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New Canaan Real Estate - New Canaan Real Estate Market Rises

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Since the middle of last year, activity in the New Canaan real estate market has begun to increase, which is a good sign because overall prices have declined by 20 percent since the start of last year.

Nevertheless, the sales of homes in 2010 have averaged prices of more than $1.5 million. In addition to homes, condominium sales have also seen an improvement. With an average selling price of $500,000, there have been five times as many condos sold during the first two months of this year compared to the same two months last year.

People in other parts of the country might wonder why this town of 20,000 people and approximately 22 square miles is enjoying an upturn in the real estate market while so many other communities are still suffering from the market downturn. The fact is that real estate values in New Canaan have enjoyed an upward spiral for decades.

Historically, this Fairfield County, Connecticut community located on a spur line of the Metro North Railroad into New York City has been home to people who work in the city but prefer to live in the suburbs. With the stock market rallying, there seems to be a ripple effect that is having a positive influence on real estate markets like New Canaan. Hopefully, this trend will continue, and the number of home sales and the prices of those properties will maintain this upward momentum.

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