New Canaan to pay more for water

Aquarion Water Co will be allowed to increase water usage rates 33%. Along with Stamford and Ridgefield, New Canaan's rate hike is the biggest in the state. While Norwalk, Weston, Westport, Fairfield and Bridgeport will increase 15%, Greenwich and Darien will only increase 11%. These increases are to cover infrastructure improvements statewide since 2004.

While 33% does seem like a very large increase, it relates to an average of $29 each quarter. The last rate increase was granted in 1999 by the state Department of Public Utility Control, however, State Attorney General Richard Blumenthal may appeal increase as "unreasonable".

It almost seems that people who live in New Canaan are perceived as being able to afford more of an increase that people in other towns. These increases are to take place effective immediately.

New Canaan Weekly Activity through December 16, 2007 (Single Family Residential Only)

New Listings

53 Oak St $1,149,000
16 Park Place $1,895,000

Homes Sold

81 Mariomi Rd $925,000
12 Silvermine Rd $1,135,000
162 Logan Rd $1,200,000
87 Lone Tree Farm Rd $1,900,000
35 Deacons Way $1,937,500
148 Lambert Rd $3,300,000

How is New Canaan holding up? A comparison of sales and prices in Connecticut

I have read several articles recently which have been comparing this year’s median sales price to years past. In light of all the recent media scrutiny locally and nationally about the problems with the housing and mortgage markets after July's credit crunch, the local picture in New Canaan is surprisingly positive.

The Stamford Advocate quotes in an article on December 11, 2007, that Stamford homes have dipped in price. The median price of homes is the midpoint. Half the sales are above it and half below. Their figures used are based on findings of The Warren Group in Boston, publisher of the Commercial Record real estate report. In the same article they state that the median price both in Greenwich and Darien was up this year versus the same period last year. However, they also state that the median price in New Canaan was down to $1.7 million two months ago, compared to $1.83 million last year.

I decided to take a closer look at the numbers and based on the data in Promatch, the most comprehensive multiple listing service specifically covering all New Canaan MLS sales and I have found that the median price of sales in New Canaan as of 12/14/2007 was $1,802,500 versus $1,750,000 as of the same date in 2006. Also, the number of sales increased to 248 homes sold as of Friday this year, versus 235 during 2006.

In addition, the average sales price increased to $2,288,662 as compared to $2,033,707 last year. This certainly is not bad news and paints quite a different picture that is blanketed on the news.

Supporting this data, are recent sales numbers in Norwalk and Westport. In an article in the Stamford Advocate on December 12, 2007, the median sales price both in Norwalk and Westport are both up and the number of sales were up in Westport but down in Norwalk. Looking at the state of Connecticut as a whole, the year to date median price is up 1.1%. Also interesting to note, as stated in The New York Times today, the Manhattan market remains stable last month with the number of closed sales matching the same number of November 2006 and prices were considerably higher but equal to prices in the previous quarter.

I will do a year round update as soon as the numbers are available.