New Canaan single-family home sales increased more than fivefold year-over-year in February, new data show.
The increase, from four to 22, represents a 450% and reflects strong sales in the $2 million to $3 million range, at five, according to data provided by the New Canaan Board of Realtors.
“February was another fantastic month for single family home sales on the New Canaan Multiple Listing Service,” the organization’s president, Melissa Rwambuya, said in a statement.
“Unit sales were up over 400% and the median sale price was up 13%, year over year. Buyer demand continues to outstrip low inventory, making it a great time to list a home for sale.”
She referred to the median sales price in February of $1,461,000, compared to $1,288,615 in 2020. Year-to-date median sale price of single-family homes in New Canaan is up 20%, according to the Board’s data.
Here’s a table summarizing market activity:
Single-Family Home Sales, February 2021
| Units Sold | ||
|---|---|---|
| Total | 22 | 4 |
| February 2021 | February 2020 | |
| $0 to $999,999 | 7 | 2 |
| $1 milion to $1.99 million | 8 | 2 |
| $2 milion to $2.99 million | 5 | 0 |
| $3 million to $5 million | 2 | 0 |
| $5 million+ | 0 | 0 |
*Data only includes homes listed for sale on the NCMLS and does not include condos.
Inventory is down 33%, with 152 homes on the market at the end of February compared to 227 last year, according to the Board’s data.