Joe Scozzafava

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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.”

“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. Continue Reading →

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

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. Continue Reading →

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‘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. 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. Continue Reading →

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