Joe Scozzafava

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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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