Real Estate • Reviewing February 7-13, 2011

New Canaan Real Estate Market Activity • Reviewing the Week of February 7

As a New Canaan Realtor, I really don't like to ‘spin’ real estate trends to make them sound positive when they are not.  I can’t imagine looking someone in the eyes and telling them it’s a good time to buy or sell if I think it isn’t. And I know as well as anyone else that the economy can swing around and give us a nip, just when we 'thought it was safe to go into the water.'

That being said, I will tell you that I do think the 2011 New Canaan real estate market is starting out as strongly as I anticipated, and perhaps a bit sooner than expected, especially given the debilitating weather.  There appears to be much more optimism, as well as a sense of continuance (in the uptick :) than there was a year ago, and I expect that to be reflected in market reports that give us substantial property transfer information a few months from now. Remember however, that while these stats are very helpful, they do lag real estate trends by several months simply because they rightfully rely on tracking closed sales.  One can usually count anywhere between 45 to 60+ days from the time a home is under contract to the time it closes, so that by the time the closed sales numbers are available to the public you’re really looking at a market that’s at least three to six or more months old, depending on how quickly an accepted offer was had after initial listing.  Keep that in mind the next time you read an article or report that says the real estate market is hot (or not), your best source for current market trends is always someone who lives real estate day to day – your local New Canaan real estate agent, a full-time professional who is fully engaged in the acquisition and disposition of real property.

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

ACTIVE SINGLE FAMILY RESIDENTIAL LISTINGS

SINGLE FAMILY RESIDENTIAL LISTINGS ACCEPTED OFFER OR UNDER CONTRACT

SINGLE FAMILY RESIDENTIAL LISTINGS CLOSED

Source: FLEX New Canaan Multiple Listing Service 

2 Property Transfers • Week of February 7th

66 Kimberly Place . $1,165,000 . Gidley to Ryan . 35 DOM

74 Thayer Drive. $3,050,000 . Pozuelo to Reik . 133 DOM

Source: New Canaan Town Hall, NC MLS

Sneak Peek • See tomorrow morning's post of The Real Deal for this weekend's Public Open House information. The Real Deal's new feature, The Big Deal, will post on Sunday - please check back!

As always, thank you for perusing my column on New Canaan Patch – real estate never ceases to be a favorite and well-discussed topic of conversation. Also, many thanks for the kudos and comments – they are much appreciated, as is your readership. Suggestions continue to be most welcome.

Always my best, Regina