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A serious and factual look into the housing market and homes for sale in New Canaan, Ct by Denise Gannalo,an experienced, trusted and knowledgable professional and Top Producer of William Raveis Real Estate for 15 years. WWW.NEWCANAANHOMES.BLOGSPOT.COM
Friday, January 4, 2008
Wednesday, January 2, 2008
The 2007 New Canaan Real Estate Market, a Year End Update
Although it may be a bit early to make predictions regarding the real estate market for 2008, there are many interesting observations to note at years end, which may be especially important to homeowners who are considering selling their homes this year.
Despite the bleak news about the housing market portrayed in the media, the actual New Canaan numbers show a different picture, one that pretty encouraging. The average price of residential homes increased to $2,301,878, up 13.8% from $2,021,208 one year ago, also the median price increased to $1,850,000 up 6% from $1,750,000 at the end of last year. Condos also gained in average price to $814,540, up 20.6% from $675,033 last year.
There are only 167 homes that are active on the market now, a considerable reduction from 202 available homes one year ago. This low number results from either homes being sold (a total of 252 sales this year versus 241 in 2006), or simply withdrawn from the market by their owners.
Breaking down these 167 homes results in the following categories: 35 under $1.5 million, 49 from $1.5 to $2.5 million, 44 from $2.5 million to $4 million and 39 over $4 million. The largest group being in the $1.5 to $2.5 million range, also the range where the average selling price in New Canaan falls. Also of interest: of the 167 available homes, 53 or almost 1/3 are new construction.
While it remains to be seen the full impact of the financial and mortgage markets on our housing market locally, New Canaan ended up with strong sales prices and better than expected sales numbers.
My advice to future sellers is to prepare now and put your home on the market early before your competition increases. Pinpointing an accurate price for your home as well as successful marketing strategies will place you in an advantageous position this coming year. I will be happy to discuss these numbers in greater detail. I will talk about the rental housing market in my next blog.
Happy New Year
Despite the bleak news about the housing market portrayed in the media, the actual New Canaan numbers show a different picture, one that pretty encouraging. The average price of residential homes increased to $2,301,878, up 13.8% from $2,021,208 one year ago, also the median price increased to $1,850,000 up 6% from $1,750,000 at the end of last year. Condos also gained in average price to $814,540, up 20.6% from $675,033 last year.
There are only 167 homes that are active on the market now, a considerable reduction from 202 available homes one year ago. This low number results from either homes being sold (a total of 252 sales this year versus 241 in 2006), or simply withdrawn from the market by their owners.
Breaking down these 167 homes results in the following categories: 35 under $1.5 million, 49 from $1.5 to $2.5 million, 44 from $2.5 million to $4 million and 39 over $4 million. The largest group being in the $1.5 to $2.5 million range, also the range where the average selling price in New Canaan falls. Also of interest: of the 167 available homes, 53 or almost 1/3 are new construction.
While it remains to be seen the full impact of the financial and mortgage markets on our housing market locally, New Canaan ended up with strong sales prices and better than expected sales numbers.
My advice to future sellers is to prepare now and put your home on the market early before your competition increases. Pinpointing an accurate price for your home as well as successful marketing strategies will place you in an advantageous position this coming year. I will be happy to discuss these numbers in greater detail. I will talk about the rental housing market in my next blog.
Happy New Year
Monday, December 31, 2007
HAPPY NEW YEAR
To all my friends old and new, my loyal clients and new customers, my neighbors and my colleagues,
I wish you a very happy and healthy 2008 filled with peace and serenity.
I wish you a very happy and healthy 2008 filled with peace and serenity.
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