New Canaan not only saw a dramatic rise year-over-year in the number of single-family homes sold in October, but also saw a modest median sales price increase in that period, according to new data.
Due largely to 10 home sales in the $1 million to $2 million range, the overall number of units sold increased from seven last October to 19 last month, according to data cited by the New Canaan Board of Realtors.
The median price increased from $1,310,000 to $1,325,000 year-over-year—a 1.1 percent rise.
Joe Scozzafava, the New Canaan Board of Realtors’ president, called October the second straight month that the town has seen a “significant jump over last year.”
“More than half of the sales were in the [$1 million to $2 million price range which is the consistent ‘sweet spot’ of the New Canaan market,” he said. “Condominium sales also had a significant increase over last year, which is a new development.”
Factors that likely contributed to the upturn include stabilizing prices, a particularly slow period at this time last year, low interest rates, strong stock market, overall rise in consumer confidence and activity among first-time homebuyers facing rising rents in New York City, Scozzafava said.
According to the data, single-family homes are lingering far longer on the market this year compared to last, at 211 days versus 149—a 42 percent increase.
Here’s a table detailing single-family home sales for the month:
New Canaan: Single Family Home Sales, October 2017*
| Units Sold | ||
|---|---|---|
| Total | 19 | 7 |
| October '17 | October '16 | |
| $0 to $999,999 | 5 | 3 |
| $1 milion to $1.99 million | 10 | 4 |
| $2 milion to $2.99 million | 2 | 0 |
| $3 million to $5 million | 2 | 0 |
| $5 million+ | 0 | 0 |
*Does not include condos
Scozzafava also noted that the highest end of the market is seeing more inventory, with 20.8 percent of all inventory in the $3 million-plus range, and 22 homes over $5 million.
“Many of these properties are very well priced and considered good value. In September, there were two sales over $3 million but in the first nine days of November there are already seven sold or pending properties at the high end,” he said. “Four were over $3 million, one over $4 million and 2 over $5 million.”
Here’s a look at New Canaan condo sales in October:
New Canaan: Condominium Sales, October 2017
| Units Sold | ||
|---|---|---|
| Total | 5 | 2 |
| October '17 | October '16 | |
| $0 to $499,999 | 2 | 2 |
| $500,000 to $999,000 | 1 | 0 |
| $1 million to $1.99 million | 2 | 0 |
| $2 million+ | 0 | 0 |
House 2013 valued at $7.5 mil sells for $4.6 a $2.8 mil haircut
inside the numbers — 390 Oenoke Ridge bought in 2011 for $6.5 mil
improvements (permits for $1.3 mil ) sells for $4.6 mil
It’s a hard pill to swallow, for sure, but nothing is worth more than a buyer is willing to pay.
Caveat Venditor (seller beware)