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‘Good Reason for Optimism’: New Canaan Sees 50 Percent Rise in Home Sales in March

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The number of single-family homes in town sold in March increased by 50 percent year-over-year, from 10 to 15, according to new data shared by the New Canaan Board of Realtors. Sales of houses $2 million and up saw the most dramatic increase, from just two last March to seven in 2018, the data said. For that reason, the median price of homes sold in New Canaan also jumped year-over-year, from $1,381,250 to $1,967,500—a 42 percent rise. Here’s a look at the data:

Janis Hennessy, president of the board, said the figures point to “a nice rebound in March.”

“Single family home sales are up in nearly every price category and the median price increase is strong,” she said. “Buyers have realized the value in a town with such outstanding schools and amenities.

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Year-over-Year New Canaan Home Sales Down in February, Data Shows

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Year-over-year New Canaan home sales in February declined by more than 50 percent, though pending sales are up in the same timeframe, according to new data supplied by the New Canaan Board of Realtors. Citing statistics from the Multiple Listing Service, the board said that homes in the $2 million to $3 million range dropped from eight to three year-over-year, while overall homes of single-family houses declined by 57 percent, from 14 to 6. Here’s a look at the data:

 

Janis Hennessy, president of the Board of Realtors and New Canaan MLS, noted in comments on the data that February is a short month, with a quiet week during school break, though “inventory is stable.”

“The spring market is just starting to kick in and we are now seeing buyers coming into our market,” Hennessy said. “We feel they were hesitant because of the potential tax law changes but are realizing we offer tremendous value and that New Canaan is an exceptional town to live in.  Interest rates hikes will also bring more buyers into town as the spring market progresses.”

In a small sample, sales of condominiums in New Canaan increased from six to four in February from last year, according to the MLS data:

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New Canaan Sees Strong Home Sales in December; Median Sales Prices Up in 2017

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Sales of single-family homes in New Canaan increased from 15 to 20 year-over-year in December, according to new data, as strong sales in the $2 million-plus bracket drove up the median price 47 percent, according to new data. The town saw five sales in the $3 million-plus range alone, compared to just one in December 2016, which is “terrific news for the New Canaan real estate market,” according to Janis Hennessy, president of the New Canaan Board of Realtors. The median sales price is up from $1.3 million to $1,912,500 in the same period, and year-to-date is up 1 percent, according to the data. “As we enter into 2018 with lower levels of inventory than a year ago, we are optimistic it will translate to stronger opportunities for new listings in January,” Hennessy said. “We are all looking forward to very healthy real estate year ahead.”

Here’s a look at single-family home sales:

 

The condominium market saw four units sold in December compared to three one year ago, though the median price for those units dropped from $1,035,000 to $504,500 in the same period, the data shows.