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*All market data can be found at the bottom of this page
With the spring market here, the question most people want to know, is what happens next? Will the market flop? or is it ready to take off as it usually does this time of year? Today I will review the New Canaan Real Estate market data, as well as cover my personal experience about what's happening in town. 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 the supply in New Canaan, which is currently up, year over year, to 3.8 months. This is the same as January and a bit more than we had in December where we were at 3.3 months.
What's interesting is that the neighboring town of Darien has had between 1 and 1.5 months of supply over the past few months. So if you are struggling to find something in Darien, perhaps New Cannan is worth a look. Let's take a look at the 5 year trend.
Wow, take a look at the pending sales, New Canaan was up to 26 last month. Surprisingly, this is even higher than last year when we had 23 pending sales in February.
Looking at the 5 year trend you can see that even during the years of 2018 to 2020, before our covid market, we had between 12 and 23 sales. So 26 is strong by any measure.
I have no doubt that the mortgage rates dropping in late December and January, along with the more plentiful supply in New Canaan, has created the conditions for the surge in pending sales
We had 10 closed sales last month. That might seem low compared to last year when we had 16, and the year before when we had 28, but take a look at the years of 2018 to 2020, before our covid market, when we had more inventory to choose from, and you will see that we typically had between 8-11 sales. So 10 doesn't seem too bad.
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.
Here's the graph that surprised me the most. This is the median number of days it took to sell a home, and it jumped to 90. You may recall last month was 29 days, and the month before was 37 days. I pulled the raw data to double check and indeed most sales were older listings, with only three being on the market less than 30 days. My buyers were telling me that they were frustrated by the lack of new listings in New Canaan, so this makes sense.
Here's the median percentage of list price that sellers earned in February, and it was down to 96.3%. The drop was likely due to the number of older listings that sold, because they typically sell for less than full price.
Here's the median sales price for last month in New Canaan, it was down to just under $1.6MM. Interestingly, we had some pretty good sales including 183 Hemlock Hill Rd, which sold for $5.8MM. That put the average closer to about $2MM. This is one of the reasons that I choose to focus on Median pricing, because when we have infrequent large sales in the area, it tends to make the average jump quite a bit.
If reading this has you wondering what your property is worth, you can get an estimate by using our Home Valuation tool.
The number of homes for sale was relatively stable year over year at 96 this year, and 101 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.
I have noticed that my buyers were frustrated with the quality of the inventory this winter. There wasn't much of it and it seemed overpriced for what it was. There were a few good deals to be had, but probably not as many as I would have expected given my experience during the previous years. The good news is that we know from historical data that more new listings should be on the way, and buyers will have some selection, and be able to find their home, but they also should expect to have competition in the form of multiple offers on the best homes, and they should be wary of rates going up which will increase their cost if they are financing. We are already seeing multiple offers on the best homes, and you should expect that it will continue.
You have heard the stories of your neighbors selling for hundreds of thousands over their asking price last year, and perhaps in the fall. While this is true, it was also true that those homes were fairly priced and buyers saw the value and made strong offers in order to win in a multiple offer situation. If you don't have multiple offers in the first week on the market this spring, it's your sign that you need to lower the price quickly or you risk losing the interest of the buyers. If you wait too long, they will ask the question “what's wrong with this house?” When they start asking that question, your chances of getting a strong offer are out the window. Price competitively, there is enough demand that market forces will get you top dollar if marketed properly.
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.