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
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!
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.