News

Total Home Sales Down 54% in July While Median Sales Price Rises

By |

A total of 25 single-family homes in New Canaan were sold in July—a figure down 54% from the year-ago month, while the median sales price increased 17%, new data show. The rise in the median sales price, from $1,810,000 to $2,121,000, reflects two homes that sold for $5 million-plus, according to data published by the New Canaan Board of Realtors. “The higher end of the market is up again in both single family homes and condos,” Board President Anne-Lise Brown said in a statement. “I would expect a seasonal slowdown due to August summer holidays. The past year or two were an anomaly and we are returning to a pre-pandemic market with respect to inventory and interest rates.”
Here’s a snapshot of market activity in July:

 
Year-to-date, the median sales price of a single-family home is up 8% year-over-year, from $1,785,500 to $1,933,750, according to the data.

News

Data: 22 Single-Family Homes Sold in May

By |

Sales of single-family homes in May was down 29%—to 22 from 31—compared to the year-ago month, new data show. The median sales price also declined 13% year-over-year, from $2,012,500 to $1,750,500, according to data released by the New Canaan Board of Realtors. 

Even so, the sales figures are up from April, officials noted. “May stats show a ticking upwards of sales—especially in the $1-2 million price range—but one must remember that sales that closed in May likely went to contract in March and April,” Board President Anne-Lise Brown said in a statement. “We end May with a significant—40%-plus—increase in existing inventory, 49 homes in May versus 34 in April. Finally, the year-to-date sales price is down versus this time last year when the sales prices were rising.”

Here’s a snapshot of market activity:

 

Year-to-date, the sales price of a single-family home stands at $1,875,000, according to the data, compared to $1,750,000 through the first five months of 2021. 

Homes spent just 106 days on the market, on average, last month, compared to 159 in May 2021—a drop of 33%, the data show. 

Six condominiums sold in May, compared to four in the year-ago month, according to the data. The median sales prices of a condominium, year-to-date, was up 12% through the first five months of the year, the data show, at $1.1 million versus $985,000 in 2021. 

News

Data: Eight Single-Family Homes Sold in April

By |

Eight single-family homes were sold in New Canaan in April, new data show, down from 38 in the year-ago month. The median sales price for a house increased by 33% in the same period, from $2,025,000 to $2,687,500, according to data released by the New Canaan Board of Realtors. Here’s a snapshot of market activity:

 

So far this year, the median sales price of a single-family home has risen 15%, from $1,650,000 to $1,905,000, according to the data. There were just 34 homes on the market at the end of April, the data show, and homes are spending an average of just 164 days on the market in April, compared to 172 one year ago. Sales of condominiums increased to five in April compared to four in the year-ago month, according to the data.

News

Home Sales Down 37% in March

By |

With inventory still down, the number of single-family New Canaan houses that sold in March declined 37% year-over-year. The total number of homes sold dropped to 17 in March from 27 in the year-ago month—largely reflecting a decline in houses sold in the $2 million to $5 million range, according to new data released by the New Canaan Board of Realtors. Though the year-to-date median sales price is up 16% (to $1,825,000), the median sales price for the month declined 10%, from $1,650,000 to $1,485,000, according to the data. Here’s a snapshot of market activity:

 

There were just 32 single-family homes on the market at the end of March, according to the data, and 30 condominiums. Houses spent just 119 total days on the market in March, on average, compared to 170 in the year-ago month, a 30% change. Meanwhile, two condos were sold last month compared to five in March 2021, according to the data.

Anne-Lise Brown

New Canaan Board of Realtors: Market ‘Remains Relatively Flat’

By |

The median price of a single-family home increased 32% year-over-year in February, from $1,475,000 to $1,942,500, according to new data, even as the total number of home sales declined. 

Just 43 homes were on the market at month’s end, according to the data, released by the New Canaan Board of Realtors. Here’s a snapshot of market activity:

 

Anne-Lise Brown, president of the Board of Realtors and New Canaan MLS, said in a statement, “The market remains relatively flat, and we did not see the uptick we were hoping for with new listings in February but we expect more inventory for the coming spring market.”

Through the first two months of 2022, the median sales price of a single-family home in New Canaan is up 44%, to $2,131,000, according to the data. Homes spent 147 days on the market on average in February, compared to 172 one year ago, the data show, a decrease of 15%. The median sales price of condominiums also was up year-over-year in February, from $1,449,500 to $2 million, a 38% jump, the data show. Condos also are moving more quickly, with 79 days on the market on average in February compared to 127 in the year-ago month.