” linkto=”viewer” ]
[image title=”weekly update 6.3.2011″ size=”large” id=”1171″ align=”none” linkto=”viewer” ]

How is the New Canaan Real Estate Market?

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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

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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” ]

So How’s the Real Estate Market in New Canaan?

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[image title=”Weekly Update 4 15 11″ size=”large” id=”1092″ align=”none” linkto=”viewer” ]