New Canaan Real Estate | MARKET STATS & HOUSING STARTS

New Canaan Real Estate Market Activity . May 14 - 20

Photos of new market offerings listed during the past week are shown above, and the statistics for market activity are outlined in the weekly charts below.

NEW SINGLE FAMILY Residential Listings 

ACTIVE SINGLE FAMILY Residential Listings

SINGLE FAMILY Residential Listings UNDER CONTRACT

SINGLE FAMILY Residential Listings CLOSED

6 Single-Family Residential Property Transfers • Week of May 14

List $825,000 / Sold $750,000 . 112 Locust Avenue . Brown to Gaal

List $775,000 / Sold $750,000 . 104 Shaker Road . Winikoff to Bach/Ritchie

List $849,000 / Sold $815,000 . 51 Field Crest Road . Wall to Cieplucha

List $1,050,000 / Sold $1,050,000 . 251 Laurel Road . Nelson to Chapin

List $1,949,000 / Sold $1,860,000 . 449 Valley Road. Riley to Legge

List $1,895,000 / Sold $1,885,000 . 890 Silvermine Road . Legge to Logi

Source . NC FLEX MLS

HOUSING STARTS

The headlines last week were once again mostly about Europe and Greece, and of course speculation regarding the Facebook IPO :)

Most of the US economic data was at or above expectations this past week. Housing starts were solid as the rather slow housing recovery continues. [Notice that we are in recovery!] Industrial production increased, and mortgage delinquencies continue to trend downward. It is important to recognize that when construction activity picks up it is an early leading indicator that the business cycle is expanding. Housing starts are a measurable economic factor that changes before the economy starts to follow a particular pattern or trend.

While the US economy still remains somewhat sluggish, housing starts did increase during the past few months. Total housing starts were at 717,000 in April, up 2.6% from the revised March rate of 699,000. Note that March was revised up sharply from 654,000 to 699,000 from the previous month. Single-family starts increased 2.3% to 492,000 in April. March was revised up to 481,000 from 462,000.

Total starts are up 50% from the bottom, and single family starts are up 39% from the low, nationally. As usual, New Canaan does not really follow national figures. Our sales of new construction had dipped just a bit during the 'down' years, but it seems we have rebounded nicely:

*The available new construction inventory (never sold), with an $8M spread in asking price, is quite interesting: 1 offering is a 2007 build, 2 were built in 2008, 1 from 2009, 2 built in 2010, and 1 in 2011. There are 13 homes now under construction and in various stages of completion, with 7 additional listings not yet started. Hmmm ... add in the 5 properties that have already traded and we can reasonably speculate that starts this year are nearing last year's new construction sales ... what, a potential 100% absorption rate ? ... CALLING ALL BUILDERS !!!

Let's remember, housing starts help create estimates for other consumer-based indicators ... the business cycle may finally be expanding ... and we all know that trending up is a good thing !!!

Source . CalculatedRisk, FlexMLS

Thank you for taking the time to read my 'New Canaan Market Stats' blog on Patch, published Friday mornings.

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 ... bringing real estate to life.

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