New Canaan Market Report: April 2013

First Quarter:The market picked up in the first three months of 2013 with particular strength in the under $1.5 million price point. Total house closings are up 16% vs. the same time period in 2012. The number of house closings under $1.5 million is up over 90% (21 in the first quarter this year vs. 11 in the first quarter in 2012). Not surprisingly, this caused the median house sale price to decrease significantly (29.1%). What is a bit of a surprise is that we had the lowest first quarter median sale price for houses since 2002! The average list to sale price is up 5.2% from last year, influenced by an increase in demand on the part of buyers and current low house inventory.

Pendings: There were 29 houses that went pending in March, the most pendings we’ve seen in one month in over two years and is perhaps the best indication of the energy in the market. Pendings ranged in price from $499,000 to $4,365,000 with a median listing price of $1,655,000.

Inventory: At the beginning of April, there were 206 houses on the market, down 13.8% from last year. Also down was the median list price of active houses: $1,997,000 on April 1 2013 vs. $2,407,001 at the same date in 2012, a 17% decrease. List prices of active houses ranged from $519,000 to $15,900,000.

© 2017 Nicole Steel is a real estate agent with Steel RE Partners and licensed in the state of Connecticut · Last modified: 11 April 2013 · Log in · Site Map · IDX · Real Estate Web: darrylo