Sales of single-family homes increased 38% in April, new data show.
The year-over-year increase, from 16 to 22, is due mainly to a rise in homes sold in the $1 million to $2 million range, according to statistics published by the New Canaan Board of Realtors.
The numbers are “promising despite the current crisis,” according to the organization’s president, Melissa Rwambuya.
“Realtors are open for business and seeing a lot of activity,” Rwambuya said in a statement. “Our agents are responsibly conducting business and adhering to social distancing, wearing masks and gloves and using virtual tours to facilitate real estate transactions. We anticipate a robust recovery with pent up demand especially from buyers leaving the city and looking for more space.”
Here’s a snapshot of the activity:
Single-Family Home Sales, April 2020
| Units Sold | ||
|---|---|---|
| Total | 22 | 16 |
| April '20 | April '19 | |
| $0 to $999,999 | 7 | 7 |
| $1 milion to $1.99 million | 11 | 4 |
| $2 milion to $2.99 million | 2 | 5 |
| $3 million to $5 million | 1 | 0 |
| $5 million+ | 1 | 0 |
*Data only includes homes listed for sale on the NCMLS and does not include condos.
The median sales price for the month was down 11% from last April, from $1,410,000 to $1,250,000, according to the data. The median sales price is down 2% through the first four months of 2020.
Rwambuya noted that inventory is low. The total number of single-family homes on the market was 215 a the end of April, down 37% from the year-ago month (341). Homes are spending less time on the market, according to the Board’s data—down from 204 to 157 days, a decrease of 23%.