New Canaan’s Closings and Pending Contracts On the Rise

While the New Canaan Real Estate Market ended on a better note in 2010, I see the continuation of a conservative but somewhat upward trend as of mid march this year. . Buyer traffic is definitely up as evidenced by the amount of visitors to open houses and property showings. Sales data also supports this trend.

So far this year there have been 23 sales as compared to 20 in 2010 a 15% increase. The average price of sold homes as of March 13, 2011 is $1,877,913 up from $1,473,418 during the same period of 2010, a 27% increase and also up from $1,706,976 at the end of 2010. The median price is also up this year to $1,675,000, a 27% increase from $1,349,050 one year ago. Also supporting this positive trend is the list to sell ratio of 97% with the average days on the market of 199.

Of the homes that have sold to date this year the categories are as follows:


$3,000,000 to $3,750,000 4 sales

$2,000,000 to $3,000,000 6 sales

$1,500,000 to $2,000,000 3 sales

$1,000,000 to $1,500,000 6 sales

Under $1,000,000 4 sales



There are currently 31 pending contracts on homes about to close


$3,000,000+ 6 homes

$2,000,000+ 7 homes

$1,500,000 to $2,000,000 5 homes

$1,000,000 to $1,500,000 7 homes

Under $1,000,000 6 homes

There are only 188 homes on the market now in New Canaan right now, but that number is bound to swell as many homeowners plan to begin selling their homes in the spring market. My advice to sellers is to list you house now. March is the peak month for listings and April is the peak month for binders. If you are seeking to move in June, July or August, today is the day to start planning.


Of the 188 homes on the market at the current time, the breakdown is as follows:


Under $1,000,000 21

$1,000,000-$1,500,000 38

$1,500,000-$2,000,000 29

$2,000,000-$3,000,000 39

$3,000,000-$4,000,000 23

$4,000,000-$5,000,000 15

Over $5,000,000 23


Mortgage interest rates continue to remain 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. Current Rates are as follows:


30 year fixed conforming 4.875%

30 year fixed jumbo 5.375%

5/1 jumbo adjustable 4.250%


My Best Buy Pics are:

Under One Million:

144 South Avenue. 3 Bedroom Colonial built in 1900 with 3 bedrooms, 3 ½ baths and taxes of $8,699. Listed with Coldwell Banker for $815,000

$1,000,000-$2,000,000:

42 Myanos Rd. 5 Bedroom Mediterranean on 1.35 acres with pool and in-home studio. Listed with William Pitt for $1,799,000


$2,000,000-$3,000,000

96 Stoneleigh Road. 4 Bedroom Colonial with pool and tennis court on 2.9 acres and 3 finished floors. Listed with Prudential Ct Realty for $2,295,000


$3,000,000-$4,000,000

131 Thayer Pond Road. 10,000 sq ft new Colonial with finished lower level and heated pool on 2.59 acres. Listed with Halstead Properties for $3,495,000


Over $4,000,000

49 North Wilton Rd. Private Estate of 11,000 sq ft on 6 acres with pool and pool house. A pristine compound. Listed with William Raveis Real Estate for $4,500,000