‘Fairly Strong Right Now’: Single-Family Home Sales Up 76% Year-over-Year in May

New Canaan saw 30 single-family homes sold in May, a 76 percent year-over-year increase for the month, according to new data.

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The increased sales hit nearly every price range, and a sale in the $5 million-plus category pushed up the year-to-date median sold price up slightly, though the figure is still down from last year—a reflection of “more realistic seller expectations,” according to Joe Scozzafava, president of the New Canaan Board of Realtors, the organization that supplied the data.

Those expectations are “helping to drive increased sales,” Scozzafava said in an email.

“This increase was consistent across most of lower Fairfield County. Inventory levels are down from last year which is also a positive sign that the real estate market is fairly strong right now.”

Here’s a snapshot of single-family home sales in May:

New Canaan: Single Family Home Sales, May 2017**

 Units Sold  
May '17May '16% change
$0 to $999,99971600%
$1 milion to $1.99 million151050%
$2 milion to $2.99 million7540%
$3 million to $5 million01NA
$5 million+10NA
Source: New Canaan Board of Realtors
**Does not include condos


Overall, the year-to-date median sale price for single-family homes in New Canaan stands at $1,423,000—a 16 percent drop from 2016. The median sale price for a condo stands at $645,000—a 4 percent decrease, according to the board.

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Denise Gannalo, a Realtor at William Raveis in New Canaan, said “the good news is that the inventory of homes for sale in New Canaan is down from 2016—however, selling prices have also declined by 16 percent from last year.”

“I have had seven closings so far this year and three more in contract, where I have represented the seller as their listing agent and in all cases, those sellers have priced accordingly and have sold their homes in a relatively short amount of time,” she told NewCanaanite.com. “The educated buyers today are sharpening their pencils and are making offers on homes which represent the best values. Many of my sellers have also taken my advice and have let me bring in my team of painters and staging professionals to show off their home in the best light. This is a very competitive market and not only price but condition is key. Those sellers who choose to ignore the reality of the market are still sitting with their homes languishing with ‘For Sale’ signs.”

Inventory is down 18 percent year-over-year, with 304 homes on the market in May, compared to 371 one year ago, according to the board. The number of condos on the market is up 22 percent year-over-year for May, to 56, according to the board’s data.

Pending sales for May are up 30 percent over last year—a forecast for a strong June, according to Scozzafava.

“Overall there are positive aspects for both buyers and sellers in this market,” he said in the email.

The condo market “showed strength,” he said, with six sales in May. Here’s a snapshot of condo sales:

New Canaan: Condominium Sales, May 2017

 Units Sold  
May '17May '16% change
$0 to $499,99900NA
$500,000 to $999,00051400%
$1 million to $1.99 million1040%
$2 million+00NA
Source: New Canaan Board of Realtors

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