The Engel Team: September 2019

Friday, September 6, 2019

The Heat Map for New Canaan Neighborhood Change Analysis (based on the 2018 Revaluation)

This is the heat map produced by Tighe & Bond for the Town of New Canaan as part of their most recent revaluation, October 2018. (Email me for the original PDF which will allow you to zoom into a particular property.)

My purpose in uploading this map is because it should be a public document and a tool for decision-making. Homeowners, their realtors, town officials and elected leaders need to understand which parts of our town are experiencing the greatest changes in valuation if we are going to debate why the changes are occurring and whether we want to use the tools available (zoning regulations, ordinances, the TEDAC) to make changes.

- Why was the area immediately north of the country club affected more than any other?

- Does lack of cell service affect value? Does proximity to town or to the Talmade Hill station?

- East and West school districts look to be affected equally, and more so than the South school district

- Prides Crossing, Hatfield Mews and 10 other properties stand out with more than 10% gains. Why?

The following chart provided in the revaluation presentation references 23 different neighborhoods in New Canaan. But, there was no corresponding chart showing which neighborhood is which.

Here are the original neighborhood maps from Tighe & Bond provided to New Canaan around 2000. They may have been updated since that time but nobody seems to have a more updated copy.

Wednesday, September 4, 2019

The Engel Team's September Market Reports

16 Individual Town Reports. To download full reports click on the town names.

Or go to the bottom of the page.

This month we looked at total dollar volume as an indicator of market health. Three towns stand out posting solid dollar volume numbers: Darien, Old Greenwich and Rowayton. The rest of Fairfield County are posting fewer transactions, a lower price, or both.

We also looked at property taxes. Specifically, we posted the current mill rates alongside the average and median house prices. Intuitively, we know that as tax rates rise, prices fall. This month provides a useful reminder what people actually pay in property taxes town by town.

Cos Cob - Dollar volume is down 45% in 2019

No sign of a recovery in August. Avg. house is now $1.42 million. Avg. condo is $773,652

Mill rate is 11.682 so the avg. tax is $16,588.

Darien - Dollar volume is up 1% in 2019. Condo sales are up 100% since last year. Avg house is now $1.530 and avg. condo is now $952,170. Median house is $1,250,000, down 12.4%

Mill rate is 16.47 so the avg. tax bill is $25,199.

Median tax bill is now $20,587.

Easton - Dollar volume is down 7%. Inventory is down 18%. Avg. house is now $597,922.

Median house is now $560,000, down .3%

Mill rate is 31.33 so the avg. tax bill is $18,732.

Median tax bill is now $17,544.

Fairfield - Dollar volume is down 6%. Inventory up 3%. Average house is now $711,001 and condo is now $440,575. Median is $580,000.

Mill rate is 26.79 so the avg. tax bill is $19,047.

Median tax bill is $15,538.

Greenwich - Dollar volume is down 11%. Inventory is up 12%. The avg. house is now $2.82 million and condo is $986,826. Median house now sells for $1,950,000., up 5.4%

Mill rate is 11.682 so the avg. tax bill is $32,943.

Median tax bill is $22,780.

New Canaan - Dollar volume is down 10%. Inventory is down 17%. Avg. house is now $1.411 and avg condo rose to $704,609. Median house sells for $1,212,500., down 12%

Mill rate is 18.24 so the avg. tax bill is $25,736.

Median tax bill is now $22,116.

Norwalk - Dollar volume is down 11%. Inventory is flat. Condo inventory down 11%. Avg. house is now $574,723 and avg. condo is $304,211. Median house is now $489,500, down 5%

Mill rate is 23.315 so the avg. tax bill is $13,400.

Median tax bill is now $11,412.

Old Greenwich - Dollar volume is up 3%. Inventory is down 3%. Avg. house is $2.34 mm and avg condo has risen 12% to $575,500.

Mill rate is 11.682 so the avg tax bill is $27,336.

Redding - Dollar volume is down 12%. Inventory is up 16%. Terrible August down 52%. Average house is down 7% to $543,251. Median house is $535,000, down 3% from $553,000.

Mill rate is 32.84 so the avg. tax bill is $17,840. Median tax bill is now $17,569.

Ridgefield - Dollar volume is down 3.6%. Houses inventory is up 8%, condo inventory unchanged. The avg. house costs $713,834, avg. condo is $320,960. Median house is $638,000, down 1%

Mill rate is 28.12 so the avg. tax bill is $20,073. Median tax bill is now $17,940.

Riverside - Dollar volume is down 29%. Inventory is also down 26%. Avg. house price is now $1,960,584, condos prices are $679,750.

Mill rate is 11.682 so the avg. tax bill is $22,903.

Rowayton - Dollar volume unchanged. Active inventory of houses is up 25% since last year. Avg. house is now $1.162 million, up 2%. Median price is now $1,111,000, up a whopping 25.4% Mill rate is 21.395 so the avg. tax bill is $24,860. Median tax bill is $23,769.

Stamford - Dollar volume is down 8%. Strong August for sales, up 22%. Inventory down 3%

Avg house is $647,651 and condo is $329,230. Median house is $584,838, down 1%

Mill rate is 26.35 so the avg. tax bill is $17,065

Median tax bill is now $15,410

Weston - Dollar volume is down 2.5% and so is inventory after a weaker than usual August. Avg. house is $797,196. Median house is $699,000

Mill rate is 32.37 so the avg. tax bill is $25,805.

Median tax bill is now $22,626.

Westport - Dollar volume is down 27% Inventory down 14%. House prices are down 8% to $1.357 million. Condos prices are way down 23% to $479,939. Median is now $1,197,500, down 4%

Mill rate is 16.86 so the avg. tax bill is $22,879.

Median tax bill is now $20,189.

Wilton - Dollar volume is down 1% despite a decent August. Condo sales down 29%. Average house is now $790,787, condo prices down 17% to $329,127. Median is $722,500.

Mill rate is 28.53 so the avg. tax bill is $22,561.

Median tax bill is now $20,613.

$4,300,000 96 Woods End Rd, NC

$4,000,000 227 Lambert Road, NC

$3,475,000 507 Silvermine Road, NC

$2,800,000 49 Middle Ridge Road, NC

$2,900,000 27 Rippowam Road, NC

$2,749,000 175 Brookside Rd, Darien

$2,150,000 258 Wahackme Road *new price $2,200,000 1293 Ponus Ridge, NC

$1,995,000 83 Oak Street, NC *new price

$1,975,000 269 Dans Highway, NC

$1,800,000 431 Greenley Road, NC