With inventory still down, the number of single-family New Canaan houses that sold in March declined 37% year-over-year.
The total number of homes sold dropped to 17 in March from 27 in the year-ago month—largely reflecting a decline in houses sold in the $2 million to $5 million range, according to new data released by the New Canaan Board of Realtors.
Though the year-to-date median sales price is up 16% (to $1,825,000), the median sales price for the month declined 10%, from $1,650,000 to $1,485,000, according to the data.
Here’s a snapshot of market activity:
Copy of Single-Family Home Sales, February 2022
| Units Sold | ||
|---|---|---|
| Total | 13 | 23 |
| February 2022 | February 2021 | |
| $0 to $999,999 | 1 | 7 |
| $1 milion to $1.99 million | 6 | 9 |
| $2 milion to $2.99 million | 3 | 5 |
| $3 million to $5 million | 3 | 2 |
| $5 million+ | 0 | 0 |
*Data only includes homes listed for sale on the NCMLS.
There were just 32 single-family homes on the market at the end of March, according to the data, and 30 condominiums. Houses spent just 119 total days on the market in March, on average, compared to 170 in the year-ago month, a 30% change.
Meanwhile, two condos were sold last month compared to five in March 2021, according to the data. The median sales price there jumped 107% year-over-year, from $880,000 to $1,822,500, the data said.