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Year-over-Year New Canaan Home Sales Down in February, Data Shows

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Year-over-year New Canaan home sales in February declined by more than 50 percent, though pending sales are up in the same timeframe, according to new data supplied by the New Canaan Board of Realtors. Citing statistics from the Multiple Listing Service, the board said that homes in the $2 million to $3 million range dropped from eight to three year-over-year, while overall homes of single-family houses declined by 57 percent, from 14 to 6. Here’s a look at the data:

 

Janis Hennessy, president of the Board of Realtors and New Canaan MLS, noted in comments on the data that February is a short month, with a quiet week during school break, though “inventory is stable.”

“The spring market is just starting to kick in and we are now seeing buyers coming into our market,” Hennessy said. “We feel they were hesitant because of the potential tax law changes but are realizing we offer tremendous value and that New Canaan is an exceptional town to live in.  Interest rates hikes will also bring more buyers into town as the spring market progresses.”

In a small sample, sales of condominiums in New Canaan increased from six to four in February from last year, according to the MLS data:

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New Canaan Sees Strong Home Sales in December; Median Sales Prices Up in 2017

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Sales of single-family homes in New Canaan increased from 15 to 20 year-over-year in December, according to new data, as strong sales in the $2 million-plus bracket drove up the median price 47 percent, according to new data. The town saw five sales in the $3 million-plus range alone, compared to just one in December 2016, which is “terrific news for the New Canaan real estate market,” according to Janis Hennessy, president of the New Canaan Board of Realtors. The median sales price is up from $1.3 million to $1,912,500 in the same period, and year-to-date is up 1 percent, according to the data. “As we enter into 2018 with lower levels of inventory than a year ago, we are optimistic it will translate to stronger opportunities for new listings in January,” Hennessy said. “We are all looking forward to very healthy real estate year ahead.”

Here’s a look at single-family home sales:

 

The condominium market saw four units sold in December compared to three one year ago, though the median price for those units dropped from $1,035,000 to $504,500 in the same period, the data shows.

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Strong Single-Home Sales at Top of Market Push New Canaan to 17 Percent Rise in November

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Thanks largely to an increase in the $3 million to $5 million range, sales of single-family homes in New Canaan increased 17 percent year-over-year in November, from 12 to 14, according to newly published data. The median sales price jumped 20 percent month-over-month, though the year-to-date median sales price still is 4 percent below last year, according to the New Canaan MLS data, supplied by the New Canaan Board of Realtors. Here’s a snapshot of last month:

 

According to the Board of Realtors president, Joe Scozzafava, there already are four “pending” sales in the $3 million-plus range in December, “so this trend appears to be continuing which is definitely good news.” “Part of the reason for this activity would have to be more realistic asking prices,” he said. “The New Canaan high-end market represents some of the best values in lower Fairfield County.”

Homes as of November are spending an average of 191 days on the market, up from 183 last year, according to the data.

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New Canaan Home Sales Rise for Second Straight Month; Median Sales Price Ticks Up

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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.

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Total New Canaan Single-Family Home Sales, Median Price Tick Up in August

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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.