NEW CANAAN REAL ESTATE | At The Inflection Point?

NEW CANAAN REAL ESTATE | Yes, there is RECOVERY!!! A 'numbers' look at New Canaan's real estate market ... for the week of April 2 through April 8 ... including those properties new to market as well as the status of our current inventory.

New Canaan Real Estate Market Activity | April 2 - 8

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.


# of Properties  12 Listing Property Volume $24,056,500
Listing Property Median $  1,895,000


# of Properties 244 Listing Property Volume $587,637,800 Listing Property Median $    1,995,000 Average Days on Market 166


# of Properties 3 Pending Property Volume $     2,903,000 Pending Property Median $        859,000 Average Days on Market 132


# of Properties 2 Closed Property Volume $      6,525,000 Closed Property Median $      3,262,500 Average Days on Market 113

2 Single-Family Residential Property Transfers • Week of April 2

List $1,775,000 / Sold $1,750,000 . 4 Valley Lane . Bank of Oklahoma to Kater

List $4,750,000 / Sold $4,211,834 . 884 Oenoke Ridge . Milstein to Buttenhoff

Source . NC FLEX MLS



"The Gallup economic confidence index reached -20 in March, up from -22 in February — its highest level since Gallup daily tracking began in January 2008. The index has increased for seven straight months after falling to -52 during the federal debt crisis last August."

CORE-LOGIC. "When excluding distressed home sales, home prices rose 0.7% in February over January."

DSnews. "Most real estate agents are reporting “significant gains in buyer interest and sales,” and these gains are organic rather than incentive induced, according to the Wells Fargo economic team."

CLEAR CAPITAL. "The valuation firm Clear Capital released the results of its home price forecasting models this past Thursday. The company expects residential property values at the national level to show slight increases over the next three months, ending the year with a growth rate of 1.2 percent."

JPMC CEO Jamie Dimon on CNBC . “I believe that we’re very close to the inflection point.”

U.S. NEWS. "The first few months of 2012 have seen some pretty encouraging stats, but after years of nothing but bad news about the housing market, it can be hard to gauge what "normal" is anymore. According to new measure from real estate website Trulia, we're about a third of the way back to a normal housing market."

CNBC. "The Northeast residential real estate market is enjoying a resurgence, thanks to low prices and even lower interest rates."

MSN REAL ESTATE. "... even the worst-hit markets will begin to see improvement by 2012."

REALTOR.COM. "... key indicators suggest most of the housing market continues to be in a stabilization and recovery mode. Compared to a year ago, the total for-sale inventory is down by -23.2 % on the national level, declining in 145 of the 146 markets tracked."

ZILLOW. "Home sales will show a more consistent upward trend this year, slowly reducing the amount of vacant housing inventory. This increased demand will eventually start to put a floor under home values later this year."

NAR. "Paul Dales of Capital Economics told USA Today that he expects the spring selling season to 'be the best in four or five years' for the real estate industry."

All in all, quite a bit of good news, dontcha' think ???

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.

While I specialize in listing and selling New Canaan real estate, please know that all information contained herein is deemed reliable but is not guaranteed and should be independently verified. I would be happy to provide you with a free home evaluation, buying tips and strategies, and/or offer a subscription to 'Listing Book' which will provide you with daily MLS updates of properties currently listed, as well as inform you of properties that are new to market. Should you need that assistance, please call or text to 203.644.5025, or email to regina.brokerbeat@gmail.com.

J Bauer April 13, 2012 at 01:54 PM
hmm... 244 homes on the market, 12 new listings and only 3 going to contract. Recovery? If so, seems like a weak one. I will give you this though, the housing affordability index is approaching 200, which is a very positive sign but there are still massive inventories of homes with negative equity that will still need to go through foreclosure. Now that the documentation mess has been mostly cleaned up, some wall street firms are predicting between 1 and 1.5 million foreclosures will go forward over the next 2 years. Thats a lot of firesale properties to absorb. I'm rooting for the rebound, but still highly doubt it.
Four Jacks April 13, 2012 at 02:56 PM
Seriously? According to Zillow, the value of my home is down 35% from the peak, and has been at this level for quite some time.
S Tadik April 13, 2012 at 04:52 PM
To increase your property value, install sidewalks. The Tax Assessor confirms this. Before the budget season is over, request the Town to bond the expenditures and everybody can give up their daily cup of coffee for the greater good.


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