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Strong Single-Home Sales at Top of Market Push New Canaan to 17 Percent Rise in November

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Thanks largely to an increase in the $3 million to $5 million range, sales of single-family homes in New Canaan increased 17 percent year-over-year in November, from 12 to 14, according to newly published data. The median sales price jumped 20 percent month-over-month, though the year-to-date median sales price still is 4 percent below last year, according to the New Canaan MLS data, supplied by the New Canaan Board of Realtors. Here’s a snapshot of last month:

 

According to the Board of Realtors president, Joe Scozzafava, there already are four “pending” sales in the $3 million-plus range in December, “so this trend appears to be continuing which is definitely good news.” “Part of the reason for this activity would have to be more realistic asking prices,” he said. “The New Canaan high-end market represents some of the best values in lower Fairfield County.”

Homes as of November are spending an average of 191 days on the market, up from 183 last year, according to the data.

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New Canaan Home Sales Rise for Second Straight Month; Median Sales Price Ticks Up

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New Canaan not only saw a dramatic rise year-over-year in the number of single-family homes sold in October, but also saw a modest median sales price increase in that period, according to new data. Due largely to 10 home sales in the $1 million to $2 million range, the overall number of units sold increased from seven last October to 19 last month, according to data cited by the New Canaan Board of Realtors. The median price increased from $1,310,000 to $1,325,000 year-over-year—a 1.1 percent rise. Joe Scozzafava, the New Canaan Board of Realtors’ president, called October the second straight month that the town has seen a “significant jump over last year.”

“More than half of the sales were in the [$1 million to $2 million price range which is the consistent ‘sweet spot’ of the New Canaan market,” he said. “Condominium sales also had a significant increase over last year, which is a new development.”

Factors that likely contributed to the upturn include stabilizing prices, a particularly slow period at this time last year, low interest rates, strong stock market, overall rise in consumer confidence and activity among first-time homebuyers facing rising rents in New York City, Scozzafava said.

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

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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.”

“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:

 

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.

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Total New Canaan Single-Family Home Sales, Median Price Tick Up in August

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The town saw single-family home sales tick up 6 percent year-over-year in August, while the median price of those homes increased by 10 percent, to $1,565,000, according to new data from the New Canaan Board of Realtors. Inventory of single-family homes is down 12 percent year-over-year, with 281 homes on the market at the end of August compared to 319 one year ago, the board’s data says. Joe Scozzafava, president of the New Canaan Board of Realtors, called the figures “encouraging for sellers” and “good indicators,” though he cautioned that “one month’s stats are not a trend.”

“Also, last year August was a slower-than-average month so the increases may just be a return to normalcy,” Scozzafava said. Here’s a snapshot of the single-family home data from last month:

 

Year-to-date, the median sales price of single-family homes is down 9 percent—$1,450,000 this year compared to $1,590,000 at the end of August last year, according to the Board of Realtors. Meanwhile, the year-to-date median sales price of a condominium is up 23 percent year-over-year—$730,000 versus $592,000—though there were 24 percent more condo units on the market at the end of this August (57) compared to last (46), the board’s data says.

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

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

 

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.