China
and oil grabbed all of the financial headlines this month. What about
the Fairfield County real estate market? Glad you asked. Public Open
Houses are getting traffic. Pendings are up (17 versus 11 in the last 30
days) This is what is happening in the market in our area:
- Area Sales: We
told you Stamford, Darien, Wilton, Norwalk, Westport, Weston and
Ridgefield collectively show the number of sales is up 4.54% and $
volume up 3.3%. When you take out Westport and Ridgefield and add
Greenwich the county sales are up 9.3% and dollar volume down 3.1%
- New Canaan market: 243 house sales was the same as last year. This is 21 houses above our 10 year average of 222 single family home sales.
- New Canaan Inventory: We begin the year with 188 houses, up 47 houses and 33.3% year over year. Pretty soon we will stop talking about last year and accept that a range of 188-340 is the new normal
- Condos:
Much attention has been placed on the decrease in sales: down 37.7% for
the year. But as we said last month 2014 was exceptional and a
statistical aberration. We came in at the new normal level for sales (38
sales vs. the 9 year median of 45) and inventory (40 active vs the 9
year median of 47).
- Pendings: Pendings are up in New Canaan houses (16 vs. 12 at year end) & down for condos (2 vs 5).
Interest rates will rise this Spring and the
psychological impact cannot be overestimated. A rising tide could impart
a newfound sense of urgency to both buyers and sellers. Sellers may
accept the diminished buying power and borrowing power of buyers.
Lookers, fearing a market slipping away from them, may become buyers.
We have the inventory; tThis Spring should see more deals at all levels.
Below is a link to
our January Market Report, which includes detailed information on the
market this past year. If you would like to discuss the report, or if
you have any other questions, feel free to contact us at 203-247-4700
(JE) or 203-247-5999 (SE)
.
Best regards,
John and Susan
If you want a condo that's in the downtown this is
the one. High ceilings. Beautiful wood floors. Gardens. Owner is
highly motivated to make a deal this winter. Bring it.
A beautiful brick end unit at Pride's Crossing means
twice as many windows, double the light. The garage is a few steps from
the patio. The basement is finished.
One of the few examples under $1.5 on the West side,
this immaculate house offers privacy, a play yard and a view of the
river.
A 2014 built condo, top of the line kitchen, 2
garages, Geothermal heating & cooling, with views of a forest and
pond with flat sidewalks into town.
NEW construction along Mead Park. The front house
has a first floor master. The rear house borders the park.
Very private townhouse in the newer portion of
Canaan Close features 3 large bedrooms (with ensuite baths) and 6
private balconies or decks overlooking the 5 Mile River
Yes, its an important midcentury modern. But, it's
an absolutely livable and fun modern house with the finest materials, a
gourmet kitchen, pool and attached garage. And, at this price you simply
cannot find a better modern.
Maybe the best poolside entertaining in New Canaan.
Consider it has the grandest soaring front foyer. This is an important
house, showing like new, not to be missed.
1083 Smith Ridge - $4.200,000
Everybody who enters this house says "Wow
" Four
levels of beautifully finished space & high ceilings, includes a
gourmet eat-in kitchen, adjoining family room & lower level spa
opening to the outdoor pool. A paneled library, with fireplace, terrace
& alcove is a godsend. See the video of 1083 Smith Ridge.
The quintessential family compound on the
banks of the Five Mile River includes a gracious main house with river
views, a separate studio/office, a guest house and the expertly
designed, award-winning party barn. The peaceful, 2.6 acre property is
bordered by 2.4 acres of Land Trust and the river.
See the video of 227 Lambert Road here.
