The median price of a single-family home increased 32% year-over-year in February, from $1,475,000 to $1,942,500, according to new data, even as the total number of home sales declined.
Just 43 homes were on the market at month’s end, according to the data, released by the New Canaan Board of Realtors.
Here’s a snapshot of market activity:
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.
Anne-Lise Brown, president of the Board of Realtors and New Canaan MLS, said in a statement, “The market remains relatively flat, and we did not see the uptick we were hoping for with new listings in February but we expect more inventory for the coming spring market.”
Through the first two months of 2022, the median sales price of a single-family home in New Canaan is up 44%, to $2,131,000, according to the data. Homes spent 147 days on the market on average in February, compared to 172 one year ago, the data show, a decrease of 15%.
The median sales price of condominiums also was up year-over-year in February, from $1,449,500 to $2 million, a 38% jump, the data show. Condos also are moving more quickly, with 79 days on the market on average in February compared to 127 in the year-ago month.
I find data reporting this way, based on median price, to be simple but highly misleading. A shift in sales to higher end houses will have a profound impact on the median and not reflect the increase in comps. Is my $1,000,000 house now worth $1,440,000?….unlikely.
Is there a better way to reflect the increase in comps?