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NEW CANAAN | DEC 9-15 Real Estate Market Stats & "A New Housing Boom"

The long-battered housing market is finally starting to get back on its feet. And some experts believe it could soon become another housing boom ...

A 'numbers' look at New Canaan's real estate market ... including new offerings shown above, and statistics that reflect the activity of our current inventory outlined in the weekly charts below.

NEW SINGLE FAMILY Residential Listings 

# of Properties 4 Listing Property Volume $  6,539,500 Listing Property Median $  1,575,000

ACTIVE SINGLE FAMILY Residential Listings

# of Properties 168 Listing Property Volume $437,590,398 Listing Property Median $    2,095,000 Average Days on Market 217

SINGLE FAMILY Residential Listings UNDER CONTRACT

# of Properties 5 Pending Property Volume $     9,264,000 Pending Property Median $     1,795,000 Average Days on Market 94

SINGLE FAMILY Residential Listings CLOSED

# of Properties    5 Closed Property Volume   $      8,612,000 Closed Property Median $      1,190,000 Average Days on Market 246

5 Single-Family Residential Property Transfers • Week of November 18

List $698,000 / Sold $678,000 . 533 Cheesespring Road . Colonnese to Ferguson

List $1,049,000 / Sold $930,000 . 104 Huckleberry Hill Road . Dowlng to Larkin 

List $1,190,000 / Sold $1,137,500 . 223 Hickok Road . Brindisi to Ives

List $2,725,000 / Sold $2,587,000 . 293 Weed Street . Brown to [withheld]

List $2,950,000 / Sold $2,950,000 . 51 Oenoke Lane . Engel to Brennan

Source . NC FLEX MLS

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Greetings !!!  I happened across this article by Chris Isidore on CNN Money, and wanted to share the good news ...

A NEW HOUSING BOOM

The long-battered housing market is finally starting to get back on its feet. But some experts believe it could soon become another housing boom.

Signs of recovery have been evident in the recent pick ups in home prices, home sales and construction. Foreclosures are also down and the Federal Reserve has acted to push mortgage rates near record lows.

But while many economists believe this emerging housing recovery will produce only slow and modest improvement in home prices, construction and jobs, others believe the rebound will be much stronger.

Barclays Capital put out a report recently forecasting that home prices, which fell by more than a third after the housing bubble burst in 2007, could be back to peak levels as soon as 2015.

"In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts," said Stephen Kim, an analyst with Barclays, in a note to clients.

In addition to what Kim sees as a big rebound in building, he's bullish on home prices, expecting rises of 5% to 7.5% a year.

Construction is expected to be even stronger, with numerous experts forecasting home construction to grow by at least 20% a year for each of the next two years. Some believe building could be back near the pre-bubble average of about 1.5 million new homes a year by 2016, about double the 750,000 homes expected this year.

"We think the recovery is for real this time around," said Rick Palacios, senior analyst with John Burns Real Estate Consulting. "If you look across the U.S. economy right now, there are only a handful of industries looking at 20-30% growth over the next 4-5 years, and housing is one of those."

Home builder stocks are up 162% in the last 12 months, led by a 250% jump at PulteGroup(PHM). Other leading builders including DR Horton (DHI), Toll Brothers (TOL), KB Home (KBH) and Lennar (LEN) have all seen their stocks more than double over that time. New orders at publicly-traded builders are up 30% since January, according to Kim.

Palacios said stocks in other sectors, from manufacturers of drywall to flooring to kitchen and bath fixtures, have all more than doubled as well this year.

The housing rebound can have a ripple effect that could help get the entire economy growing at a much stronger pace, which will add to more demand for housing.

"That turn in the [housing] market is occurring now and it should become a boom by 2015. It will be powerful enough ... to lift the entire U.S. economy," said Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary, in a column for the Financial Times.

Altman said he expects housing will add 4 million jobs to the economy over the next five years, as pent-up demand for home purchases drives building and and home prices higher.

It's amazing how the tide has turned ... everything I read or hear these days, regarding the housing industry, is positive - actually more than positive! Bloomberg reported that Goldman Sachs sees home building as an attractive investment, given that housing now has a "long list of positives" according to GS Analysts. The Washington Post too reports that Wall Street is betting on a strong housing recovery. Reuters reported that U.S. homebuilding permits touched their highest level in nearly four-and-a-half years in November, per a US Commerce Department report this past Wednesday. The recovery is on, real estate is back in the game and homes are trading ... sounds like the plan is for a return to 'normal,' doesn't it ?   &:>

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Thank you for taking the time to read my blog, 'brokerbeatNewCanaan on Patch,' published Thursday mornings in Local Voices.

Throughout the week please tune in to my features blog, brokerbeatNewCanaan, for daily posts with all things real estate, as well as tips for the entrepeneurial spirit and business-related insights.  

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

While I specialize in listing and selling in New Canaan and lower Fairfield County at William Raveis Real Estate, please know that all information contained herein is deemed reliable but is not guaranteed and ought to be independently verified. Call/text 203.644.5025, or email regina.brokerbeat@gmail.com, should you require assistance with any of your real estate needs.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Mark Pires December 20, 2012 at 01:36 PM
Glad to see I am not the only one drinking the Kool-Aid! I just added a new blog with some more data that reflects your opinions also, should be up shortly and it is clear as day that The market is hot and it's only getting better! Happy Holidays, Mark

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