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*All market data can be found at the bottom of this page
Today we are going to review the New Canaan real estate market data and if you stick around until the end, I’ll tell both buyers and sellers what to expect in the coming months. Let's go!
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.
Let's start with closed sales which were down to 20 in December. This isn't terrible considering that we were at 18 in November and 23 in October of last year. Sales are way down from our covid market. As you can see we typically had 18 to 27 sales prior to covid, so 20 is on the low side. Let's see what's going on with the other data.
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.
As you can see, supply was at 3.3 months in December, which is up from last year at this time. Compared to the five year trend supply is still historically low, but it is starting to build. The good news is that things may be getting a little bit better for buyers in New Canaan.
Alright, so the median number of days on market in December was 37. As you can see, compared to the five year trend homes are still selling pretty quickly.
What percentage of their list price are sellers getting? Alright, So the median was down to 97.5 % If you recall it was 99.7% in November and 100% in October. Compared to previous years this is pretty low on all accounts. The drop may be due to the small number of homes sold, but we should keep an eye on this.
So this graph is the median sales price which was up to $1.6MM. No surprises here from looking at the five year trend.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
Ouch, we were down to 14 pending sales last month. At least it is better than the previous month where we had only 10 sales pending. Before covid we typically had between 15 and 21 sales, so 14 is low by any standard.
We were down to 87 homes for sale in December of 2022. Still less inventory than we had last year.
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.
With the inventory increasing, and low pending and closed sales, Things may be beginning to ease up a bit in New Canaan but I would say that we would want to see the trend continue to be sure.
We should also take into account that Darien’s inventory remains painfully low, so some buyers may decide to jump the line to New Canaan to take advantage of its more plentiful inventory as things heat up this winter and spring.
Countywide sales volume has returned to roughly pre-covid sales volume, however, supply is far more limited than before covid. Buying is certainly not impossible, but it means that buyers are going to need to bring strong offers to get homes this winter and spring. How strong the offer needs to be depends on how well the owner prices the property. You really need a great agent to help you prepare… and navigate this market. You should be setting your initial consultation with an agent now, because the top realtors are likely to be hard to get, when things heat up.
Sellers, I have to ask you a question. Would you overpay for a home right now with everything going on and all of the negative news? I am guessing probably not, and that is what other buyers are thinking too. You should be prepared for buyers to act differently than they did last year when the offers were historically at an all time high, and rates were low. Demand is strong enough that if you have been on the market for 2 weeks or more, and you don't have a solid offer, it's your signal that you are overpriced.
If you don't have an agent, and you would like help navigating this market, call me.
I look forward to hearing from you!
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.