Last week at the Rotary Club we had a social media expert address the group. She told us to start off the subject line with a number to really get the reader’s attention. So, here goes the February Market Report with “231 Reasons to Buy in New Canaan”. Why 231 Reasons? Because that is how many single family homes we had listed in New Canaan on Feb. 1 this year, exactly 62 more than we had on the market one year ago.
- Area Sales: Once again its a mixed bag across the county. Sales are up 1% and dollar volume down 1% with Darien, New Canaan and Stamford showing strength and Wilton and Westport soft.
- New Canaan market: We take note of the precipitous 44% decrease in Pending Sales from 25 to 14. It illustrates perfectly the anxiety buyers are feeling this month. Add only 6 more Pending Sales for the trailing 30 days (ending today) and you see that this is an awful start to 2016.
- New Canaan Inventory: In January inventory was up 47 houses. In February it’s up 62 year over year. A whopping 33 houses came on the market in the first half of February alone. Surprisingly 24 out of 33 are new listings we did not see on the market last year. Unsold inventory from the end of last year has yet to re-emerge.
- Condos: Solid. 4 sales every month, 12 last quarter, 43 per year. Average price remains $870,000, reflecting continued demand for affordable housing in town. This is fresh inventory, turning over on average in 100 days. Of the 8 new listings this month we saw only 3 of them last year.
- Timing: We’ve told you 66% of homes listed in February sell within 90 days, making it the best month to list nationally. But, we found in New Canaan buyers typically wait until May and June to make a deal, as shown in the chart above. However, what you didn’t know is the spread between asking price and sale price is larger when snow is on the ground, making January the best time to make an offer:
John and Susan