The total number of single-family home sales in New Canaan declined 16% year-over-year in August, according to new data.
The decline, from 57 to 48, came as the median sales price increased by 21% in the same period, from $1,361,500 to $1,642,000, according to data from the New Canaan Board of Realtors.
Here’s a snapshot of sales activity:
Single-Family Home Sales, August 2021
|August 2021||August 2020|
|$0 to $999,999||2||10|
|$1 milion to $1.99 million||30||36|
|$2 milion to $2.99 million||13||7|
|$3 million to $5 million||3||4|
*Data only includes homes listed for sale on the NCMLS.
Melissa Rwambuya, president of the New Canaan Board of Realtors, said in a statement, “Median prices of single-family homes and condos remain strong year-over-year but the pace of sales has slowed as inventory continues to be low. Demand from buyers remains strong. We hope inventory will rise to meet it.”
There were 100 total homes and 50 condos on the market as of Aug. 30, according to the Board’s data.
Single-family homes in August had spent an average of 119 days on the market compared to 254 days one year ago, a 53% decline, the data show.
Year-to-date, the median sales price of houses is up 31%, to $1,767,000, while the median sales price of condos is up 54%, to $975,000, according to the data.
In August, condo sales were down to five from seven in the year-ago month, though the median sales price was up 44% in the same period.