New Canaan Market Report: June 2013

The overall positive trend in the housing market has not missed New Canaan. A premium continues to be paid for turn key, recently renovated, well-decorated homes and new luxury construction. New Canaan continues to attract buyers from Manhattan, relocations and neighboring towns for its relative value and unique town atmosphere.

In the past few weeks, we saw the largest increase in mortgage rates in over a year. This may continue to spur activity while buyers are trying to lock up affordability as inventory spikes downward.

Here’s a summary of the facts for the month:
Homes sold: in the first 5 months have increased 40.7% from last year and a 76.2% increase for the month of May
Pending homes: in May increased 20.0%
***Of these pendings about 1/3 are above $2.8 million in asking price, showing further strength and demand in the higher end
Inventory: has decreased 15.9% Year-Over-Year

© 2018 Nicole Steel is a real estate agent with Steel RE Partners and licensed in the state of Connecticut · Last modified: 01 July 2013 · Log in · Site Map · IDX · Real Estate Web: darrylo