New Canaan CT Real Estate Market Report November 2022
If you want to analyze the market in a specific neighborhood, you can create a custom market report. You'll be able to see all the property details, how much it sold for, and how long it took to sell. Don't forget to save your market report for monthly updates.
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*All market data can be found at the bottom of this page
To give you a better perspective, let's look at how things were before the recent market boom so you can make the best decision on whether to buy or sell. As a bonus for buyers, I have a really great loan program that is going to save you a ton of money.
If you are new to my website, my name is Charlie Vinci and I am a New Canaan Realtor. The graphs in the "New Canaan CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for New Canaan.
New Canaan Pending Sales
Here is a look at the pending sales so you can see how our future market is trending, and WOW…we're down to 19 pending transactions in New Canaan. Last month, in September, we had 27, so this is quite a drop even from last month. Let's dig a little deeper to see what's going on.
New Canaan Median Sales Price
This is the graph for the median sales price in New Canaan. As you can see we are up to a little over $1.6MM. You might remember that last month, in September we dropped to $1.25MM, and I suggested that this was due to the small data set. The good news is that we are back on track. Let's see what the supply looks like.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
New Canaan Months of Supply
Alright, so this is good news for buyers. We are up to 3.9 months of supply. That's up a bit from last year as you can see from the trend line. Last month, in September, we had 3.7 months, so this is good. We may be progressing to a more balanced market.
New Canaan Median Percent of List Price
Here is the graph for median percent of list price. As you can see we are still holding at 100%. So half of the sellers are getting more, and half are getting less than this number. The homes that sell quicker than the median tend to get stronger offers, so let's take a look at the median days on the market graph.
New Canaan Median Days on Market
The days on market graph shows that we are up to 54 days on market, which is up compared to last year. If you were selling your home, you would want to sell quickly in order to get the strongest offers.
New Canaan Homes For Sale
The number of homes for sale is down to 114 this month, and it looks like we are still on the downward trend. I’ll be interested to see what happens next month.
If you'd like to see what is available in New Canaan right now, you can click here to perform a New Canaan Home Search.
New Canaan Closed Sales
Closed sales were down to 23 in New Cannan last month, but if you look at the pre-covid market, you will see that this is better than it had been. Buyers just need to move quicker now.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Quick Tip: Zoom in on your home for nearby sales.
Summary and Buyer/Seller Tips
In summary, despite the large drop in pending sales, the rest of the metrics in New Canaan look pretty good.
While I can already see signs that the market is getting better for our buyers, the ones who are successful are STILL the ones who are prepared and move quickly when they find the right house.
The sellers that are struggling right now need to do a price drop quickly so they can take advantage of the small amount of the fall market that is left.
Buyers, there will be some very good deals between now and January, you should be ready to pull the trigger if the right opportunity presents itself.
If you are concerned about the market having a major price drop, read the New York Post article, it uses redfin data to determine the most stable markets in the US, and all three of Connecticut's metro areas made the top 20 list. The link is in the video description and the the full market report.
If you are looking for a great loan, Newtown Savings seems to have the best at the moment, it's around 5% fixed for 30 years, no points. Call them at the number on the screen. They are very busy, so please be patient with them and keep following up. A 1% increase in APR equals roughly a 10% increase in your mortgage payment. James Philipakos - 203.856.4771
If you are thinking of buying or selling, and don't currently have an agent, don't hesitate to call me. I would be happy to talk about your sale or purchase. You can find my contact information below.
I look forward to hearing from you!
Best,
203.952.7752
New Canaan CT Real Estate Market
Each data point represents the past 3 months of data, so you can easily examine the macro level trends of the New Canaan CT Real Estate Market.
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.