Number of New Canaan Home Sales Down 37 Percent in October, Median Price Up

Sales of single-family homes in New Canaan declined 37 percent year-over-year in October, according to new MLS data. The drop, from 19 in 2017 to 12 this this year, largely reflects fewer home sales in the range of $2 million or less, according to data released by the New Canaan Board of Realtors. Here’s a snapshot of activity:

 

While the number of homes sold declined, the median price of single-family homes sold in October increased 31 percent, according to the Board, from $1,325,000 to $1,735,000. 

Year-to-date, the median sales price for single-family homes in New Canaan is down 2 percent, from $1,487,500 in 2017 to $1,475,00 this year. Homes for sale in New Canaan spent about 37 percent more time on the market in October this year compared to last, up from 211 to 290 days, according to the Board’s data. Inventory is up slightly, with 323 single-family homes on the market in October compared to 311 one year ago.

Data: New Canaan Home Sales Slowed in September

Sales of single-family homes in New Canaan declined by more than 50 percent year-over-year in September, according to new data. The month saw a 56 percent drop to 11 homes sold versus 25 in 2017, and the median price also fell 16 percent, from $1.6 million to $1,350,000, according to the New Canaan Board of Realtors. “There is a lot of uncertainty in the market,” said Janis Hennessy, president of the New Canaan Board of Realtors and MLS. “We have seen peaks and valleys throughout the year, just like other Fairfield County towns.”

In September, no New Canaan homes sold for up to $1 million, whereas seven sold in that range one year ago. 

Here’s a look at the numbers:

 

In a small sample size, sales of condominiums also saw a year-over-year decline, from three in September 2017 to just one last month, according to the data. 

Year-to-date, the median sale price of single-family homes in New Canaan has declined from $1.5 million to $1.4 million, according to the Board of Realtors. Inventory was about the same in September this year, with 317 single-family homes on the market compared to 312 in 2017.

New Canaan Single-Family Home Sales Up 18 Percent in July

The town saw 32 single-family homes sold in July, a 23 percent over 2017, according to new data from the New Canaan Board of Realtors. The median sales price also increased year-over-year for the month, from $1,320,000 to $1,559,500—an 18 percent rise, according to the Board. Here’s a breakdown of the month:

In the condominium market, while the median sales price fell 15 percent year-over-year—from $1,032,500 to $881,000—the total number of sales held steady, at four, according to the data. The median sales price of a single-family home in New Canaan ticked up to $1,450,000 year-to-date. Year-over-year, there were about the same number of homes on the market in July—330 this year versus 332 in 2017.

Town Officials To Take Up Abandoned Effort To Rid New Canaan of ‘For Sale’ Signs

Weeks after real estate organizations in New Canaan abandoned the widely discussed effort, the town’s legislative body is looking into what it might do to create a ban, at least temporarily, on ‘For Sale’ signs here. 

Town Councilman Steve Karl said that members of a committee he helps lead will meet with the chairman of the Planning & Zoning Commission to study how Greenwich accomplished its own ban “because if we want to get this thing going, we are going to have to mirror what Greenwich did.”

“And it is sort of a halfway agreement between the real estate offices and with the town,” said Karl, co-chair of the Council’s Bylaws and Ordinances Committee. Saying prospective homebuyers identify properties online and that ridding New Canaan of hundreds of ‘For Sale’ signs would improve the town’s appearance, the New Canaan Board of Realtors, with support from the New Canaan Multiple Listing Service, announced in June that a six-month “trial ban” would start in July. But before the month was out, the plan was scrapped. Officials said the turnaround came following talks with the National and State Associations of Realtors. At the Town Council’s most recent meeting, held July 18 at Town Hall, Chairman John Engel asked Karl whether a new effort to realize a ban was “on the burner” and he replied that it was. 

Asked about it, Karl said that even with a re-worded ordinance or regulation, there likely would need to be wide agreement among real estate professionals to effective rid New Canaan of the pervasive signs (there are hundreds of residential properties on the market). 

It isn’t clear whether the matter is best addressed in New Canaan through an ordinance or a zoning regulation.

New Canaan To Ban Real Estate Signs for Six-Month Trial Starting in July

New Canaan’s pervasive ‘For Sale’ signs next month will disappear from hundreds of properties on the market, following a decision from the organizing bodies for real estate professionals. The “trial ban” on real estate signs will run from July 1 to Jan. 1, according to Janis Hennessy, president of the New Canaan Board of Realtors. The decision was made by members of the Board as well as the New Canaan Multiple Listing Service, “to further improve our already beautiful town,” Hennessy said in a release. “At the end of that time we will re-examine the issue,” Hennessy said.