Sales of homes in the $2 million to $3 million range doubled in May, helping push the 2020 median sale price over 2019’s for the first time this year, new data show.
Though the overall number of single-family homes declined slightly—from 23 to 21—the median sales price for the month was up 29%, from $1,160,000 to $1,495,000, according to data released by the New Canaan Board of Realtors.
Homes also appear to be selling far faster, as the average days on market declined 39% in May, from 219 to 133, the Board of Realtors’ data show.
“We see strong demand with homes receiving multiple bids so we know the market has shifted to a seller’s market,” the organization’s president, Melissa Rwambuya, said in a statement.
Year-to-date, the median sales price now is up 3%, from $1,210,000 to $1,250,000, the data show.
Here’s a snapshot of the sales data:
Single-Family Home Sales, May 2020
|May '20||May '19|
|$0 to $999,999||3||7|
|$1 milion to $1.99 million||12||12|
|$2 milion to $2.99 million||6||3|
|$3 million to $5 million||0||1|
*Data only includes homes listed for sale on the NCMLS and does not include condos.
Inventory at the end of May was down 45%, with 204 single-family homes on the market compared to 369 one year ago.
The median sales price for condominiums also increased year-over-year by 29%, from $680,000 to $879,000, according to the data, while the average days on market for condos increased from 167 to 220 (32%).