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:

New Canaan: Single Family Home Sales, November 2017*

 Units Sold 
November '17November '16
$0 to $999,99900
$1 milion to $1.99 million98
$2 milion to $2.99 million13
$3 million to $5 million41
$5 million+00
Source: New Canaan MLS
*Does not include condos


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.

The condominium market in November did not fare as well as the single-family home market. A small sample of just two units sold still was down 60 percent from the same month last year, according to the data, and median price dropped 29 percent month-over-month:

New Canaan: Condominium Sales, November 2017

 Units Sold 
November '17November '16
$0 to $499,99912
$500,000 to $999,00012
$1 million to $1.99 million01
$2 million+00
Source: New Canaan MLS


Scozzafava noted that “inventory is continuing a slight downward trend with a 6 percent drop in single-family homes but a 24 percent increase in active condo listings,” he said.

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