PHILLIP JOHNSONS GLASS HOUSE
While the New Canaan Real Estate Market struggled in the first quarter of 2009, there is definitely more activity in open house visits and home showings to prospective buyers. Traffic is positively inceasing as we head into April with higher expectations as supported by the sales data. There have been 12 closings to date this year with the median price of those sold homes at $1,300,000 but the average selling price of these homes was $2,317,083. The average price is so much higher than the median price because the 4 highest priced sales were all over $3,000,000 and two of them were over $5,000,000. However, there are 25 more pending sales, which is good news. That number has increased over the first part of the year and there is anticipation of more contracts to come in the next few weeks. Of the 25 pending sales, the median listing price is $1,195,000 and the average listing price of $1,483,600. Mortgage interest rates continue to remain and are at amazingly low levels; however, mortgage money is not exactly free flowing. Excellent credit scores of 750+, verifiable income, cash reserves and retirement savings are all strict criteria for obtaining loans, as well as a substantiated home appraisal with appraisal numbers coming in at 80% under August 2008 sales.
Of the 268 homes on the market at the current time, the breakdown is as follows:
Under $1,000,000 33
$1,000,000-$1,500,000 54
$1,500,000-$2,000,000 55
$2,000,000-$3,000,000 49
$3,000,000-$4,000,000 37
$4,000,000-$5,000,000 7
Over $5,000,000 33
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