China and oil grabbed all of the financial headlines this month. What about the Fairfield County real estate market? Glad you asked. Public Open Houses are getting traffic. Pendings are up (17 versus 11 in the last 30 days) This is what is happening in the market in our area:
- Area Sales: We told you Stamford, Darien, Wilton, Norwalk, Westport, Weston and Ridgefield collectively show the number of sales is up 4.54% and $ volume up 3.3%. When you take out Westport and Ridgefield and add Greenwich the county sales are up 9.3% and dollar volume down 3.1%
- New Canaan market: 243 house sales was the same as last year. This is 21 houses above our 10 year average of 222 single family home sales.
- New Canaan Inventory: We begin the year with 188 houses, up 47 houses and 33.3% year over year. Pretty soon we will stop talking about last year and accept that a range of 188-340 is the new normal
- Condos: Much attention has been placed on the decrease in sales: down 37.7% for the year. But as we said last month 2014 was exceptional and a statistical aberration. We came in at the new normal level for sales (38 sales vs. the 9 year median of 45) and inventory (40 active vs the 9 year median of 47).
- Pendings: Pendings are up in New Canaan houses (16 vs. 12 at year end) & down for condos (2 vs 5).
Interest rates will rise this Spring and the psychological impact cannot be overestimated. A rising tide could impart a newfound sense of urgency to both buyers and sellers. Sellers may accept the diminished buying power and borrowing power of buyers. Lookers, fearing a market slipping away from them, may become buyers. We have the inventory; tThis Spring should see more deals at all levels.
Below is a link to our January Market Report, which includes detailed information on the market this past year. If you would like to discuss the report, or if you have any other questions, feel free to contact us at 203-247-4700 (JE) or 203-247-5999 (SE) .
John and Susan
If you want a condo that’s in the downtown this is the one. High ceilings. Beautiful wood floors. Gardens. Owner is highly motivated to make a deal this winter. Bring it.
A beautiful brick end unit at Pride’s Crossing means twice as many windows, double the light. The garage is a few steps from the patio. The basement is finished.
One of the few examples under $1.5 on the West side, this immaculate house offers privacy, a play yard and a view of the river.
A 2014 built condo, top of the line kitchen, 2 garages, Geothermal heating & cooling, with views of a forest and pond with flat sidewalks into town.
NEW construction along Mead Park. The front house has a first floor master. The rear house borders the park.
Very private townhouse in the newer portion of Canaan Close features 3 large bedrooms (with ensuite baths) and 6 private balconies or decks overlooking the 5 Mile River
44 Benedict Hill – $1,799,000 The Evans House
From 1960, one of the most striking and pure examples of midcentury modern architecture in the world, period. Put this one on your bucket list. Now rented for 2016/2017. See the video of architect James Evans discussing it here.
1380 Ponus Ridge Road – $2,550,000 Willis Mills House
Yes, its an important midcentury modern. But, it’s an absolutely livable and fun modern house with the finest materials, a gourmet kitchen, pool and attached garage. And, at this price you simply cannot find a better modern.
You say you want charm and character from the 1930’s, but updated. You want a “football field” flat lawn. And, you’d like to live on Ponus. This is the house for you. See the video of 1094 Ponus’s sunset views here.
Maybe the best poolside entertaining in New Canaan. Consider it has the grandest soaring front foyer. This is an important house, showing like new, not to be missed.
1083 Smith Ridge – $4.200,000 Everybody who enters this house says “Wow ” Four levels of beautifully finished space & high ceilings, includes a gourmet eat-in kitchen, adjoining family room & lower level spa opening to the outdoor pool. A paneled library, with fireplace, terrace & alcove is a godsend. See the video of 1083 Smith Ridge.
The quintessential family compound on the banks of the Five Mile River includes a gracious main house with river views, a separate studio/office, a guest house and the expertly designed, award-winning party barn. The peaceful, 2.6 acre property is bordered by 2.4 acres of Land Trust and the river. See the video of 227 Lambert Road here.