New Canaan’s Ritzy Housing Market
New Canaan apparently has a “hot” housing market.
Brokerage firm ZipRealty reported this week that homes in the upscale town sold for an average of 105.5 percent of list price in last year’s fourth quarter.
There were no other Connecticut towns in ZipRealty’s analysis where homes were selling above the list price.
The median home price in New Canaan has topped $1 million since 2001, according to The Warren Group.
It rose to more than $1.68 million in 2007, before declining to just over $1.55 million in 2008.
The median price for single-family homes sold in the first 11 month of 2009 fell to about $1.3 million, according to The Warren Group.
For people who can afford it, New Canaan is surely a “hot” housing market. For most other people, it’s just a ritzy town where housing costs are way out of reach.
February 18th, 2010 at 8:56 am
I had commented on this article when it was first shown on your daily news letter how inaccurate it was. As an appraiser in the Fairfield County area the data is clearly evident that New Canaan is NOT a hot market. Per the MLS, the number of listings to the number of sales clearly shows that there still is an oversupply and that the sales price of recent houses STILL shows a decline. Articles of this nature when read by those not familiar with the market or those hoping things have changed are given wrong information, by what should be a creditable source. This then adds to and prolongs the markets’ problems. You really need to do some research & recant this article.