New Canaan Home Sales: Median Price Up 29% in May

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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

 Units Sold 
Total2123
May '20May '19
$0 to $999,99937
$1 milion to $1.99 million1212
$2 milion to $2.99 million63
$3 million to $5 million01
$5 million+00
Source: New Canaan MLS
*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%).

One thought on “New Canaan Home Sales: Median Price Up 29% in May

  1. Doesn’t anyone wonder how a gas station could be worth almost five million dollars? Could being adjacent to the library property be one reason?

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