Real Estate Market Review | April 18-24, 2011

PRICE REDUCTIONS -

AKA the 'Results' of  Negotiation

Trulia has a new Home Offer Report that is a remarkable map — it shows the result of negotiation between homebuyers and sellers through recently collected empirical data. The current reveal shows how strong or weak the real-estate market is in every zip code of the country as the first quarter of 2011 is analyzed.

The three key metrics are

1. How long a house typically stays on the market before the owner reduces the price
2. The size of the price reduction, and
3. The likelihood of another price reduction

Following are my findings for New Canaan versus our neighbors - there are similarities, but it is the differences that find our village in good light with regard to recovery !

New Canaan Darien Greenwich Westport Avg List Price $2.275M $2.325M $3.325M $2.025M Days Before 1st Price Reduction 89 days 75 days 75 days 69 days Average Price Reduction 7% 6% 7% 6% Probability of 2nd Price Reduction 16% 29% 31% 32%

The need for a second price reduction falls 47-50% in New Canaan by comparison to neighboring communities - our knowledgeable realtors, having a good feel for the pulse of the market, are pricing and correcting properly, and houses are selling ... what could be better? 

Source: Trulia

 

New Canaan Real Estate Market Activity • Week of April 18th

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 7 Listing Property Volume $11,614,000 Listing Property Median $  1,795,500

ACTIVE SINGLE FAMILY RESIDENTIAL LISTINGS

# of Properties 224 Listing Property Volume $577,097,699 Listing Property Median $    1,995,000 Average Days on Market 171

SINGLE FAMILY RESIDENTIAL LISTINGS UNDER CONTRACT

# of Properties 4 Pending Property Volume $     7,623,000 Pending Property Median $     1,997,000 Average Days on Market 27

SINGLE FAMILY RESIDENTIAL LISTINGS CLOSED

# of Properties 0                   
Sold List Volume
Sold List Median
Average Days on Market

0 Single-Family Residential Property Transfers • Week of April 18th

Source: NC MLS

 

Thank you for taking the time to read my column in Patch, new posts of the Real Estate Report publish weekly on Thursday. Weekend Public Open Houses are brought to Patch readers Friday mornings. Please be sure to check back!

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.