Single-family home sales in New Canaan jumped 56% in April from the prior year, from nine to 14, according to new data from the Board of Realtors.
Driven mainly by an increase in the $2 million to $3 million range, up from zero to five, the median price for homes also is up 16%, from $1,490,000 in April 2018 to $1,733,500, according to the data.
“Millennials are embracing suburban living in New Canaan with our great schools, sense of community and vibrant, walkable town center,” according to Janis Hennessy, president of the New Canaan Board of Realtors. “The price ranges that saw the biggest gains were in the under $1 million and $2 million to $3 million range.”
Here’s a snapshot of the sales activity:
Single-Family Home Sales, April 2019*
| Units Sold | ||
|---|---|---|
| Total | 14 | 9 |
| April '19 | April '18 | |
| $0 to $999,999 | 5 | 1 |
| $1 milion to $1.99 million | 4 | 8 |
| $2 milion to $2.99 million | 5 | 0 |
| $3 million to $5 million | 0 | 0 |
| $5 million+ | 0 | 0 |
*Does not include condos
Sales of condos remained flat in the same time period, the data show.
The number of single-family homes on the market is down 2 percent year-over-year, dropping from 324 to 317, the data show, while the year-to-date median sales price of a home is down 11 percent even with the strong April, from $1,499,500 to $1,340,000.
Single-family homes remained on the market far longer in April 2019 (228 days) compared to the year-ago month (102 days), according to the Board’s data.
April is too small a sampling to provide a meaningful snapshot of the market. In the first 4 months New Canaan had 57 house sales, a 29% increase over last year’s 44 (but only an 8% increase over the 8 year average of 52). Condo sales are 9 for the year, down from 14 last year (and down 25% from the 8 year average of 12). Condo inventory has decreased 19% in a year from 47 to 38 and we’ve seen a 5% increase in condo prices to $740,722.