Community Corner
NEW CANAAN REAL ESTATE | Spring Looks Bright !!!
A 'numbers' look at New Canaan's real estate market ... for the week of March 19 through March 25 ... including those properties new to market as well as the status of our current inventory.
New Canaan Real Estate Market Activity | March 19 - 25
Photos of new market offerings listed during the past week are shown above, and the statistics for market activity are outlined in the weekly charts below.
NEW SINGLE FAMILY RESIDENTIAL LISTINGS
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Listing Property Median $ 2,050,000
ACTIVE SINGLE FAMILY RESIDENTIAL LISTINGS
# of Properties 219 Listing Property Volume $524,618,300 Listing Property Median $ 2,095,000 Average Days on Market 182SINGLE FAMILY RESIDENTIAL LISTINGS UNDER CONTRACT
Find out what's happening in New Canaanwith free, real-time updates from Patch.
Pending Property Median $ 1,472,000 Average Days on Market 96
SINGLE FAMILY RESIDENTIAL LISTINGS CLOSED
# of Properties 2 Closed Property Volume $ 3,358,500 Closed Property Median $ 1,679,250 Average Days on Market 2372 Single-Family Residential Property Transfer • Week of March 19
List $1,399,000 / Sold $1,100,000 . 120 Rosebrook Road . Aliapoulios to Bliss
List $1,959,500 / Sold $1,959,500 . 264 Ponus Ridge Road . Wind to Brown
Source . NC FLEX MLS
PENDING HOME SALES SOLIDLY HIGHER THAN LAST YEAR
The Pending Home Sales Index, a forward-looking indicator based on contract signings, eased 0.5 percent to 96.5 in February from 97.0 in January but is 9.2 percent above February 2011 when it was 88.4. The data reflects contracts but not closings.
Lawrence Yun, NAR chief economist, said we’re seeing the continuation of an uneven but higher sales pattern. “The spring home buying season looks bright because of an elevated level of contract offers so far this year,” he said. “If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”
The PHSI in the Northeast slipped 0.6 percent to 77.7 in February but is 18.4 percent above a year ago. In the Midwest the index jumped 6.5 percent to 93.8 and is 19.0 percent higher than February 2011. Pending home sales in the South fell 3.0 percent to an index of 105.8 in February but are 7.8 percent above a year ago. In the West the index declined 2.6 percent in February to 99.3 and is 1.8 percent below February 2011.
Here in New Canaan our pending single family residential (SFR) properties and sales for the first quarter of the past five years track this way ... we are anything but 'national' in our statistics:
New Canaan Pending and Sold Properties . 1st Quarter
Year # SFR Pending # SFR Sold TOTAL Contracts 2008 41 32 73 2009 15 7 22 2010 35 26 61 2011 34 46 70 2012 24 42 66Essentially only one "off" year, 2009, in our lovely village ... the ups and downs of the remaining four shown are negligible ... but clearly, our real estate market has made solid gains !!!
Source: realtor.org, FLEX MLS
Thank you for taking the time to read my column in Patch, new posts of 'brokerbeatNewCanaan on Patch' publish weekly on Friday mornings.
My very best, Regina
brokerbeatNewCanaan ... bringing real estate to life.
All information is deemed reliable but is not guaranteed and should be independently verified.
