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Report: New Canaan Real Estate Market Improves

Home sales in New Canaan and surrounding towns in Fairfield County are reportedly as high as they've been since 2009 though weak demand for luxury properties may be contributing to lower prices.

Report: New Canaan Real Estate Market Improves

Things are looking up in the New Canaan's residential real estate market.

Home sales took a turn for the better in 2012, according to a recent report in New Canaan-Darien Magazine, which reported 222 sales of single-family homes, based on data analyzed by Brotherhood & Higley.

The rebound—which would buck recent trends in town—is not only higher than the previous year's sales of 214 but a jump up from the 150 homes sold in 2009, the magazine says.

Though the overall market seems to be improving, it may be a buyer's market. The report also cites a continued depression in average sale prices, which were  $1.69 million last year,  down from $1.9 million in 2011, "a drop brokers attribute to the weakness in luxury properties," brokers told the magazine. 

What's apparently helping sellers make deals is keeping their home up-to-date.

“We don’t have the choices we had a few years ago. There isn’t a lot of new construction,” Rita Kirby of William Pitt Sotheby’s told the magazine. That means buyers may be happy to pay for newly-installed granite countertops and other updated finishes.

To read the full story, click here.

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