By John Engel
Median Sales Price (Single Family)
New Canaan: The median sales price stands at $2,161,000, showing a modest quarterly growth (+1.9%) and a year-over-year increase (+7.7%).
Greenwich: Surpasses New Canaan with a median sales price of $3,000,000, indicating a more pronounced quarterly surge (+60.3%) and a significant year-over-year rise (+36.6%).
Compared to Fairfield County, both towns are notably more affluent than the general Fairfield County market, where the median sales price is $545,000 (+6.9% year-over-year), positioning them as premium markets within the county.
Average Sales Price (Single Family) – Market Strength
New Canaan: The average sales price is $2,424,844, which is a moderate quarter-over-quarter increase (+1.1% from $2,399,912 in Q4-2023) and shows a healthy annual growth (+4.3% from $2,082,952 in Q1-2023).
Greenwich: The town’s average sales price stands significantly higher at $3,487,417, indicating a substantial quarter-over-quarter surge (+16.6% from $3,163,366 in Q4-2023) and an even more impressive annual uptick (+19.7% from $2,908,904 in Q1-2023).
These figures highlight Greenwich’s market as particularly strong, with the average sales price for single-family homes not only higher than in New Canaan but also increasing at a faster rate both quarterly and annually.
Average Price Per Sq Ft (Single Family)
New Canaan: The average price per square foot is $533, which has seen a quarterly decrease (-4.7%).
Greenwich: Commands a higher average of $798 per square foot, alongside a quarterly growth (+6.1%).
Compared to Fairfield County: With the county’s average price per square foot at $422, both towns show a significantly more expensive per-square-foot cost.
Sales Volume – Market Activity:
New Canaan: Witnessed a decrease in closed sales to 32 homes, which marks a substantial decline (-28.9% from 45 in Q4-2023).
Greenwich: Also saw a reduction in sales volume, with 77 homes sold, representing a significant decrease (-29.7% from 111 in Q4-2023).
Fairfield County Overall: The county followed this downward trend with 1,530 homes sold, experiencing an 11.4% decrease in sales year-over-year.
Market Pace – Selling Speed
New Canaan homes spent 107 days on the market, a substantial increase in time to sell compared to the previous quarter (+87.7%).
Greenwich homes sold faster at 78 days on the market but also experienced an increase from the previous quarter (+29.2%).
Both towns have seen homes take longer to sell compared to a year ago, contrasting with the overall Fairfield County trend, where days on the market have decreased significantly to 95 days (-44.4% from Q4-2023).
Months of Supply – Inventory Status
New Canaan has a 4.3 months supply of homes, indicating a slowing market with an increase in supply (+72.0% from Q4-2023).
Greenwich has a similar upward trend with 4.7 months of supply (+80.8% from Q4-2023).
These supply levels are higher than Fairfield County’s overall 1.8 months of supply (-38.5% from Q4-2023), which suggests New Canaan and Greenwich are experiencing a slower absorption rate possibly due to their higher price points and reduced demand in higher market tiers.
Listing Discount – Negotiation Dynamics
New Canaan’s listing discount is at 3.0%, showing some price reductions may be necessary to close sales.
Greenwich exhibits a negative listing discount (-3.3%), implying homes are selling above the asking price.
The variance between the towns likely reflects different levels of demand and market heat, with Greenwich experiencing higher competition among buyers. This is in stark contrast to Fairfield County’s broader market, where homes sell just above the asking price on average (-0.9%).
In summary, both New Canaan and Greenwich command higher prices, both in average and median terms, compared to the Fairfield County average. The market in Greenwich is especially strong, with the highest median sales prices and strong price growth. Both towns are experiencing slower sales compared to the previous quarter, with New Canaan’s market slowing down more in terms of days on the market, while Greenwich is selling homes faster. However, when compared to the broader Fairfield County market, these towns exhibit a significantly higher price per square foot, faster market pace, and a different trend in listing discounts.
Notes from the Monday Meeting
Buyer Regret.
We are in the second half of another strange Spring season. Strange because the lack of inventory causes buyers to do strange things, often overextending under pressure. Buyers (and their agents) get caught up in bidding wars (estimated at 50% of all properties). Buyers ask for guidance but are forced to guess “what it will take” based on imperfect information, including how many others are bidding and how represented. Some sellers are seeing wide bid ranges (hundreds of thousands of dollars). Buyers bid, have regret, and then pull out, usually within the first few days. Its caused me to wonder if Picasso and Warhol at auction are having the same failure rate? The point is we are seeing an unusually high number of houses come back on after bidding wars. While demand remains strong and in many cases we see the backup stepping up it is a saying in the industry, “time kills all deals” and often we have to start the process over as all the bidders have moved on. Listing agents (and buyers agents) wonder if there’s a better way to hold Buyers to their offer asking, “Should I require a signed binder and 1% check to be submitted with the offer?” Maybe we could start accepting VENMO deposits to really speed things up. In New Canaan, Darien and Greenwich it has long been the custom to bypass the 1% binder and move straight to contract with 10% in escrow. The reasoning is that “binders are not binding” that they don’t really offer the seller any protection. Some sellers are plucking the lower “cash, no contingency” cleaner offer from the pile to reduce risk.
John Engel is a broker with the Engel Team at Douglas Elliman in New Canaan and this week he’s heading to Fiesta San Antonio 2024, a 100-year old town-wide party to rival Mardi Gras in New Orleans. Over 100 events are scheduled, including the Texas Cavaliers River Parade, the Battle of Flowers Parade and the Fiesta Flambeau Parade. Everyone wears their brightest, most colorful clothes to Fiesta. John is picking out his best bow ties…
REAL ESTATE DASHBOARD EDITOR
John Engel | John.Engel@Elliman.com
REAL ESTATE DASHBOARD CONTRIBUTORS
Christa Kenin | Christa.Kenin@Elliman.com
Robyn Bonder | Robyn.Bonder@Elliman.com
