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Real estate

COLUM | “They’re not making any more of it.” Will Rogers

“Do you mean to tell me, Katie Scarlett O’Hara, that Tara, that land, doesn’t mean anything to you? Why, land is the only thing in the world worth workin’ for, worth fightin’ for, worth dyin’ for, because it’s the only thing that lasts.” That quote from Gone With the Wind

January Report: New Canaan, Westport, Wilton and Darien

New Listings. Westport wins with 47 new listings, an 88% rise. New Canaan had 16 new listings in January, a -24% drop from the previous January. This 20% decline in new listings was about typical among towns in our peer group. Darien is also lagging with only 13 new listings,

Dead Cat Bounce

A dead cat bounce is a temporary recovery from a prolonged decline or bear market that’s followed by a continuation of the downtrend. In other words, it’s a false optimism. Cats don’t bounce. I was wondering if that is what we are really experiencing in the housing market when we

Year End Market Report

The article discusses the real estate market in New Canaan, highlighting the impact of the recent revaluation. The median sales price in New Canaan is $1.80 million, a 6.5% annual increase, with single-family homes at $1.975 million and condos down by 7.3%. The price per foot is $488, up 4.9%, indicating larger house sizes in New Canaan compared to nearby areas. Inventory levels are significantly down by 46.3%, a trend seen across Fairfield County. The article predicts that inventory levels will remain tight in 2024 due to high demand and lagging price appreciation. Median days on the market in New Canaan is 26, down 13.3%, with a high percentage of cash offers. Homes generally sell at 100% of the last list price. The article concludes with notes from a meeting, discussing strategies and the importance of personal relationships in real estate over advertising.

Co-ops, Cats and Community

Co-ops are a funny thing. People complain about their restrictions but love the sense of community they can offer.

COLUMN | Real Estate by John Engel: Thoughts on New Canaan’s Revaluation

Connecticut towns, including New Canaan and Wilton, are undergoing a mandatory property revaluation to update the “Grand List” of taxable properties. New Canaan’s assessor, Sebastian Calderella, notes a 30% surge in house and condo markets. The 2018 revaluation may not predict current sale prices accurately, with less than a third of houses selling at expected values. Zillow’s predictions also vary in accuracy. With potential tax hikes on the horizon, this revaluation could lead to significant market shifts, prompting many homeowners to consider selling.

How Is the Market in 2023?

We are in a seller’s market driven by a lack of inventory. Despite the explosion of building permits we are not seeing an increase in house construction. A rise in cash transactions, predominantly from diverse buyer profiles, showcases the evolving nature of market participants.

Timing the Market

The article discusses the impact of rising interest rates on New Canaan’s real estate affordability, advising against waiting for rate drops due to potential heightened competition. It highlights the job market’s role in supporting the housing market, particularly in New York City’s finance sector. The article also presents projections of 2023 price appreciation between 5% and 10%, along with a “Rent vs. Buy Analysis” showcasing the potential gains of buying over renting.

COLUMN | The Real Estate Column by John Engel

Let’s talk about the impact of our zoning decisions. Are ADU’s part of our future?
How are we and the towns around us responding to affordable housing pressures?
And, of course, what about our house values?