Data: New Canaan Home Sales Up 63% in September; Median Price Up 40%

Driven largely by sales in the $2 million to $5 million range, home sales in New Canaan increased 63% year-over-year in September, new data show. The increase, from 24 to 39, includes eight sales in the $2 million to $3 million range compared to one in September 2019, and six in the $3 million to $5 million range compared to two in the year-ago month, according to the Multiple Listing Service data, released by the New Canaan Board of Realtors. 

Overall, the median price jumped 40%, from $1,119,50 to $1,675,000, the data show. The market is showing “news from every angle,” the Board’s president, Melissa Rwambuya, said in a statement. 

“Prices up, inventory down and a whopping 63% increase in sales of single family homes over September 2019,” she said. “This news should be good for local businesses as new residents come to town.”

Here’s a table tracking sales data:

 

Homes are spending about 25% less time on the market, according to the data, down from an average of 229 days to 172. And inventory is down 24% year-over-year, from 281 single-family homes in September 2019 to 213 homes last month, the data show.

‘Historically Low Inventory’: Home Sales More Than Double in August

Sales of single-family homes in New Canaan more than doubled in August from one year ago, new data show. The increase, from 27 to 57, was due mainly to a 157% increase in the $1 million to $2 million range, according to Multiple Listing Service data compiled by the New Canaan Board of Realtors. The median sales price also increased year-over-year by 2%, from $1,361,500 to $1,336,772, the data show. Here’s a snapshot of the sales activity:

 

Board President Melissa Rwambuya said in a statement: “Despite the start of the school year when the market typically slows down, demand remains incredibly high with historically low inventory. Open houses are very well attended with many people still looking to move here from New York City.

New Canaan Home Sales Up 14% in June

Sales of single-family homes in New Canaan were up 14% in June from last the same month last year, according to new data. Most of the increased sales occurred in homes less than $1 million, and the median sales price for June fell by 13% year-over-year, from $1,387,500 to $1,207,500, according to data released by the New Canaan Board of Realtors. 

Here’s a table tracking the activity:

 

Board of Realtors President Melissa Rwambuya said in a statement, “The market continues to be incredibly active with many buyers moving here from New York City.”

The town is reporting increased building permit applications for small home projects, which officials are attributing to homeowners readying their houses for sale amid the strong market. There are far fewer New Canaan houses on the market than one year ago. Inventory in June was down 33%, from 363 to 242, according to the Board’s data. Homes spent an average of 183 days on the market in June, up 8% from 170 days one year ago, the data show.

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

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:

 

Inventory at the end of May was down 45%, with 204 single-family homes on the market compared to 369 one year ago.

New Canaan Home Sales Up 38% in April

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:

 

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.