New Canaan and the Fall 2010 Market. It's all about Pricing

As of September 18, 2010, this is what is happening in New Canaan. There are currently 239 homes on the market and a total of 165 have closed so far this year which is a 50% increase over last years sales to date of 109 sales. In addition, there are also 21 more pending sales yet to close. Although the average sales price has seen as slight increase over last year rising to $1,764,962 from $1,669.845, this does not paint an accurate picture because there have been more higher priced sales this year. 16 homes have closed over 3 million including 2 sales over $7,000,000. The average list to sell ratio this year is 93% taking an average of 217 days to sell. The median price is a bit more telling with the median price rising from $1,450,000 in 2009 to $1,500,000 to date this year.

In this fall market, however, many homes have remain unsold causing a tug of war between anxious sellers at one end and patient buyers taking their time on the other end. This situation is causing stress for many sellers who have not adjusted their expectations to the reality of the changing market. However, there are some homes being sold sooner rather than later and at prices closer to the listed price. For example, two of my listings which I have sold myself recently this year, 1702 Oenoke Ridge $1,425,000 and 12 Ludlowe Road $1,450,000 both sold at 95% of list price and another listing at 156 Old Studio Road sold in one week for $2,200,00 at 98% of asking. The condominium market increased 100% in closed sales from 16 in 2009 to 34 in 2010, however the average price has decreased from $813,593 to $643,132. This can also be attributed to 3 condo sales in 2009 over $1,000,000, but the list to sell ratio improved to 94%. The rental market is consistent with last year both at 151 units rented at a median price of $3400.

This home located at 21 Shady Knoll Lane in New Canaan is currently on the market and has just been reduced to $1,899,000. It is nearly new construction and just about perfect.  Priced at $300,000 under the original purchase price, it represents one of the best values on the market today and mortgage money is available. Visit website at http://www.21shadyknoll.com/