The median sales price for a single-family home in New Canaan increased 48% year-over-year in January, according to new data.
The rise, from $1,450,750 to $2,150,000, comes even as the number of overall home sales declines from 28 to 17 i the same period, according to data released by the New Canaan Board of Realtors.
Here’s a snapshot of market activity:
Single-Family Home Sales, January 2022
| Units Sold | ||
|---|---|---|
| Total | 17 | 28 |
| January 2022 | January 2021 | |
| $0 to $999,999 | 0 | 4 |
| $1 milion to $1.99 million | 6 | 15 |
| $2 milion to $2.99 million | 9 | 4 |
| $3 million to $5 million | 2 | 5 |
| $5 million+ | 0 | 0 |
*Data only includes homes listed for sale on the NCMLS.
“As anticipated, single family median sales price is up and unit sales are down,” Anne-Lise Brown, president of the Board of Realtors and MLS. “With new condo development units selling well, the condo market is keeping pace with 2021. I suspect that will continue through the spring. While January is, historically a slow month in real estate activity, recent new listings at the end of January and start of February are an encouraging sign for the start of 2022.”
The median sales price for a condo increased 4% to $1 million in January, the data show. A total of seven condos were sold in the month, including four in the $1 million to $2 million range, the data show.
At the end of January, there were 64 single-family homes and 34 condos on the market, the data show. Single-family homes spent 135 days on the market in January, on average, down 11% from the year-ago month.