WHAT IS MY HOME WORTH? NEW CANAAN, CT JULY 2015

July 18, 2015 scroll to read ...
What is my home worth in lower Fairfield County - specifically, New Canaan, CT? Are prices up or down? Are houses selling more quickly?

WHAT IS MY HOME WORTH? NEW CANAAN, CT JULY 2015

LIVING IN NEW CANAAN, CONNECTICUT

As you can see, we have a cyclical market - busy in the spring, and again a rise in activity in the fall. The number of home sales is always slightly variable, with some months up, and some months slightly down. There was a spike in sales in October of last fall, and again in June of this year. Sales closed in June are a result of offers in March and April. The market in most of lower Fairfield County was "HOT" in March through June with competitive bidding wars, so we will see how future numbers of sales come through.

As you can see from the graph above, the list to sales price ratio is getting up pretty high. This is usually an indication that there is some competitive bidding on homes. This number is an average for the month, so there are still some homes that are bringing the average down. But, conversely, there are some homes going for higher than list price.

The average sales price for New Canaan homes for sale in the first half of this year was $1,600,000. In March, the average sales price spiked to $2,075,000. January and February are lower priced months probably because there were no premium homes offered on in November / December of last fall. Conversely, some very expensive homes may have been offered on in January to bring that average for March way up.

The homes in New Canaan sat on the market a little longer last year than the surrounding towns' homes.

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The recorded average sales price of homes in New Canaan, CT for the period of 2007-2012 was one of decline, as it was for the rest of the area. If you look at the chart below that, you will see that the real estate market began to recover in 2012, - AND, depending on the town, some recovered more quickly than others.

AND, here below we are on a steady increase - Hooray!

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