News

Median Sales Price of a New Canaan Home Up 48% in January

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The median sales price for a single-family home in New Canaan increased 48% year-over-year in January, according to new data. The rise, from $1,450,750 to $2,150,000, comes even as the number of overall home sales declines from 28 to 17 i the same period, according to data released by the New Canaan Board of Realtors. Here’s a snapshot of market activity:

 

“As anticipated, single family median sales price is up and unit sales are down,” Anne-Lise Brown, president of the Board of Realtors and MLS. “With new condo development units selling well, the condo market is keeping pace with 2021. I suspect that will continue through the spring.

Anne-Lise Brown

Median Sales Price of New Canaan Home Rises 22% in 2021

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With just 78 single-family homes in New Canaan listed on the market at the end of December, the overall number of homes sold in the month declined to 16 from 41 one year ago, according to new data. The median sales price for December stood at $1,557,000, according to data released by the New Canaan Board of Realtors. The figure is down 3% from the year-ago month, though for all of 2021 the median sales price increased 22%, from $1,442,500 to $1,759,000, the data show. “Given the lack of inventory, it is no surprise that prices have increased to the extent that they did at the end of 2021,” Anne-Lise Brown, president of the New Canaan Board of Realtors and New Canaan MLS, said in a statement. “However, I would caution that as more inventory comes on the market in 2022, these numbers may not be sustainable. What I do hope is that local families can take advantage of the shorter ‘days on market’ to make the most of the opportunities for their families.

Town Council Approves $2 Million in ARPA Spending

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The New Canaan Town Council at its most recent meeting voted 11-1 to approve a round of American Rescue Plan Act or “ARPA”-funded expenditures totaling $2.05 million. The package of one-time expenditures includes $725,050 for bonuses for town and school employees, in recognition of their work on the “front lines” during the pandemic, and another $1.33 million for various town projects, according to information shared at the Town Council’s Dec. 15 meeting at Town Hall. The Board of Selectmen had approved the expenditures earlier this month, the Board of Finance the night prior to the Town Council meeting. The suite of initiatives is part of $6 million in total ARPA funds that the town expects to receive from the federal government, to be distributed in multiple rounds.

Anne-Lise Brown

Median Price of New Canaan Home Up 37% in November, Overall Sales Down Year-Over-Year

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The median sales price for a single-family home in New Canaan increased 37% year-over-year in November, according to new data. The rise, from $1,399,000 to $1,915,000, came even as the number of overall home sales declined from 39 to 23 in this seller’s market, the data from the New Canaan Board of Realtors show. Referring to the 41% decline, the organization’s president, Anne-Lise Brown said in a statement, “One month’s stats don’t reflect the bigger picture.”

Here’s a look at the month’s activity:

 

Year-to-date, the median sales price of a single-family home in New Canaan is up 24%, from $1,427,500 to $1,775,000 through November, the data show. There were just 80 single-family homes on the market in New Canaan at month’s end, according to the data. They spent an average of 108 days on the market, down from 135 last November.

Board of Selectmen

ARPA Funds: Selectmen Recommend Giving Darien Company $60,000 for Marketing [UPDATED]

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Update 2:30 p.m. Tuesday


NewCanaanite · Town Councilman Cristina A. Ross at Dec. 14, 2021 Joint Committee Mtg
The audio recording embedded above is Town Councilman Cristina A. Ross speaking in favor of the “Live New Canaan” effort during a joint meeting of Town Council and Board of Finance committees held via Zoom on Dec. 14, 2021. Ross called the article below “a disparaging attempt” from this news outlet because “more and more people are getting the word out” through “Live New Canaan” and so the marketing effort is “competition.” Original Article

Town officials on Tuesday will meet to consider recommendations on allocating more than $2 million in American Rescue Plan Act funds, including $60,000 for a little-known marketing effort launched three years ago.