Monday, September 11, 2017

Market Report through August 2017



House closings: The 172 house closings in New Canaan over the first 8 months of 2017 is a 26.5% increase vs. the same time frame in 2016. The difference has been seen entirely in the under $2 million price point, where New Canaan has had 125 closings this year as compared to 89 through August 2016. As a result, the median sale price is slightly lower at $1,457,500 as compared to $1,590,000 in 2016. 



House closings in Lower Fairfield County as a whole, through August, increased 6% year-overyear, while the median sale price ($715,000) rose 5.1%.




House Pendings: The 17 houses to go under contract in August is a 41.7% increase over August of 2016 and slightly above average for this time of year.



Inventory: There were 257 house listings in New Canaan at the beginning of the month, a decrease as compared to both September 1st, 2015 (274) and 2016 (279). It is, however, still about 20% higher then what we typically have had at this point in the years prior to 2015. 



The median list price of active houses is $1,995,000, exactly what it was on September 1st in 2016.


Condos: Condo activity remains strong with 35 closings through the first 8 months, 5 condos going pending in August, and inventory that is 24.3% higher then last year. Condo closings in 2017 have ranged in price from $225,000 to $1,600,000 with an average closing price of $754,935.






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