A friend of mine shopping for house in New Canaan says that his agent there claims all is rosy, there are 80 houses under contract and prices are higher than last year. Well … gee.
I don’t have immediate access to New Canaan contract statistics but this William Raveis link has some pretty up-to-date numbers and they make me think that my friend’s agent is either uninformed, a complete liar or more likely, both. According to Raveis, 15 single family homes in New Canaan sold in July, compared to 16 for the entire month of June, leaving 320 in inventory. If 80 of those remaining homes are under contract, I’ll eat their front doors. The sales to (last) listing price average has been dropping for the past two years and inventory is trending up. The disappointing thing about this is that the lady in question purports to be representing my friend. I do wonder what she considers she’s doing to earn her fee?