Election Pause? The Engel Team's Market Report for Connecticut, November 2018

Westport, a little less expensive at $1.33mm, suffers a little bit less, volume down 9% in October and 2% for the year with prices down only 7% for the year.  Wilton where the average house is still under $800k (and condos under $400k), is seeing prices rise 4% (and 13%) for the year despite inventory levels rising 14% (and 33%) Rowayton sees inventory up 13%, prices and volume down. The median closing price fell 28% to $950,000 and the average condo is now only $316,000, down from $1.44 million. Greenwich, Wilton, Westport, Darien and New Canaan Median Prices over 5 years Greenwich had a soft October, but annual volume, prices and inventory are consistent with last year, 419 now for sale and 268 sold. Old Greenwich is up both in October and for the year, reversing a 5-year decline in volume that declined from 96 to only 60 sales in the previous 5 years. Now, sales are back to 70. Riverside is up in October, flat for the year, with fairly consistent volume for 8 years. Cos Cob prices and volume are up for the year, not surprising where the average home is $1.62 million, over $600,000 less than prices in Riverside and Old Greenwich.  Stamford and Norwalk Median Prices  Stamford and Norwalk are trending similarly. Down for the month, but flat for the year. Stamford shows 2 years of consistent sales volume and prices for both houses & condos. Houses remain at $580k, condos at $348k Norwalk shows average house prices holding at $613k while condos slip 6% to $280k despite a huge drop in inventory there of 34%

Hilltop Luxury Under Construction $4.8mm Classic cape with barns & river views (call) Elegant awesome: 507 Silvermine $4.18mm Striking: 269 Dan's Highway $2.3mm Current Listings of the Engel Team: 61 Sturbridge Hill, New Canaan $4.8mm 507 Silvermine Road, New Canaan $4.2mm 27 Rippowam Road, New Canaan $3.2mm 269 Dans Highway (VIDEO) $2.3mm 276 Park Street, New Canaan $1.4mm 921 North Wilton Rd, New Canaan $1.3mmCanaan Close #7 (VIDEO) $1.3mm  309 Park Street (VIDEO) $1.2mm  45 Sunrise Avenue, New Canaan $995k  65 Comstock Hill Ave, Norwalk $995k  88 South Avenue, (VIDEO) $799k  854 North Wilton Road, New Canaan $10k309 Park Street New Canaan $7800/mo 45 Sunrise Avenue, New Canaan $3500/mo

The Engel Team  John Engel, Susan Engel, Melissa Engel And Stephanie Sullivan  Licensed in Connecticut 183 Elm Street, New Canaan, CT 06840  c: 203.858.0266 o: 203.966.7800  EngelTeam@halstead.com  view my listings

Engel Team Market Report for Fairfield County Through August 31, 2018

Friends! Find out the state of Connecticut real estate by clicking on the links to the right. Of note:  * New Canaan July closings rebounded 7% August closings from 18 to 26, a 44% gain. * New Canaan annual $ volume was down 16%, now down 9.2%. Inventory up to 313.    * Rowayton closings down 55% Median price down 32% this year from $1.31mm to $885k  * Rowayton condo median down 77% to 316k * Greenwich closings up 39% in July, up 7% in August, up 3% for the year. Median up 3%  * Greenwich condo sales down 11% for the year, condo average down 3% to $893,527 * Stamford up in July, down 27% in August, flat for the year. Average and median $ level.  * Norwalk steady for July, August and 8 mos. * Norwalk condo inventory fell way off, 25.2% * Only Greenwich and Norwalk saw both median price & number of closings increase.  * New Canaan, Rowayton, Weston and Westport declined in closings and median $. * The most expensive towns (median $): Greenwich $1,850,000, up from $1,797,500 Darien $1,440,000, up from $1,400,000 (3%) New Canaan $1,380,000 down from $1.445 Westport $1,247,500 down from $1,340,500 Mortgage Rates Fall for Second Straight Week 30-year mortgage rates averaged 4.53% for the week ending August 16th, down from 4.59% the prior week. Rates have remained within a narrow range over the past few months, despite rising inflation data. One year ago rates were averaging 3.89% What Will Happen In the Next Year? If interest rates rise by .85 percentage points in the next year (using the average forecasts of Freddie, Fannie and the Mortgage Bankers Association) and housing prices rise only 2.6% then a typical mortgage payment will rise 13.3% from $804 to $910.  What Would Be the Effect on Real Estate Sales? According to a recent survey by Redfin, 21% of respondents said rates passing 5% would increase the urgency to buy a home, 27% would slow their search to see if rates come back down, and 6% said they would cancel their search altogether because of rising rates. 38% of respondents cited high taxes as their greatest concern. 77% expect home prices in their area to rise in the coming year. However, according to Sam Khater, deputy chief economist at CoreLogic, "If you look at the relationship between [mortgage] rates and [home] sales and home prices , the relationship is almost zero. That's shocking to most people. Even real estate people and finance people, they don't understand that." The first Engel video...and still my favorite: The video for 1380 Ponus Ridge $2,500,000 the video for 85 Carter Street    $1,399,000 the video for 88 South Avenue    $799,000 Engel Associates current listings: 61 Sturbridge Hill, New Canaan $4.8mm 507 Silvermine Road, New Canaan  (call) 27 Rippowam Road, New Canaan $3.2mm 1380 Ponus Ridge (VIDEO) $2.5mm 269 Dans Highway (VIDEO) $2.3mm 15 Richmond Hill (VIDEO) $2.3mm 276 Park Street, New Canaan $1.4mm 921 North Wilton Rd, New Canaan $1.3mm 289 New Norwalk Rd #7 (VIDEO) $1.3mm 309 Park Street (VIDEO) $1.2mm 474 Main Street, New Canaan $1.1mm 45 Sunrise Avenue, New Canaan $995k 65 Comstock Hill Ave, Norwalk $995k 88 South Avenue, New Canaan $799k 131 River Street, (VIDEO) $799k 109 Forest Street #14 New Canaan $739k 113 Locust Avenue (VIDEO) $699k 151d Heritage Hill Road New Canaan $435k 854 North Wilton Road, New Canaan $10k 309 Park Street New Canaan $7800 474 Main Street New Canaan $7200 113 Locust Ave New Canaan $4000 88 Heritage Hill Road New Canaan $2200 John Engel along with Susan Engel and now Melissa Engel and Stephanie Sullivan are Team Engel Associates at Halstead  Licensed in Connecticut 203-966-7800 203-247-4700 jengel@halstead.com view my listings

Trouble viewing this email? View in browser | Unsubcribe / Subscription Preferences