Driven mainly by a six-fold increase in the $1 million to $2 million market, sales of New Canaan homes more than tripled in November year-over-year, according to new data.
Single-family homes sold increased from 12 to 39—a 225% increase, according to the New Canaan Board of Realtors.
Here’s a look at the data:
Single-Family Home Sales, November 2020
|November '20||November '19|
|$0 to $999,999||3||4|
|$1 milion to $1.99 million||29||5|
|$2 milion to $2.99 million||4||1|
|$3 million to $5 million||3||2|
*Data only includes homes listed for sale on the NCMLS and does not include condos.
Melissa Rwambuya, president of the New Canaan Board of Realtors and New Canaan MLS, said in a statement that both single-family homes and condo sales are up 54% year-to-date.
“Inventory is lower across-the-board and both single-family homes and condos sold much faster than in 2019, as reflected by the days on market,” Rwambuya said. “Pending sales are also way up so the news will be good in the coming months as well. With a vaccine expected in 2021 we hope to see other areas of the economy joining real estate in regaining health.”
The year-over-year median sales price was down 4% in November from the same month in 2019, $1,399,000 compared to $1,462,500. Yet year-to-date, the median sales price is up 8%, to $1,427,500 compared to $1,325,000 in 2019, according to the Board’s data.
Single-family homes are spending far less time on the market in 2020, at 136 days on average, compared to 223 last year—a 39% decrease.
At 126, the average days on market for condominiums is down even more from 2019 (226 days), a 44% decrease.
There were 206 single-family homes on the market at the end of November, compared to 255 one year ago, or 19% fewer.