Sales of single-family homes in New Canaan declined 37 percent year-over-year in October, according to new MLS data.
The drop, from 19 in 2017 to 12 this this year, largely reflects fewer home sales in the range of $2 million or less, according to data released by the New Canaan Board of Realtors.
Here’s a snapshot of activity:
New Canaan: Single Family Home Sales, October 2018*
| Units Sold | ||
|---|---|---|
| Total | 12 | 19 |
| October '18 | October '17 | |
| $0 to $999,999 | 3 | 5 |
| $1 milion to $1.99 million | 5 | 10 |
| $2 milion to $2.99 million | 4 | 2 |
| $3 million to $5 million | 0 | 2 |
| $5 million+ | 0 | 0 |
*Does not include condos
While the number of homes sold declined, the median price of single-family homes sold in October increased 31 percent, according to the Board, from $1,325,000 to $1,735,000.
Year-to-date, the median sales price for single-family homes in New Canaan is down 2 percent, from $1,487,500 in 2017 to $1,475,00 this year.
Homes for sale in New Canaan spent about 37 percent more time on the market in October this year compared to last, up from 211 to 290 days, according to the Board’s data. Inventory is up slightly, with 323 single-family homes on the market in October compared to 311 one year ago.
Sales of condominiums also declined, though with a very small sample, down from five in October 2017 to three last month.
Single-family sales in New Canaan also had seen a year-over-year decline in September.
It’s because the realtors decided to take down all the signs
Just wait until Merritt Village is built and those units hit the market,
Betty – Merritt Village will offer a totally different product. The people who will go to Merritt are not looking at what’s offered on the market currently in NC, which is why many are leaving. What they’re looking for doesn’t exist here.
Paul — Many of the people who will be going to Merritt Village will be selling their homes in New Canaan which will be adding to the number of homes on the market. They are adding to the total number of units in the market and will increase the total population of New Canaan.
Jim,
You are absolutely correct. Several residents, who attended P+Z hearings, currently live in houses and stated that they will purchase a Merritt Village condo. This means that their unsold houses will be added to the inventory of houses for sale.
Jim & Betty,
This is one of the many reasons that Merritt will help – it will give people a place to stay in New Canaan, as opposed to moving out of town. Those buyers are looking for a specific kind of housing that isn’t currently available here in town and will go elsewhere to find it. It also gives people looking to purchase a single family home here in New Canaan a way to come to live here for a period of time while they search. There are many reasons to embrace housing diversity, which is why most surrounding towns have already started doing so. It’s time we start doing the same.