Some New Canaan Market Stats

I was checking a few things and I noted some points regarding a slight pickup in the market.
The median sales price for homes in New Canaan for Aug 10 to Oct 10 was $1,408,750. This represents an increase of 4.4%, or $58,750, compared to the prior quarter and an increase of 34.2% compared to the prior year. Sales prices have depreciated 2.8% over the last 5 years in 06840, New Canaan.
Average listing price for homes in New Canaan was $2,365,529 for the week ending Nov 24, which represents an increase of 2.2%, or $50,563 compared to the prior week and an increase of 1.9%, or $43,667, compared to the week ending Nov 03. Average price per square foot for homes in 06840 was $460 in the most recent quarter.






. .

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/ 



Pending Contracts and Sales in New Canaan are up

156 Old Studio Rd is one of the homes in contract waiting to close. This property was on the market for only one week and was listed by myself at $2,250,000

There has been a 72% increase in closed sales year to date in New Canaan as compared to the same period last year.  So far this year there have been 132 closed sales while there were only 77 sales to date in 2009.  By the same token, pending contracts are up also with 38 homes in contract. The breakdown is as follows:

Pending Contracts
Over 3 million      6
Over 2 million      8
Over 1.5 million   7
Over 1 million     11
Under 1 million    6

6 Month Market Roundup

6 Month Market Update-A Closer Look

As a follow-up to our prior post on quarterly housing numbers, let's also take a look at how the market has fared for the first half of the year. The chart below will illustrate some tremendous gains in key market indicators between the first 6 months of 2010 vs. the first 6 months of 2009:

A look at the Northeast - 1st 6 Months 2010 compared to 1st 6 Months 2009:

Click on the title to read more:

2nd Quarters Numbers are in for New Canaan

Mixed Results (Residential Only)

2010
Average Selling Price  $1,677,032 (Drop of 6%)
Days on Market          218
List to Sell Ratio          93%
Number of Closings     81(Increase of 39%)

2009
Average Selling Price  $1778,610
Days on Market          210
List to Sell Ratio          93%
Number of Closings     50

The good news is that there is real activity with a large increase of sales over last year and an additional 51 pending contracts which will shortly be closed sales. However, prices continued to decline another 6% over this first half of 2010, indicating less stabiltiy before growth. Call me to discuss

New Canaan Real Estate Sales Statistics, Raw Data April 2010

11 Sales in 2010 vs 5 in 2009.  120% increase

YTD sales 2010 43  vs YTD sales 2009 22.  133% increase

Average Sales Price April 2010 $1,357,236 vs Average Sales Price April 2009 $1,490,800.
8.96% decrease

Average Sales Price YTD 2010 $1,569,000 vs Average Sales Price YTD 2009 $1,926,333.

18.54% decrease

Great Article about Real Estate in the Region Finally Showing Strength

The Ct Post published this article yesterday quoting Bill Raveis but the news is encouraging. Click on the title and read the good news.

First Quarter Real Estate Outlook from William Raveis

Click on the title to see the data for Fairfield County and Connecticut in the first quarter.

New Canaan Real Estate in April. Moving Forward One Step at a Time

Cherry Trees in bloom at Mead Park in New Canaan

As April has come to a close, it is a good time to compare this year's activity against last year.  The good news is that there are 35 properties that are pending in New Canaan right now including 3 of my listings (12 Ludlowe Rd, 109 Sagamore Trial and 599 North Wilton Rd, which means 35 soon to be closings. The homes that are pending range from a low of $749,000 to a high of $8,195,000 with a median price of $1,465,000.  Interesting to note that the $8,195,000 listing was only on the market for a little over one month before it went pending. It is a fabulous property listed by Brotherhood and Higley with over 10,000 square feet of living space and over 6 acres of waterviews looking over the reservior. The home was custom built in 1995 by Hobbs and it is really spectacular. But even more interesting is that it bindered so quickly, which means that there are still some very high end buyers out there.

There were 12 sales in April ranging from $500,000 to $2,550,000 with an average sales price of $1,491,633. These homes were on the market for an average of 221 days and sold for 94.3% of asking price. If these statistics don't seem too impressive, they look a lot better that April 2009 where there were only 6 sales with an average price of $1,309,000 which took an average of 271 days to sell.

Currently there are 262 homes on the market ranging from $550,000 to $24,000,000. We will see what activity May will bring.

Average US Spending puts New Canaan at the Top

Bundle.com, the new social money comparison site backed by Citi, Microsoft, and Morningstar, released a report today on "How America Spends." According to the study, the average American household spent $37,782 in 2009, including $6,514 on food and drink. It also includes a 50-state ranking of household budget behavior and a data analysis of trends by marital status/kids, income level, and age.

For all 50 states, Connecticut residents lead the nation in spending, while West Virginians rank last, spending 35 percent less than the national average in 2009. Residents of New Canaan, Conn., last year averaged $25,486 on dining out, more than the average West Virginia resident spent, total ($24,517).  That means households in New Canaan spend $70 per day for food and drink outside the home. Thats all the teenagers eating out in town.