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New Canaan Home Values Down 9 Percent in Q2

In the second quarter, the value of a "mid-tier" single-family home in New Canaan fell 9.4 percent—though Darien values increased, analysts say.

 

According to new data from the School of Business’s Center for Real Estate and Urban Economic Studies, the value of a single-family home in New Canaan fell 9.4 percent in the second quarter of 2012.

The year-over-year drop—from $1,217,599 to $1,103,267 for a so-called “mid-tier” home—marks a continuing trend in New Canaan, which , according to the UConn center. (Data was not available for the first and second quarters of 2009, which is why the chart when set to those quarters appears to go to zero.)

The center defines a “mid-tier” home in New Canaan as 40 years old and with 2,851 square feet. Each quarter, the center produces “constant quality indices” that track the changing value of homes in Connecticut towns by minimizing variables such as inflation and seasonality, as well as the effect a low-volume sales quarter has on average prices.

New Canaan's decrease is a more severe example of a wider trend in Fairfield County.

Among 18 towns in the county whose data is tracked by the center, just five municipalities—Bridgeport, Darien, Greenwich, Stamford and Trumbull—saw single-family home values increase

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Use the search form above to track the change in estimated values of a mid-range home quarter by quarter since 2000. Interested in all things New Canaan? Join us to discuss town matters with your neighbors, rate local businesses, and "like" us on Facebook and follow us on Twitter!

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year-over-year for Q2. On average, the value of single-family homes in those 18 towns fell 4.8 percent from 2011 to 2012 in the second quarter, according to the center.

Join a local conversation on real estate value: A , and each story includes a narrative summary of second quarter data.

Dr Leonaura Rhodes July 30, 2012 at 12:20 PM
wow home prices went down to an average of $0 in 2009, I didn't realize it had got that bad!
Michael Dinan (Editor) July 30, 2012 at 01:18 PM
Hi Dr. Rhodes: The UConn Real Estate Center's data will return $0 in the graph when the raw data shows "N/A" for home values for a given quarter, meaning there weren't enough home sales to establish the value for the middle-tier home. Thank you!
Four Jacks July 30, 2012 at 08:09 PM
I think someone needs to double check those numbers, according to Zillow, my family's home has increased in value in both Q1 and Q2 of this year. Perhaps some of our R.E. friends can chime in.
Regina van der Heyden July 30, 2012 at 08:38 PM
I happen to have the CT state numbers at hand, and they are, for single family residential listings, getting better ;))) • Avg sales price in CT - up by 14% • Unit sales in CT - up by 29% compared to last year • Days on market in CT - decrease of 11% • Also, key numbers show positive trends in the luxury market - average sale prices in the $2M+ range were up in CT. Please visit my blog for monthly NC Market Stats , 'brokerbeatNewCanaan on PATCH,' which will post this Friday for July numbers, and then again at the beginning of September for August numbers, until our weekly return in mid September, with all things real estate !!!

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