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Median Sales Price of New Canaan Homes Ticks Up in October

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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.

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‘We Do Not See This Buyer Demand Going Away Any Time Soon’: Just 74 New Canaan Homes on Market at End of September

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With just 74 single-family homes on the market at month’s end, the total number of home sales declined 49% year-over-year in September, from 39 to 20, according to new data. The median sales price for the month also declined 2%, from $1,675,000 to $1,648,500, according to new data from the New Canaan Board of Realtors. 

Even so, year-to-date, the median sales price of houses is 23% in New Canaan, noted Melissa Rwambuya, president of the Board Of Realtors and New Canaan Multiple Listing Service. “With unprecedented low inventory, sales are down but demand remains very high,” Rwambuya said in a statement. “Sellers are seeing multiple offers on their homes so it is still a great time to be a seller. We do not see this buyer demand going away any time soon.”

Here’s a snapshot of sales activity:

 

Single-family homes had spent just 84 days on the market in September, the Board’s data show, compared to 172 in the year-ago month.

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‘Demand from Buyers Remains Strong’: Median Sales Price Rises in August as Overall Home Sales Decline 16%

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The total number of single-family home sales in New Canaan declined 16% year-over-year in August, according to new data. The decline, from 57 to 48, came as the median sales price increased by 21% in the same period, from $1,361,500 to $1,642,000, according to data from the New Canaan Board of Realtors. Here’s a snapshot of sales activity:

 

Melissa Rwambuya, president of the New Canaan Board of Realtors, said in a statement, “Median prices of single-family homes and condos remain strong year-over-year but the pace of sales has slowed as inventory continues to be low. Demand from buyers remains strong. We hope inventory will rise to meet it.”

There were 100 total homes and 50 condos on the market as of Aug.

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New Canaan Home Sales Up 17% in July

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Sales of single-family homes in New Canaan increased 17% year-over-year in July, according to new data, from 46 to 54. The median sales price rose 7% in the same period, from $1,715,000 to $1,843,000, according to information from the New Canaan Board of Realtors. Here’s a snapshot of the data:

 

“The solid numbers in the New Canaan real estate market continued in July with double digit sales growth over July 2020 in both single family homes and condos,” Melissa Rwambuya, president of the New Canaan Board of Realtors and New Canaan Multiple Listing Service, said in a statement. “Year-to-date median sale prices continue to be strong as the quiet of August settles into the market.”

The median sales price for houses is up 32% through the first seven months of 2021 compared to last year, from $1,342,000 to $1,776,000, the data show. There were 86 single-family homes on the market at the end of July, according to the data.

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New Canaan Home Sales Up 91% in June

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Single-family home sales in New Canaan increased 91% in June year-over-year, according to new data. The total number of homes sold rose from 34 to 65 for the month, with the highest increase in the $1 million to $2 million range (from 14 in 2020 to 35 last month), according to data from the New Canaan Board of Realtors. The median sales price increased 57% in the period, from $1,207,500 to $1.9 million, the data show. Here’s a snapshot of the activity:

 

“Another banner month in June for New Canaan real estate,” Melissa Rwambuya, president of the New Canaan Board of Realtors and New Canaan MLS, said in a statement. “Volume of sales and median sales prices up across the board.