Though the number of single-family homes sold in New Canaan was largely flat in August, the median sales price declined by 11% year-over-year, according to new data.
Due largely to increases in sales up to $2 million, the total number of homes sold ticked up from 26 to 27 this August compared to last, according to data released by the New Canaan Board of Realtors.
Yet the median sales price declined from $1,331,250 to $1,185,000 in the same period, the data show.
Here’s a table summarizing the activity:
Single-Family Home Sales, August 2019*
|August '19||August '18|
|$0 to $999,999||10||7|
|$1 milion to $1.99 million||14||11|
|$2 milion to $2.99 million||2||6|
|$3 million to $5 million||1||2|
*Does not include condos
Year-to-date, the median sales price of single-family homes in New Canaan is down 7%, from $1.4 million to $1,302,500, according to the data.
Homes for sale are spending fewer days on the market, according to the data—down from 184 days to 145, on average, a decline of 21%.
Inventory is also down, as there were 281 homes on the market at month’s end, according to the data, compared to 333 the prior year.