The median price of a single-family home in New Canaan increased 18% year-over-year in June, from $1.9 million to $2,237,500, new data show.
The overall number of houses sold declined 58% in the same period, from 67 to 28, according to data released by the New Canaan Board of Realtors.
Here’s a snapshot of market activity:
Single-Family Home Sales, June 2022
| Units Sold | ||
|---|---|---|
| Total | 28 | 67 |
| June 2022 | June 2021 | |
| $0 to $999,999 | 0 | 2 |
| $1 milion to $1.99 million | 11 | 36 |
| $2 milion to $2.99 million | 10 | 19 |
| $3 million to $5 million | 5 | 9 |
| $5 million+ | 2 | 1 |
*Data only includes homes listed for sale on the NCMLS.
“Median sales price is up and closings at the higher end of the market increased by 50% plus,” the organization’s president, Anne-Lise Brown, said in a statement. “We are still below 2021 activity levels but I would expect that to remain as the volatility in the stock market and increasing interest rates hold some buyers back.”
Year-to-date, the median sales price of a single-family home is up 9%, from $1,776,000 to $1,942,500, according to the Board’s data. Houses spent about the same amount of time on the market in June compared to the year-ago month, at 108 and 109 days, respectively, according to the data. There were just 63 total houses on the market as of month’s end, the data show.
June also saw just two sales of condominiums, according to the Board’s data, though the median sales price jumped 23%, up to $1,223,000. Year-to-date, sales of condos are up 11%, according to the data.
The headline is quite a misrepresentation. As stated the number of houses sold dropped precipitously. This causes a re-balance in the median price sold. Does not represent an +18% in house prices in general which most casual readers would assume. Shame on the New Canaanite.
shame, shame, shame (ding ding)