Driven largely by sales in the $2 million to $5 million range, home sales in New Canaan increased 63% year-over-year in September, new data show.
The increase, from 24 to 39, includes eight sales in the $2 million to $3 million range compared to one in September 2019, and six in the $3 million to $5 million range compared to two in the year-ago month, according to the Multiple Listing Service data, released by the New Canaan Board of Realtors.
Overall, the median price jumped 40%, from $1,119,50 to $1,675,000, the data show.
The market is showing “news from every angle,” the Board’s president, Melissa Rwambuya, said in a statement.
“Prices up, inventory down and a whopping 63% increase in sales of single family homes over September 2019,” she said. “This news should be good for local businesses as new residents come to town.”
Here’s a table tracking sales data:
Single-Family Home Sales, September 2020
| Units Sold | ||
|---|---|---|
| Total | 39 | 24 |
| September '20 | September '19 | |
| $0 to $999,999 | 6 | 8 |
| $1 milion to $1.99 million | 19 | 13 |
| $2 milion to $2.99 million | 8 | 1 |
| $3 million to $5 million | 6 | 2 |
| $5 million+ | 0 | 0 |
*Data only includes homes listed for sale on the NCMLS and does not include condos.
Homes are spending about 25% less time on the market, according to the data, down from an average of 229 days to 172. And inventory is down 24% year-over-year, from 281 single-family homes in September 2019 to 213 homes last month, the data show.
Sales of condominiums also jumped in September, from three last year to 14 last month.
New Canaan real estate market surged through the summer, a trend that many attribute to young families leaving New York City for the suburbs amid the COVID-19 pandemic.
Home sales rose 111% in August.