‘Good Reason for Optimism’: New Canaan Sees 50 Percent Rise in Home Sales in March

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The number of single-family homes in town sold in March increased by 50 percent year-over-year, from 10 to 15, according to new data shared by the New Canaan Board of Realtors.

Sales of houses $2 million and up saw the most dramatic increase, from just two last March to seven in 2018, the data said.

For that reason, the median price of homes sold in New Canaan also jumped year-over-year, from $1,381,250 to $1,967,500—a 42 percent rise.

Here’s a look at the data:

New Canaan: Single Family Home Sales, March 2018*

 Units Sold 
March '18March '17
$0 to $999,99953
$1 milion to $1.99 million35
$2 milion to $2.99 million21
$3 million to $5 million31
$5 million+20
Source: New Canaan MLS
*Does not include condos

Janis Hennessy, president of the board, said the figures point to “a nice rebound in March.”

“Single family home sales are up in nearly every price category and the median price increase is strong,” she said. “Buyers have realized the value in a town with such outstanding schools and amenities. Attendance at weekend open houses has been dramatically up. The condominium market numbers are similar and year-to-date numbers are good across the board. This all gives us good reason for optimism about the coming spring market.”

There were 280 homes on the market at the end of March, compared to 299 one year earlier, a decline of 6 percent in inventory, according to the board’s data.

The total number of condos sold rose from four in March 2017 to five this year:

New Canaan: Condo Sales, March 2018

 Units Sold 
March '18March '17
$0 to $499,99912
$500,000 to $999,00021
$1 million to $1.99 million21
$2 million+00
Source: New Canaan MLS

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