Sales of single-family homes in May was down 29%—to 22 from 31—compared to the year-ago month, new data show.
The median sales price also declined 13% year-over-year, from $2,012,500 to $1,750,500, according to data released by the New Canaan Board of Realtors.
Even so, the sales figures are up from April, officials noted.
“May stats show a ticking upwards of sales—especially in the $1-2 million price range—but one must remember that sales that closed in May likely went to contract in March and April,” Board President Anne-Lise Brown said in a statement. “We end May with a significant—40%-plus—increase in existing inventory, 49 homes in May versus 34 in April. Finally, the year-to-date sales price is down versus this time last year when the sales prices were rising.”
Here’s a snapshot of market activity:
Single-Family Home Sales, May 2022
| Units Sold | ||
|---|---|---|
| Total | 22 | 31 |
| May 2022 | May 2021 | |
| $0 to $999,999 | 2 | 3 |
| $1 milion to $1.99 million | 12 | 11 |
| $2 milion to $2.99 million | 7 | 12 |
| $3 million to $5 million | 1 | 5 |
| $5 million+ | 0 | 2 |
*Data only includes homes listed for sale on the NCMLS.
Year-to-date, the sales price of a single-family home stands at $1,875,000, according to the data, compared to $1,750,000 through the first five months of 2021.
Homes spent just 106 days on the market, on average, last month, compared to 159 in May 2021—a drop of 33%, the data show.
Six condominiums sold in May, compared to four in the year-ago month, according to the data. The median sales prices of a condominium, year-to-date, was up 12% through the first five months of the year, the data show, at $1.1 million versus $985,000 in 2021.