First Quarter 2019 Real Estate Market Reports for New Canaan and all 16 Towns of Fairfield County, Connecticut

16 Individual Town Reports. To download full reports click on the links in-line and at the bottom.

New Canaan - Closings are up 20% this quarter. Pending sales are down by the same amount. First quarter sales have dramatically increased for the past 3 years. 42 may be the new normal, up from 20 to 34 in years prior. Average price is down to $1.338 million, about where it was in 2012-2013, and  now equal to Darien. Condo sales, 14% of the market, usually consistent, are down 42% from normal levels of 12 sales. Inventory is level with last year, 301 houses and 41 condos. Riverside - 7 closings versus a range of 13 to 19 in the last 8 years. Average price of $2.1 million is the low end of an 8 year range of $1.8 to $3.6 million. Inventory is level with last year, 89 houses. Riverside is performing consistently with the larger Greenwich market which is also starting late and also down to an average price point of $2.3 million.  Rowayton - 11 closings in the quarter, same as last year, within an 8 year range showing between 8 and 15 closings. Prices of $1.17 million are up 12% but sit in the middle of an 8 year range of $960,000 to $1.32 million.  Stamford -120 closings, down from 153 a year ago. Last year was exceptional and 120 is in the middle of an 8 year range of 93 to 153. Average prices ($565,000) are down for the second year in a row and are the lowest they’ve been in 8 years. Condos ($340,000) are at the high end of an 8 year range between $274,000 and $355,000. There was only 1 house sale over $1.5 million and 3 house sales over $1 million while 2 condos closed over $1 million.  Weston - 27 sales vs. 23 a year ago and the best year of an 8 year range of 17 to 24. The average price is down to $640,000, the fifth straight year of price decline from a high of $1,015,000 in 2014 and a low of $628,000 in 2012. Sales volume is up despite very low inventory of 140 houses.  Westport - First thought is "wow". 46 sales versus 84 a year ago, a 45% drop. Westport is struggling with the lowest total in 8 years by a substantial margin and the lowest average price they've seen in 8 years, $1,291,000, a number which has dropped for 4 straight years. The absorption rate is up from 10.2 months a year ago to 11.8 months of inventory now. Note, in the categories below $1.2 million the absorption rate has gone down.  Wilton - is looking good with a 17% increase in sales, 40 versus 34 a year ago and 15 additional sales pending, same as a year ago, despite a modest rise in inventory (10%) to 208 houses. Those 40 houses account for the second best quarter in 8 years (Each of the last 3 years has been above average.) Prices steadily climbed from $794,000 8 years ago to a peak of $944,000 in 2016 before returning to 2012 levels, currently $768,000. Wilton has much inventory and sales in the $500,000 to $700,000 category with 2 sales over $1.5 million in the quarter (same as last year) and 4 sales between $1.2 and $1.5 million (which is double that of last year).  Cos Cob - 9 sales in the first quarter is the worst start in 5 years, down from 18 and 14 the previous two years. However, Cos Cob is one of the few towns that experienced an increase in the average sale price, up 4% to $1,520,000 which is an 8-year high. Prior to this year the average price ranged between $1,209,000 and $1,489,000. Cos Cob has one of the lowest absorption rates at only 7.4 months of inventory, down 32% since last year.  Darien - Steady in sales, 42 is up from 40, and the 3rd best in 8 years, but like her sister New Canaan experiencing strength in the lower price categories bringing the average sale price down 8% to $1,335,000. The hope is that Darien has a late selling season like last year but the fear is that the 37% decrease in pending sales (20) is a harbinger of things to come.  Easton - The 21 sales versus 23 is unremarkable, as is a 10% increase in average sale price ($605,000). What is worth noting is the 26% decrease in inventory to 76, by far the biggest change in inventory levels in Fairfield County. The steady decrease in Easton's absorption rate (-30%) in a year to 7.7 months of inventory is impressive, and we note they have low absorption rates the top of the Easton market, over $1 million.  Fairfield - The number of sales has steadily risen in Fairfield for 8 years in a row to 142, up 8%. This year we saw a 5% decrease in average price to $724,000, 3% fewer pending sales, and an 8% increase in inventory. Condo sales also rose from 21 to 26 and now represents 18% of sales.  Greenwich - They say Greenwich will be the first to come out of the slump. Well, not this quarter. With only 39 sales, down 35% from a total of 60 a year ago, we are looking for good news and not finding it. Average price is down 15% to $2.466 million, pending sales are down 34%, inventory levels are up 10%. The reason is simple: there is far less inventory available in Greenwich at every level under $2 million and 7 fewer sales under $1 million. And, despite dramatic increases in inventory (34 houses) at every level above $4 million we had 11 fewer sales over 4 million than a year ago. The good news in Greenwich is that condo sales are steady at 24 while condo inventory has dropped 9% and the average condo closing has risen 27% to over $1.05 million, a new high water mark.  Norwalk - The number of houses sold is down a little, 5%, but is down two years in a row and is below the 8 year average. Prices went up a very small amount to $578,000, the highest point in 8 years. Condo prices are also at their highest point in 8 years, now $334,000. Norwalk only saw 2 sales over $1.5 million but the $1.0 to $1.5 million band was up from 1 sale to 7 sales, a 600% bump. The ratio between list and sale price is the highest in Fairfield County, 97.7% of asking, peaking in the categories below $500,000. where they sell at 99% of asking. The greatest number of active homes are in the $600,000 to $800,000 level where the absorption rate is 9.4 months of inventory, down from 12.4 months a year ago.  Ridgefield, Wilton, Westport, Darien and New Canaan Median Prices over 10 Years

