Team Engel January 2015 Market Report

Dear Friends,
 
Often we get caught up in month to month swings. After a big October (sales and pendings) the pan came off the fire and things cooled down in December. It is time to reflect on 2014.
 
- Double digit increases in median and average price show us that buyers and sellers are finally meeting on homes over $2 million
 
- 242 closings is down from last year, but above average for the last five.
 
- the Condo market was strong and will stay strong with too little inventory to meet demand: 68 sales last year versus 47 previously.
 
- Interest rate fears have begun to impart a sense of urgency.  Buyers who were content to to wait for a deal are running out of time. Sellers will be anxious to sell before rates rise later this year. It should be a brisk Spring.  

Note, on page 7 of the Market Report "February is historically the best month to list, with an average of 66 percent of homes listed then selling within 90 days . . . home sellers were better off listing their homes in the winter than during other seasons." 

How about the rest of the towns around us?  Wilton, Greenwich and Stamford are experiencing a similar 10% decrease in sales volume (but Wilton has not seen the corresponding uptick in prices). Darien's volume is merely flat amid modest pricing gains. Rowayton stands out in the county with double digit gains in both volume and prices.

Below is a link to our New Canaan Market Report recapping December and 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.
 
Best regards,

Susan Engel and John Engel
203-247-5999     203-247-4700

 
 PLEASE CLICK HERE FOR THE JANUARY MARKET REPORT
          
               
       listing prices                    number of listings                 absorption rate              sold to list ratio
  new median list falling       240 is high for Dec                9 months is high             back down to 94%  
           
                                                                                           

106 Dunning Road
$2.0 million
outstanding house

52 Mariomi Road  GONE 
new listing, just sold

82 Beacon Hill
3 acres new listing

Modern House
sneak peek $2.0 mm
in-house exclusive

Oenoke Lane
sneak peek
call (203) 247-5999

20 Toilsome Avenue
great value $475,000

New Canaan Sales  2003

New Canaan Sales  2014

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.