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With the recent doom and gloom headlines “US new home sales plunge to lowest levels since 1963” and “existing single-family home sales — accounting for the bulk of transactions — were at the lowest since May 1995” the question I am constantly hearing is “How is the market“?. In reality real estate is local and the reported figures reflect the national trend with the numbers being dragged down by markets in the West and South and in areas such as Las Vegas and Albuquerque. The home buyer credit was not a determining factor in our market so it’s expiration should not affect up coming sales.
Contrary to what you are reading the real estate market has rebounded quite nicely in New Canaan and Fairfield County. Our supply of available housing has dropped and sales for the first half of the year have been brisk under $3 million. Even more encouraging is the increase of high end sale (homes over the $3 million dollars). Sellers with realistic listing prices have lasted fewer days on the open market and some homes have even gone to multiple bids. Look for a slow down in home purchases during the month of August which is traditionally a slow period for home buyers. After such a bustling spring the fall activity will be interesting to watch.
Click on the charts above to see an accurate picture of the New Canaan market for the year to date.