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:
New Canaan: Single Family Home Sales, February 2018*
| Units Sold | ||
|---|---|---|
| Total | 6 | 14 |
| February '18 | February '17 | |
| $0 to $999,999 | 0 | 0 |
| $1 milion to $1.99 million | 2 | 2 |
| $2 milion to $2.99 million | 3 | 8 |
| $3 million to $5 million | 1 | 3 |
| $5 million+ | 0 | 1 |
*Does not include condos
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:
New Canaan: Condo Sales, February 2018
| Units Sold | ||
|---|---|---|
| Total | 6 | 4 |
| Feb '18 | Feb '17 | |
| $0 to $499,999 | 2 | 3 |
| $500,000 to $999,000 | 3 | 1 |
| $1 million to $1.99 million | 1 | 0 |
| $2 million+ | 0 | 0 |
No surprise at all, considering the miserable state of CT’s economy.
Hartford squarely to blame