New Canaan Single-Family Home Sales Up 79 Percent in September; Median Price Down 14 Percent

Single-family homes in town saw a 79 percent year-over-year increase in September—from 14 to 25—though the median price of those houses dropped by 14 percent in the same period, according to new data from the New Canaan Board of Realtors.

Joe Scozzafava, the organization’s president, called the increase in single-family home sales “significant” and said that 25 closings “is a very good sign for sellers.”

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“Unfortunately the median price point continues to decline and this more realistic view of market value is what is contributing to increase in unit sales,” he said. “Inventory is also down slightly from last year but remains at a fairly normal 298.”

The median sales price declined from $1,860,000 to $1.6 million year-over-year, according to the statistics, taken from the New Canaan MLS.

Here’s a snapshot of the single-family home data from last month:

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

 Units Sold  
Total251479%
September '17September '16% change
$0 to $999,99971600%
$1 milion to $1.99 million11757%
$2 milion to $2.99 million4333
$3 million to $5 million23-33%
$5 million+10NA
Source: New Canaan MLS
**Does not include condos

 

The number of condos on the market for September increased 29 percent year-over-year, from 41 to 53, while the total number of units declined from eight to three, and the median sales price came down 51 percent.

“The condominium market is not performing as well as [single-family homes],” Scozzafava said.

Here’s a look at the condominium market in New Canaan for September:

New Canaan: Condominium Sales, September 2017

 Units Sold  
Total38-63%
September '17September '16% change
$0 to $499,99921100%
$500,000 to $999,00014-75%
$1 million to $1.99 million03-100%
$2 million+00NA
Source: New Canaan MLS

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