The median sales price for single-family homes in New Canaan ticked up 1% in October, from $1,481,000 to $1,497,500, according to new data. At the same time, with just 90 houses on the market at month’s end, the overall number of home sold declined 23% year-over-year in October, from 26 to 20, according to data released by the New Canaan Board of Realtors.
The organization’s president, Melissa Rwambuya, said the sharp reduction “is a direct reflection of the extremely low inventory we are experiencing today.”
“Prices remain firm and many buyers continue to be frustrated with the lack of houses on the market,” Rwambuya said. Here’s a snapshot of market activity:
Year-to-date, the median sales price of single-family homes is up 20%, according to the Board’s data, from $1,438,250 to $1,727,500. In October, home spent an average of just 79 days on the market, compared to 230 in the year-ago month, the data show—a 66% reduction. The year-to-date median sales price of condominiums also is up substantially, from $721,250 in October 2020 to $960,000 last month, a 28% increase.