New Canaan is still in a Buyer’s Market, but moving toward a balanced market. The Spring market resulted in more sales, lower inventory, but lower prices. The bottom of the market in most of Fairfield County occurred in January/February, but perhaps the New Canaan market has not yet hit bottom. New Canaan’s market is heavily dependent upon the high end of the financial services sector, which is still not as lucrative as it once was.
The signals are mixed for the New Canaan market, lower inventory usually results in higher prices. Many signals are going in the right direction, except for the most important one – price.
What homes are most in demand by buyers in New Canaan? The sweet spot in the market is for 4 bedroom homes with a list price of $1.4-1.5 million. They tend to be on the market only 89 days and sell for 96% of list price. There has been an increase of $100,000 in homes in this category over the past year, while prices for the market overall have declined.
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