New Canaan Real Estate

The State of the New Canaan Real Estate Market

In spite of the perceptions regarding the housing market here, the statistics are very interesting and not what you might expect. The fact is that the number of houses sold and the average selling price in 2007 to date as compared to the same period in 2006 is actually up. This year, 225 houses have sold compared to 218 last year. In fact, there were 27 sales this year over 4 million dollars as compared to only 12 last year. That means a 4 million dollar or over sale occurred approximately every two weeks.

In determining average prices, I realize that these high end sales might distort the numbers. Therefore, eliminating every sale over 4 million, the average price in New Canaan this year is $1,862,847 vs. $1,757,715 in 2006 or an increase of 6%.

In each price category, 1 million+, 2 million+ and 3-4 million the number of sales were almost identical. The average days on the market is 182 days, however, that number may increase as there are 249 homes actively on the market for sale as opposed to the 225 sales, which results in a one year inventory.

Not to be overly optimistic, however, these numbers report the picture of the market. It will be interesting to recalculate at the end of the year and analyze how the fourth quarter affected the total yearly statistics.