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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.

Fox Hollow, New Canaan CT

Fox Hollow.aOne of New Canaan’s smaller complexes, Fox Hollow consists of 6 units, each with approximately 1500 square feet of living space. Built in 1980 these condominiums have 3 bedrooms, 2.5 baths, fireplaces, personal laundries and their own attached garage. Finished walkout lower levels and pull down attics add extra storage and living capacity.

Dance

Whether you hope to pursue a professional dance career or simply wish to learn a few new moves there are classes in a variety of disciplines. From ballroom to hip-hop, Broadway to classical; New Canaan offers wonderfully diverse opportunities for all ages.

New Canaan Dance Academy (203) 972-9174 – www.ncdacademy.com

The New Canaan Dance Academy, founded in 2001 by Elaine Young, offers training in multiple dance styles to students of all ages ranging from 3 years old to Adult. Elaine grew up in London, England, where she studied Classical Ballet, Jazz and Tap dancing. The Academy’s goal is to create a safe and nurturing environment in which students can realize their full artistic and physical potential under the guidance of teachers who have been formally trained in classical dance techniques. Teachers constantly monitor the progress in a student’s core body strength and body alignment to ensure the optimal foundation for technical development.

New England Academy of Dance (203) 972-3265- http://www.neadance.com/

Established in 1968 the Academy was started by Doris Driver who appeared in Broadway shows and as a Rockette. Their outstanding instructors provide careful training based on the Royal Academy and Vaganova methods, which build strength, flexibility and grace in the dancer. Their program emphasizes proper technical and physical development while instilling a love and appreciation for the art form of dance. They offer a broad range of classes for all ages, including ballet, modern, jazz, tap, hip hop, yoga, pilates, zumba and adult ballet.

Walter Schalk School of Dance (203) 762-7508 – www.walterschalk.com

Walter Schalk performed professionally on a number of variety and television specials started the his School of Dance in 1957. He began with 13 Ballroom students and now, more than 57 years later, the dance school teaches more than 1,200 students each year. Classes are broken down by grade level and students are invited to perform in their Holiday Spectacular and a fantastic Broadway-like dance Revue in which every student has an opportunity to perform in up to three routines. The Dance school is where you learn to dance, have fun, learn social etiquette, build confidence, make new friends, and are taught by a professional staff.

The Studio 203-966-7056 – www.thestudioperformingarts.com

The Studio provides an artistic outlet for all ages. In a fun, encouraging and challenging environment, our instructors provide valuable information and insight into what is needed to succeed in the performing arts. We specialize in small, interactive classes to maximize the personal attention available to each participant. Instruction areas include musical theatre classesacting classesvoice classesdance classes, and private voice, piano, guitar, dance, and acting lessons in New Canaan, CT.

Performing Arts Conservatory 203-966-6177- performingartsconservatory.com

The Conservatory is a teaching institution that offers a professional multi-disciplined performing arts program to New Canaan and surrounding communities. Our goal is to awaken, nurture and train each student’s creative potential and confidence by offering professional training, workshops and performance opportunities. The Conservatory will provide the techniques and skills needed to learn and grow in the field of the performing arts through Private and group classes in musical theater, acting, voice, theater dance (jazz & tap) fairy tale theater and audition prep.

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

 

 

Winter Blues? Maybe not……

winter 2015

Despite record cold and snow drifts that swallowed mid size cars, the real estate market has shaken off the freeze. 90 single family residences, 9 condominiums and 19 land listings came on for sale since January 1, 2015. Some of these properties were taken off the market for the 2014 holiday season and reintroduced with adjusted pricing, but many are new.

Call this the bonus market, which precludes the traditional spring market. With checks in their bank accounts buyers are now more confident about their purchases. They are still looking for value and new or updated continue to be their preference.

Since beginning of the year there have been 22 single family homes sold, 11 others have signed contracts and 19 additional homes have accepted offers awaiting contracts.  4 condominiums have sold with an additional 7 pending and 4 others have accepted offers. Building remains strong with 2 land listings pending and an additional 14+ acre property, that will be sub-divided, with an accepted offer.

Inventory is still low with many homeowners waiting for better weather to show off their properties.

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.