‘Historically Low Inventory’: Home Sales More Than Double in August


Sales of single-family homes in New Canaan more than doubled in August from one year ago, new data show.

The increase, from 27 to 57, was due mainly to a 157% increase in the $1 million to $2 million range, according to Multiple Listing Service data compiled by the New Canaan Board of Realtors.

The median sales price also increased year-over-year by 2%, from $1,361,500 to $1,336,772, the data show.

Here’s a snapshot of the sales activity:

Single-Family Home Sales, August 2020

 Units Sold 
August '20August '19
$0 to $999,9991010
$1 milion to $1.99 million3614
$2 milion to $2.99 million72
$3 million to $5 million41
$5 million+00
Source: New Canaan MLS
*Data only includes homes listed for sale on the NCMLS and does not include condos.


Board President Melissa Rwambuya said in a statement: “Despite the start of the school year when the market typically slows down, demand remains incredibly high with historically low inventory. Open houses are very well attended with many people still looking to move here from New York City. We don’t see an end in sight at the moment.”

There were 254 single-family homes on the market as of Aug. 20, compared to 304 the year before, a decline of 16%, according to the data.

Year-to-date, the median sales price is up 3%, the data show.

In the condominium market, the median sales price increased by 50% year-over-year, from $542,500 to $812,500, according to the data. Six condos were sold in August compared to four in the year-ago month.

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