NEW CANAAN
Market Trends Report
January 2012
The New Canaan, Connecticut real estate market is not showing signs of picking up yet. The slowdown earlier in the year can be attributed in part to the power outages that accompanied Tropical Storm Irene and the freak October snowstorm. However, the 3 month comparison shows that both the number of sale and prices prices continue to trend downward.
The amount of inventory that the market can absorb was down significantly August through October, likely due to Tropical Storm Irene and the October snow storm, which kept buyers away. We use the 12 month absorption rate instead of the 3 or 6 month rate to determine inventory absorption, which means that it would take about 12-13 months to sell every home currently on the market in New Canaan.
Although it is still a Buyers Market in New Canaan, last Spring brought out a good number of buyers. With low interest rates and an improving economy, we are expecting another good Spring market. Let's hope the weather stays mild and the Spring market begins early this year!
Thinking of buying or selling in New Canaan, Connecticut, call Gail Robinson, REALTOR, at 203-521-0768 for a consultation.
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