Old Greenwich - Up 35% in closings from 14 to 19. Prices unchanged at $2.4 million. Inventory unchanged at 73 homes available. Condo prices and inventory also unchanged with a year ago. The 19 closings are a new 8 year high over a previous range of 9 to 16 sales. The average sale price of $2.4 million over the last three years is also significantly better than the previous five years which ranged from $1.5 million to $2.2 million. 8 pending sales tell us that this energy will continue into the second quarter. Old Greenwich is one of the few towns seeing steadily increasing inventory peaks over the last 3 years, enough to stimulate sales but not enough to disrupt pricing confidence.  Redding - Down 4 sales to 17 and down 15% in price to $455,000, but poised to make up for it immediately with 17 pending sales, up from 10 a year ago. Inventory is down from 95 to 84. Redding has had 4 solid years previously and we expect a rebound.  Ridgefield - 48 sales each of the last two years, and about average for the last 8 years. Prices are up 5% to $706,000 while inventory is down 5%. The number of listings in each category is consistent, year to year, while the sales came at the top and bottom of the price range. What is interesting is that condo sales which currently make up 45% of the Ridgefield market are down 26% and prices declined 15% while condo inventory Rose 39%  Fairfield County - At the end of March the supply of active single family homes was almost identical to the supply at the same time last year. Rowayton and Easton had the greatest price increases while New Canaan, Weston and Wilton saw the largest sales increases. Slow Day at the Open House? 1 min. video When the master bath makes a statement... What are they looking at?  Video: The Truth About Zillow and Realtors:

The Engel Team John Engel, Susan Engel, Melissa Engel and Charles Anello Licensed in Connecticut 203-966-7800 main 203-247-4700 cell/text jengel@halstead.com view my listings

Halstead’s Engel is year’s ‘Realtor Citizen’ for service to Town (Dec. 26, 2018)

Halstead’s Engel is year’s ‘Realtor Citizen’ for service to Town

DECEMBER 26, 2018 BY NEW CANAAN ADVERTISER

John Engel is this year’s ‘Realtor Citizen’ for his service to the Town of New Canaan. The New Canaan Board of Realtors’ Realtor Citizen of the Year is John Engel, center, with with board President Janis Hennessy, left, and realtor Jeanne Rozel.

John Engel has been selected Realtor Citizen of the Year for 2018 by the New Canaan Board of Realtors. The award is given to a New Canaan Realtor who exemplifies the qualities of professionalism, ethics, and willingness to devote time and energy to the real estate community and to the community at large, according to the New Canaan Board. 

“Halstead is proud to have John Engel on its team of professionals, and his service to our community is just exceptional,” said Sharon Daley, Executive Director of Sales for Halstead New Canaan, according to the announcement. 

Engel is an award-winning agent with Halstead, where he is part of the Engel Team that includes his mother Susan, a previous winner of New Canaan’s Realtor Citizen of the Year award. 

He has been a member of the New Canaan Town Council since 2011 and was elected chairman of the Council in 2017. He has been a board member of the New Canaan Land Trust since 2013, is a board member of Staying Put in New Canaan and an advisory board member for the New Canaan Historical Society. He is also a long-time member and past president of the New Canaan Rotary Club, was a board member for the New Canaan Outback Teen Center, and was on the New Canaan Zoning Board of Appeals from 2007 to 2011.

Engel who lives in New Canaan with his wife and four children, was a captain in the U.S. Army and served in the Persian Gulf War. He is a member of the New Canaan Veterans of Foreign Wars, Post 653.

Realtor Jeanne Rozel, a past president of the New Canaan Board of Realtors said in the release, “I worked with him on the board of appeals and I know what he has done for the town, so I’m glad that he’s being recognized for all he does for people.”

The October Market Report for New Canaan

The 2013 Graph of Listing and Selling Prices

The 2014 Graph of Listing and Selling Prices 

What the heck is happening?

