Health & Fitness
First Half 2012 Market Report for New Canaan
A very soft first half for New Canaan real estate. The volume of sales is down 20% and pending sales, an indicator of future sales, is down 33%. Sales over $2 million are down 58% from 2011.
We have hit the midway point for 2012 and I want to share with you the following statistics related to single family home sales and compare them to where we were at this point a year ago. The market has clearly gotten softer, and based on pending sales will remain soft for the next few months.
- The average and median list price has remained the same as last year, within 3%
- The average and median sale price has decreased 19.4% and 10.1% respectively.
- The number of sales has decreased 19.8%, from 111 to 89.
- The number of pending sales has decreased 32.8%, from 128 to 86.
- The number of sales in the top half of the market (over $2 million) has decreased 58%, from 45 to 19.
Sellers seem to be buoyed by national media reports of a rebounding housing market and are keeping their prices firm. Meanwhile, buyers are exceedingly cautious and are making fewer deals and are making them at lower prices.
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