Market Trends Archives

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“From the Boroughs to the Burbs” Panel Discussion on ZOOM with 5 Experts from around Fairfield County and New York City

This past Tuesday John Engel hosted a lively discussion on changes in the New York residential market and its immediate impact on the suburban market, particularly the Gold Coast of Connecticut. We learned from chief economist Greg Heym when New York might bounce back. Darien’s 1st Selectman Jayme Stevenson responded with yet another tax cut. Scott […]

The Heat Map

New Canaan Neighborhood Change Analysis

The Engel Team’s September Market Reports

16 Individual Town Reports. To download full reports click on the town names. Or go to the bottom of the page. This month we looked at total dollar volume as an indicator of market health. Three towns stand out posting solid dollar volume numbers: Darien, Old Greenwich and Rowayton. The rest […]

First Half Market Report for Fairfield County, Connecticut

16 Individual Town Reports. To download full reports click on the links at the bottom of the email. This is the 6 month report for Fairfield County. Good news: interest rates at record lows, 3% Bad news: there is little urgency among buyers Good news: budget skips tolls & regionalization Bad news: state budget […]

Chairman’s View: The Best Small Town in America (New Canaan Advertiser June 13, 2019)

New Canaan was just named one of the “15 Best Small Towns to Visit in 2019” by Smithsonian magazine. Every year their editors search the entire country for places that sing to our imaginations and offer a distinct sense of place. New Canaan is now recognized as the best of small town America. That’s some […]

TOWN OF NEW CANAAN PRESS RELEASE TOWN COUNCIL APPROVES FY2020 BUDGET OF $150.94 MILLION — DECREASE OF 0.43% IS THE LOWEST IN LAST 10 YEARS FUNDS TO BE RAISED BY TAXES DECLINES 0.56% — FIRST DECLINE IN MORE THAN 10 YEARS

The Town Council on April 4th approved a Total Expenditure Budget of $150.94 million for fiscal year 2019-20, representing a decrease of 0.43% over the current fiscal year’s amended budget expenditure of $151.58 million. This is the first decline in more than a decade. The funds to be raised by taxation declined to $139.23 million […]

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 […]

John Engel’s New Canaan Market Report for July 2018, part 1

The number of sales is down 23.8% this year in New Canaan, 96 versus 126 last year. If we go back 3 years we see sales of 100 and 119. In that context 96 is not nearly so alarming. Zillow calls it a “buyer’s market” saying home values have declined 1.3% in the last year. […]

Market Report through August 2017

To download the entire market report as a PDF, click here. House closings: The 172 house closings in New Canaan over the first 8 months of 2017 is a 26.5% increase vs. the same time frame in 2016. The difference has been seen entirely in the under $2 million price point, where New […]

Market Report Through July 31 2017-Reflection and Renewal

Market Report Through July 31, 2017 and Reflections on the NCAdvertiser Story

According to today’s New Canaan Advertiser: Home sales up 28% year-to-date; growth at points under $2 million I think that this feels a little optimistic and can be a bit misleading for a couple of reasons the comparisons are only made between this year and last year. 2016 was an unusual year with record levels of […]

Market Report Notes for May 2016

The Noyes-Graff House of 1966, coming on the market tomorrow at $1.78 million We are getting a lot of panicked questions about the market this month because of the unusually high inventory levels. Why so many houses? Are there any buyers out there? What do I have to do to sell my house? Why isn’t […]

The March Report: 270 Single Family Listings and Rising…

When Do Deals Get Made in New Canaan? Pride’s Crossing #9 $888,000 new listing TODAY. It won’t last. 29 Maple Street condo $899,000 now staged and looking great 108 Toby’s Lane $1,350,000 returning to the MLS in March 213 Old Stamford Rd. $1,499,000 […]

Comparing Two Years of House Sales by Neighborhood in New Canaan

I just crunched the numbers on the last two years of closed listings in New Canaan. I sorted the list by school zone: East, South and West Fascinating spreadsheet. South East West Original Asking $1,571,742. $1,861,635 $2,350,986. Final Asking $1,543,084. $1,784,402 $2,265,602. Sold Price $1,489,605. $1,702,498 $2,129,125. Percentage of Orig 94.77% 91.45% 90.56% Avg. […]

Want to Open a Restaurant? New Canaan has Options For Restaurants of All Sizes

Just listed: A profitable little restaurant on Elm for $295,000. To get more information about exactly how profitable this restaurant is you’ll have to sign a confidentiality statement (I did) but if you are looking for a restaurant location and you can do it in 1200 feet then this might be the ticket. For more […]

New Canaan Property Values on the Decline?

Nelson Oliveira of The New Canaan News did a story this week on the current revaluation taking place. While he got most of it right and property values are down an average of 2.8%, it is impossible to paint the whole market with one brush. http://m.newcanaannewsonline.com/default/article/New-Canaan-property-values-on-the-decline-5214576.php Of note, they quoted me saying: […]

Year End Report 2011

YEAR END REPORT 2011 The real estate market has stabilized. We are getting more of the distressed properties sold and out of the bank system. It was predicted that Shadow Inventory (foreclosed or ready for foreclosure homes) would flood the market. Well, it never happened. Foreclosure filings in Connecticut dropped sharply in 2011 compared […]

New Canaan Home Sales: What Sold in 2011?

The median sales price is up 9.4% The average sales price is up 11.90% Days on market fell since this time last year, 5.64% average and 7.14% median drop. And, although not shown on this report, the Absorption rate shows we are down to 12 months of inventory, down from 14.4 months.

Engel Has Ear to the Ground

Editor, Advertiser, I am writing this letter in support of John Engel for Selectman. John is a person who’s involved himself in the town of New Canaan for many years. By way of example, he’s a regular at the New Canaan Advertiser coffees; but what’s important for voters to know is that he’s attended the […]

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