Fall is here and with it should be the busy fall real estate market. But, the year-to-date sales numbers are awful: down 16% year to date, down 18% in the quarter and down 50% for the month. Sellers are scratching their heads and beginning to lower prices in response to a relatively high absorption rate of 11 months (vs. 9 last year) and inventory of 240 houses (vs. 200 at this time last year)

This is a comparison of the last two years of listing prices in New Canaan. The green spike in the middle of 2014 was a result of the sale of Beau Chateau ($14mm) and the Moellintine sale ($6.4mm) on Oenoke Ridge, both many years in the making. The sale of large homes causes the average and median sale price to rise and with it comes seller expectations. Now, after low volume in the June, July and August months we are seeing sellers reduce for the Fall season.

There is some energy in the market. Twenty-one houses went pending in September, almost double that of September, 2013. The total number of houses sold is down about 10% in Fairfield County but particularly in New Canaan. Perhaps its because our median sale price is way up. As has been the case all year the condo market in New Canaan remains very strong. For evidence see the third quarter condo list-to-sale price ratio, which for condos in New Canaan was just shy of 100%. 

Below is a link to our New Canaan Market Report recapping September and the first 9 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. Susan can be reached at 203-247-5999, and John at 203-247-4700.

Best regards,

Susan Engel and John Engel

Single Family: Absorption is at 11 months versus 9 at this time in 2013

Single Family: Sold to List Ratio seems Normal at 94% of Original Price

Condo Sales: Sold to List Ratio for the Condo Market is Stunning at 100%

For the full market report, click here.

Polishing the New Canaan Brand

New Canaan is a brand. The value of everyone's home is intimately tied to the strength of that brand. If you want to improve home values, to the degree it's possible, that brand must be polished, marketed and improved. The downtown, the schools, brick sidewalks, freshly paved roads, even the dog walk are all ways to distinguish New Canaan from the other strong towns from Westport to Scarsdale. New Canaan must not just be the best but be KNOWN as the best town in Connecticut and, indeed, in the entire New York City area. Distinguished as the best, storefronts will fill and property values will rise.

I believe our brand reputation will far exceed that of Darien, Wilton, Westport and Greenwich as we continue to do three things well. One, we have shown that with the finest schools, beautiful parks and safe streets New Canaan is the best place to raise a family. Two, ours must be a brand of paved streets and solid infrastructure without raising taxes. Three, our New Canaan brand stands for a community, not just a collection of houses, a community that comes together to play on our ball fields, march in our parades, teach and coach our children, discuss over coffee, sing on God's Acre, honor our Veterans, protect our Seniors, and shop in our downtown. We are a loved, and loving community and this is perhaps our strongest asset to the brand.

This is the essence of the New Canaan brand. I know this as a real estate agent but I don't get the sense that the town government is marketing our town that way. We might not have had to in the past but we need it in this day and age if we are looking to revitalize our downtown and rebuild the equity in our homes.

Part of the solution to most of the issues is the personal time and energy the Selectmen must put into working with the merchants, landlords, citizens and experts. The role of a Selectman is much more than attendance at some meetings and votes on issues presented. The job SHOULD take a great deal of time and energy. Getting a group together to save the theater and bookstore may have been completed at a Town meeting but it was assembled through a lot of time and energy on the street, leading.

During the debate you heard from my opponent that New Canaan needs an advertising campaign. I said no. That is not a solution borne of personal time and energy. I countered that it would take more than advertising on Metro North to turn things around and I suggested that the solution will come about from successful public/private partnerships. What does that mean?

New Canaan has a long history of utilizing public/private partnerships to address community needs: the Outback Teen Center, the Schoolhouse Apartments, the South Avenue Cottage, the Millport Apartments, and the new EMS building to name a few. If New Canaan's downtown is to be the vital center we all want, we cannot sit back and wait for things to happen. Nor can we simply throw money at the problem in the form of more studies and advertising. New Canaan needs a Selectman who will listen to ideas and then lead with a sense of urgency. New Canaan needs a Selectman who sees the role as an ombudsman for the town---a true representative, one who seeks continuous input and does something about it.

New Canaan needs a Selectman who is PROACTIVE, not one who merely weighs issues and reacts. New Canaan needs a Selectman who works closely with the Chamber of Commerce, who is constantly downtown, listening to merchants & residents, discussing current & upcoming challenges. New Canaan needs an action-oriented leader. The role of Selectman is defined by the person who fills it.

The people most vital to a vibrant town, the merchants and tenants downtown and the residents who shop there, don't have the time to come to all the town meetings. I make the time to come to them, talk to them, and I give them a voice despite their busy days.

If this resonates with you; if you agree that the role of Selectman is something more than playing a waiting game; if you want a Selectman who gives you a voice, who makes the time to connect, listen, and then lead in town hall, then please vote for John Engel for Selectman. New Canaan is a brand and I pledge to connect, listen and lead in order to build that brand.