Single-family homes in New Canaan saw a 44 percent year-over-year increase in July, from 18 to 26, while the median price of those sales fell from about $1.9 million to $1.3 million, according to new data from the New Canaan Board of Realtors.
On the market: 79 Devonwood Lane. “The Ultimate Retreat on Devonwood Lane.” Listed at $4,750,000. Photo courtesy of Christine Saxe + Associates
Last year, July had two home sales in the $3 million to $5 million range, compared to one last month. Even so, New Canaan saw double the number of homes sold in July in the $2 million-and-under category (18 compared to nine in 2016).
Here’s a look at all single-family home sales data:
New Canaan: Single Family Home Sales, July 2017**
| Units Sold | |||
|---|---|---|---|
| Total | 26 | 18 | 44% |
| July '17 | July '16 | % change | |
| $0 to $999,999 | 5 | 0 | NA |
| $1 milion to $1.99 million | 13 | 9 | 44% |
| $2 milion to $2.99 million | 7 | 7 | 0% |
| $3 million to $5 million | 1 | 2 | -50% |
| $5 million+ | 0 | 0 | NA |
**Does not include condos
The number of single-family homes on the market declined by 13 percent year-over-year in July, from 359 to 314, according to the Board of Realtors’ data. Within those numbers, homes in the less-than-$1-million and $5-million-and-over category increased slightly, while everything in the middle declined: the inventory of single-family homes in the $1 million to $2 million range dropped by 16 percent (153 to 128); in the $2 million to $3 million category 22 percent (92 to 72); and in the $3 million to $5 million category 12 percent (49 to 43).
Statistics about 41 Ramhorne Rd
List Price $1,645,000
Selling Price $1,565,000
Days on Market 14
4 bedrooms, 4 full 2 half baths
Finished walk out basement
2.5 acres
Taxes $19,744
Source: Denise Gannalo
Asked for an analysis of the data, Denise Gannalo, sales vice president of William Raveis in town, said the statistics “strongly suggest that homes are definitely selling in New Canaan.”
“Year to date inventory is down by 13 percent,” Gannalo said. “This points to the fact that sellers who have adjusted their opinions of the value of their homes are the sellers who are successfully selling. Prices have adjusted in New Canaan, as well as throughout Fairfield County and very good homes at market minded prices are moving.”
She pointed to a recent home closing on Ramhorne Road where “the owners took time and care to ready their home for the market.”
“They took my recommendation and priced it at $1,645,000 and received a lot of buyer attention. We accepted an offer within two weeks of listing and it has already closed at $1,565,000. The sellers are satisfied and the buyers are happy they are buying a good home at a fair price.”
While the overall inventory of single-family homes declined, there were 15 percent more condominiums on the market in July this year over last, 55 compared to 48.
Here’s a look at condo sales for the month of July:
New Canaan: Condominium Sales, July 2017
| Units Sold | |||
|---|---|---|---|
| Total | 4 | 5 | -20% |
| July '17 | July '16 | % change | |
| $0 to $499,999 | 1 | 4 | -75% |
| $500,000 to $999,000 | 1 | 0 | NA |
| $1 million to $1.99 million | 2 | 1 | 100% |
| $2 million+ | 0 | 0 | NA |
“While the median price of those sales fell from about $1.9 million to $1.3 million” is probably the part of the story the headline should highlight, no?
I thought about that and decided to include it in the lede rather than the headline because, if you look at the data, it’s likely that a single home sale last July accounts for the difference.
Thanks for pointing that out. It’s amazing how the same data set can lead to different “factual” statements which imply different conclusions.
Michael,
A single data point won’t bring down a median value in a set of many data points. A single data point will bring down a mean (or average) value, however. This is why the median price is used for housing prices… it is less suceptible to a few “outlier” data points. Thus, it is reflective of the overall data set.
Thanks, Karen. But if there are just two numbers involved, isn’t the median the same as the average? We are talking about July ’16 sales in the $3 million to $5 million range.
No. The median is the middle value of the ordered set of data points. It can coincidentally be the same value as the average, but it is a different measure of data “center and spread”.
There are 26 data points total, vs. 18 last year. The median of 26 data points is midway between the 13th and 14th data point. Had there been 2 sales $3M-$5M instead of 1 this year, the median of 27 data points would have been the 14th value. So the lack of the second sale in the highest range doesn’t move the median all that much.
In comparison, if there are 26 data points and then a 27th is included in the highest range, the mean (average) can fluctuate much more dramatically.
People are selling their houses for 20-30% less
then the 2013 revaluations said they were worth
there is a lot going on here — the TC should create a committee
to look into the real estate market and the 2018 revaluations that starts Sept 31 2017 to Oct 01 2018 (sales for 12 mo)
35 Canoe hill said to be worth $1,755,000 in last revalue sold
for $1,300,000 —- 108 Charter Oak Dr asking $2,999,000
when the 2013 revalue said it was worth $3,383,100
Has New Canaan lost it’s luster????
The real story here is the drop by 32% of the median sales price from 2016 (which was another awful year) Saying the unit sales increased by 44% and then describing the price change as a change of opinion by sellers is painting lipstick on a pig. The market remains abysmal here (yet not the rest of the country) for many reasons and that should be addressed in the article. This isn’t a happy story.
Sellers aren’t changing their opinions about the value of their homes, they simply don’t have any choice if they really need to sell. People are literally giving away their homes and taking losses right now. This isn’t a pretty picture.
Looks like a complete bloodbath. There is less inventory only because people can’t afford to bring cash to the closing. The people are drowning.
Find a more depressingly named organization than “Staying Put in New Canaan,” I dare you. Something needs to be done. That’s people’s retirements just being blown to pieces. Everyone with the means to do so is leaving for South Florida.
James, thank you for submitting your comment. To clarify one thing: ‘Staying Put in New Canaan’ is not a real estate advocacy organization. Relying on a small staff, active board and very dedicated volunteer base, it helps seniors who want to remain in their homes—or hometown—do so. It’s a trusted referral agency as well as a direct service provider. Staying Put is one of the hundreds of organizations that derives from the Beacon Hill Village model out of Boston. A group called ‘At Home in Greenwich’ is another here in Fairfield County.
OK thanks Karen, that is very helpful.