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:
Single-Family Home Sales, July 2022
| Units Sold | ||
|---|---|---|
| Total | 25 | 54 |
| July 2022 | July 2021 | |
| $0 to $999,999 | 1 | 2 |
| $1 milion to $1.99 million | 12 | 30 |
| $2 milion to $2.99 million | 6 | 14 |
| $3 million to $5 million | 4 | 8 |
| $5 million+ | 2 | 0 |
*Data only includes homes listed for sale on the NCMLS.
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. Inventory stood at 76 homes on the market as of the end of July, and single-family homes spent 105 total days on the market in July, down from 115 one year ago, the data show.
Condominium sales, meanwhile, increased 50% year-over-year in July, from eight to 12, while the median sales price of a condo rose 91%, from $754,500 to $1,438,750—due, mostly, to four condominiums selling for $2 million-plus, and four others selling in the $1 million to $2 million range, according to the data. Year-to-date, the median sales price of a condo is up 12% from 2021, from $905,000 to $1,01,000.