In analyzing the sales statistics for the year to date, it is no surprise that New Canaan’s numbers are not as stellar as they were in past years. The number of residential sales so far this year add up to 52 closings. Compared to the past years, this is the tally:
2008 - 52 closings
2007 - 86 closings
2006 – 81 closings
2005 – 97 closings
2004 – 112 closings
Clearly, the number of transactions are significantly lower than one year ago and more than 50% lower than 4 years ago in the year 2004. However, the average sales price to date this year remains at the lofty level of $2,444,716 and the median price tops out at $2,025,000. While these numbers reflect the solid base of New Canaan real estate values, it is important not to paint a false picture. Homes that are priced well are the homes that have sold. Even though the average price to date this year is at a record level, it reflects transactions of homes that would have sold at much higher levels in the several years past. Crucial to selling your home in the current marketplace is pricing. In New Canaan, every home will sell, but only at the right price and the right price is a delicate balance of value, location and condition.
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