|The 2013 Graph of Listing and Selling Prices|
|The 2014 Graph of Listing and Selling Prices|
What the heck is happening?
Fall is here and with it should be the busy fall real estate market. But, the year-to-date sales numbers are awful: down 16% year to date, down 18% in the quarter and down 50% for the month. Sellers are scratching their heads and beginning to lower prices in response to a relatively high absorption rate of 11 months (vs. 9 last year) and inventory of 240 houses (vs. 200 at this time last year)
This is a comparison of the last two years of listing prices in New Canaan. The green spike in the middle of 2014 was a result of the sale of Beau Chateau ($14mm) and the Moellintine sale ($6.4mm) on Oenoke Ridge, both many years in the making. The sale of large homes causes the average and median sale price to rise and with it comes seller expectations. Now, after low volume in the June, July and August months we are seeing sellers reduce for the Fall season.
There is some energy in the market. Twenty-one houses went pending in September, almost double that of September, 2013. The total number of houses sold is down about 10% in Fairfield County but particularly in New Canaan. Perhaps its because our median sale price is way up. As has been the case all year the condo market in New Canaan remains very strong. For evidence see the third quarter condo list-to-sale price ratio, which for condos in New Canaan was just shy of 100%.
Below is a link to our New Canaan Market Report recapping September and the first 9 months of 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 can be reached at 203-247-5999, and John at 203-247-4700.
Susan Engel and John Engel
|Single Family: Absorption is at 11 months versus 9 at this time in 2013|
|Single Family: Sold to List Ratio seems Normal at 94% of Original Price|
|Condo Sales: Sold to List Ratio for the Condo Market is Stunning at 100%|
For the full market report, click here.