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.
Susan Engel and John Engel
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
|52 Mariomi Road GONE
new listing, just sold
|82 Beacon Hill
3 acres new listing
sneak peek $2.0 mm
call (203) 247-5999
|20 Toilsome Avenue
great value $475,000
|New Canaan Sales 2003|
|New Canaan Sales 2014|