Wednesday, November 19, 2014

The November Market Report for New Canaan

            
               
       listing prices                    number of listings                 absorption rate              sold to list ratio

         still strong                          relatively high                      should be lower               back to normal?    
            
                                                                                            

$2.088 million
outstanding house
$1.295 million
just sold
was $720,000
just sold

  2 acres Oenoke Ridge        now $1.89 million
 20 Toilsome Avenue
New Canaan Sales at this point in 2003
New Canaan Sales at this point in 2014
Dear Friends,

Well, it's about time! The market is coming back.

The big news is 24 houses sold in October, up from a normal of 11 or 12 each of the last 3 years. You have to go back to the late 90's to see an October like this one. Will it be enough? We are 22 house sales behind where we were at this time last year (235 vs 213) but the condo sales are up by 16 (59 vs 43).  Looking at the crystal ball a moment, we see the gap will be made up by new pending sales which jumped by 7 in October (24 vs. 17)  We predict we will end the year even with last year.

 

How about the rest of the towns around us?  Wilton, Greenwich and Stamford are experiencing a similar 10% decrease in sales volume (but Wilton has not seen the corresponding uptick in prices). Darien's volume is merely flat amid modest pricing gains. Rowayton stands out in the county with double digit gains in both volume and prices.


 

Below is a link to our New Canaan Market Report recapping October and the first 10 months of 2014. If you would like to call and discuss the report, or if you would like a price opinion on your house, feel free to let us know. 

Best regards,


Susan Engel and John Engel
203-247-5999     203-247-4700

                 
      why New Canaan?       high ceilings, high style    1 acre @ Richmond Hill    twitter @jengel199

         Tucker knows!           condo $1.050 million           pool! $2.29 million         or johnengel.com
            
             
      hilltop modern              watch the leaves turn   Federal style Townhouse   1960 Mad Men chic 

         now rented                  condo $1.795 million         new $1.495 million     live in a piece of art
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