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:
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.