New Listings in New Canaan March 7th – March 14th

Park Place    3 bedrooms/2 baths     Colonial             $ 749,000.
Oak Street    4 bedrooms/2 baths     Tudor                $ 900,000.
Village Drive 4 bedrooms/3 bath      Colonial Split       $1,038,000.
Bayberry Road 5 bedrooms/3 bath      Ranch                $1,195,000.
Hidden Meadow 3 bedrooms/2 baths     Colonial             $1,195,000.
Michigan Road 4 bedrooms/ 3 baths    Colonial Split       $1,350,000.
Brushy Ridge  5 bedrooms/ 5 baths    Colonial             $1,650,000.
Benedict Hill 5 bedroom/5 bath        Colonial            $2,050,000.
Green Meadow  5 bedroom/6 baths      Colonial             $2,249,000.
West Road     5 bedroom/ 6 baths     Colonial             $5,195,000.

Signs of Life in New Canaan Real Estate

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The most common question I am asked, and it is normally asked with that expression one has after they have heard one of your relatives has taken sick,  “How is the real estate market in Fairfield County?”.  In fact, activity has picked up in the past two months, as it tends to do at this time of year.  Despite the weather, buyers are out there looking and sellers are continuing to list their homes.

Since the beginning of March, 9 days ago, in New Canaan we have seen 16 new real estate listings come on and 5 homes go to contract. Most of the purchases in February and March have been homes priced below 2 million dollars. Additionally there are 3 houses being purchased close to $5,000,000. and higher.

There has been a lot of talk out there regarding the housing market; economy experts, talk show pundits, newspaper columnists and the party circuit. There is some truth in what is reported and then there are the sensationalists.  The news people work in newsrooms and not in the actual field of real estate and sound bites do not reflect the actual pulse of the market. They all agree that housing has been ailing, but don’t write the old girl off yet.

Everyone seems to be waiting for the “bottom of the market”. Truth is, by the time we realize it the bottom has already happened. I have heard that we won’t see the bottom for another year and I have also heard we are currently there. Being in the trenchs, as they say, and talking with my fellow Realtors who are all experienced, seasoned professionals, I believe the reality embraces both.

There are some great values out there. It is a good time for those with equity to purchase. For those who want to down size or upgrade they might get less for their existing home, but they save money on the purchasing side. If prices continue their downward trend, the same strategy applies. What is interesting is seeing some investors getting back into the  real estate market and picking up some bargains.

I choose not to gauge the New Canaan housing market through the pessimistic eyes of the media, but to balance somewhere inbetween them and the hopeful Realtor.  The patient isn’t in a coma however, I will keep monitoring her vitals which have shown increased signs of life.

Monthly Sales Summary February 2009

Address                      Original price       List Price          Selling Price     L/S %

51 White Oak Shade   $1,950,000.        $1,195,000.       $1,150,000.         96%

312 Elm Street             $830,000.            $830,000.          $760,000.        92%

44 Valley Road            $1,375,000.        $1,375,000.       $1,077,000.        78%

New Listings March 1 – 7, 2009

66 Heritage Hill 1 bedroom/1bath     Condo       $339,000.

94 Heritage Hill 2 bedroom/1bath     Condo      $425,000.

415 Main Street 5 bedroom/3 bath    Cape Cod   $ 899,000.

47 Weed Street 4 bedroom/3 bath    Antique      $ 899,000.

25 Meadow Lane 4 bedroom/2 bath     Ranch      $ 1,099,000.

985 New Norwalk Road 4 bedroom/4 bath    Colonial     $ 1,150,000.

10 Nutmeg Lane 4 bedroom/2 bath    Colonial     $ 1,195,000.

16 Hidden Meadow Lane 5 bedrooms/4 baths   Contemporary    $1,295,000.

53 Fitch Lane 4 bedroom/3 bath    Contemporary    $ 1,299,000.

175 Hawks Hill 5 bedroom/3bath      Colonial      $ 1,895,000.

423 Carter Street 5 bedroom/4 bath      Modern     $ 1,899,999.

116 Adams Lane 4 bedroom/3 bath     Colonial      $ 1,992,000.

29 Beacon Hill Lane 5 bedroom/5 bath     Colonial     $ 2,995,000.

97 Charter Oak Drive 5 bedroom/6 bath     New Construction     $ 3,400,000.

64 Wydendown Road 9 bedroom/9 bath     Colonial     $ 10,900,000.

Monthly Housing sales 2007-2009

monthly-house-sales-figures3

The green and blue lines show the number of homes sold per month for the past two years.

As the chart indicates the market started to dip in October of 2007, but still had some life in it through 2008.

The sharp drop in closings during the fall of last year and through January is indicative of  the economic fallout.

The red line represents the recent 2009 closings and is starting to tick up. With the recent increased activity in the market we should see this line begin an up swing.