Real Estate Market Review | 1st Qtr 2011

The First Quarter in Review:

As a Realtor in town, I'd say that these are three very welcome statistics to report:

 Current inventory is two units short of  last year, with 206 single family properties on the market — a 'less than one would think' number.

• 2009 showed 290 actives
• 2008 was at 271 
• 2007 had 225 homes available
• In 2005, our 'best' year, there were 249 single family units of inventory. 
• At this point, there is no 'glut', for sure.   5-Stars Earned!

43 single family property offerings are pending — nearly 25% higher than last year. Remember, too, that last year was significantly higher than '09 — no surprise there — but the idea is a continued upward trend :)    Another 5-Star Stat!

Solds are up nearly 30% over 2010. And remember that 2010 units sold were up 39-41% over that dreaded year before, 2009.   Yet another 5-Star Report!

New Canaan real estate is very obviously trending in the right direction ... we are a niche market where the recovery process is taking hold.  Can we all breathe a collective sigh of relief?  Everyone believe, and say "Yea!!!"

New Canaan Real Estate Market Activity  •  Week of March 28

Above to the right are photos of new market offerings listed this past week, and below are the statistics for market activity.

NEW SINGLE FAMILY RESIDENTIAL LISTINGS - photos & pricing displayed above

# of Properties  9 Listing Property Volume $12,082,900
Listing Property Median $  1,075,000

ACTIVE SINGLE FAMILY RESIDENTIAL LISTINGS

# of Properties 206 Listing Property Volume $557,262,549 Listing Property Median $    2,097,500 Average Days on Market 177

SINGLE FAMILY RESIDENTIAL LISTINGS UNDER CONTRACT

# of Properties 6 Pending Property Volume $     8,373,000 Pending Property Median $     1,447,000 Average Days on Market 147

SINGLE FAMILY RESIDENTIAL LISTINGS CLOSED

# of Properties 3 Closed Property Volume $    4,790,000 Closed Property Median $    1,495,000 Average Days on Market 222

Source: FLEX New Canaan Multiple Listing Service.  

3 Single-Family Residential Property Transfers • Week of March 28

$2,400,000 . 42 Dan's Highway . Reid to Strine

$1,87,000 . 46 Ludlowe Road . Warren to 46 Ludlowe Rd., LLC

$700,000 . 621 Old Stamford Road . Goetz to Mulcahey

Source: NC MLS, NC Town Hall Records

 

Thank you for taking the time to read my column in Patch, new posts of the Real Estate Report publish weekly - Thursday and Friday.

My very best, Regina ... bringing real estate to life.

regina | brokerbeat

All information is deemed reliable but is not guaranteed and should be independently verified.