Tuesday, December 8, 2015

New Canaan Single Family Sales Data - (Detail) for the first 11 Months

Download a copy of the Full Market Report for December 2015 here.

In New Canaan, for the first 11 months of the year, we see 230 sales versus 228 last year, an increase of only .9%

This detail shows a decline in the high end of the New Canaan market from 6 sales to 3 sales over $5 million.

We see the floor of the New Canaan market had been $500,000 in 2014 but we had two sales between $450,000 and $500,000 this year.  I sold one of them, a small 1950's ranch within walking distance to town, and it is currently being renovated. The other, an 1860 farm house, was technically a New Canaan sale but with Norwalk schools on 1.6 acres.

Solds: Through the first 11 months of 2015 house sales totals remain similar to last year and relatively strong.

Condo sales are down significantly. Yet, the volume of sales thru the first 11 months of 2015, when looking at house and condo sales combined, is still the second highest total in the last 7 years.

Inventory: Inventory remains high, and not just in New Canaan. In November the total active house listings for the towns of New Canaan, Darien, Wilton, Stamford, Norwalk and Ridgefield had a year-over-year increase of 17.6%. As a result, absorption rates are up in most towns as well. The absorption rate for all New Canaan house listings at the end of November was 354 days as compared to 270 days at the same time in 2014, a 31% increase.

For all active New Canaan condos, the absorption rate at the end of November was 351 days as compared to 104 days at the same time last year, a 238% increase (both based on active listings on Dec. 1st, and solds YTD).

Pendings: While 16 houses went pending in November, there were a total of 25 pendings as of December 1. These properties ranged in price from $949,000 to $6,495,000, with an average listing price of $2,730,220

Download a copy of the full market report for December here.

Highlights from The December 2015 New Canaan Market Report

November House Sales Look Okay but Condo Sales are Lagging

Nothing Surprising Here. Condo Sales Have Returned to the "New Normal" after a Frothy 2014

Inventory Levels are Up Across Fairfield County as Sellers Seek To Take The Profit and Retire Out- of-State

Note the Pending Sales are Relatively Strong at the High End in New Canaan

Days on Market is High in Every Category Which Reflects a Market in Which Neither Sellers Nor Buyers

A Mixed Bag Around the County: Stamford Volume Way Up at a Lower Price; Wilton Volume Way Down; Rowayton Prices Still Rising

One Month Does Not a Trend Make; Watch for the Spring Impact of Rising Inventory Levels and Rising Interest Rates

Monday, November 9, 2015

November Market Report for New Canaan and Surrounding Towns

Here is a quick summary of what is happening in the market in our area. 
  • Area Sales: When looking at New Canaan and its surrounding towns of Stamford, Darien, Wilton, Norwalk, Westport, Weston and Ridgefield, collectively the total number of house closings is up 4.6% and volume of sales is up 3.3%.
  • New Canaan market: While the 20 house closings in October was slightly lower then October of 2014, it's still the second most closings in this month in New Canaan since 2003.
  • New Canaan Inventory: The 284 active New Canaan house listings as of November 1st is a 32.7% year-over-year increase and the most active houses at this time in the year since at least 2007. Similarly, the 47 condo listings is an 80.8% increase vs. last year.
  • Pendings: Pendings are down in New Canaan, for both houses and condos. On November 1st there was a combined 27 houses and condos pending as compared to a combined 43 houses and condos pending at the same time in 2014, a 37.2% decrease.
Below is a link to our November Market Report, which includes detailed information on the market through the first 10 months of the year.  Please see the town comparison chart above for a quick overview of the area's real estate activity.


[link to the November Market Report]