August Home Sales: Median Sales Price Down 11% Year-Over-Year

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Though the number of single-family homes sold in New Canaan was largely flat in August, the median sales price declined by 11% year-over-year, according to new data. Due largely to increases in sales up to $2 million, the total number of homes sold ticked up from 26 to 27 this August compared to last, according to data released by the New Canaan Board of Realtors. 

Yet the median sales price declined from $1,331,250 to $1,185,000 in the same period, the data show. Here’s a table summarizing the activity:

 

Year-to-date, the median sales price of single-family homes in New Canaan is down 7%, from $1.4 million to $1,302,500, according to the data. Homes for sale are spending fewer days on the market, according to the data—down from 184 days to 145, on average, a decline of 21%. Inventory is also down, as there were 281 homes on the market at month’s end, according to the data, compared to 333 the prior year.

Around Town

Waveny Summer Concerts a Success Despite ‘Weather Roulette’; Wednesday’s Show Postponed to Thursday

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Despite unpredictable weather—including a poor forecast that postponed Wednesday’s installment to Thursday—the town’s annual Waveny Summer Concert Series has once again been a great success this year, according to Recreation Director Steve Benko. Held on the lawn out back of Waveny House, the event is “a fun family night out,” Benko said. 

“A lot of people will get together with friends…they have a conversation, listen to the music, and have a nice time under the stars,” he added. The series has been running in some form for nearly 40 years, Benko said. It started out as a collaboration with Manhattan-based Music Performance Trust Fund, and has since evolved into a 12-concert summer series featuring a variety of local and area musicians. Sponsors this year include Rand Insurance Co., Hobbs Inc., Kaster Moving Company, the New Canaan Board of Realtors and Karl Chevrolet.

News

Data: New Canaan Single-Family Home Sales Largely Flat in May

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Sales of single-family New Canaan homes in May stayed largely flat on a year-over-year basis, while the median sales price fell, according to new data. A total of 22 homes were sold last month, compared to 20 in May 2018, an uptick of 10 percent, according to the New Canaan Board of Realtors. The organization’s president, Janis Hennessy, noted that inventory is down year-over-year, from 373 homes one year ago to 341 last month. “Sales were relatively flat, and the $800,000 to $2 million [range] was the strength of our market,” Hennessy said. Here’s a snapshot of sales data:

 

The median sales price declined by 8 percent year-over-year, from $1,250,000 in May 2018 to $1,152,750 last month, the data show.

News

Home Sales in New Canaan Up 56% in April; Median Sales Price Also Increases

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Single-family home sales in New Canaan jumped 56% in April from the prior year, from nine to 14, according to new data from the Board of Realtors. Driven mainly by an increase in the $2 million to $3 million range, up from zero to five, the median price for homes also is up 16%, from $1,490,000 in April 2018 to $1,733,500, according to the data. “Millennials are embracing suburban living in New Canaan with our great schools, sense of community and vibrant, walkable town center,” according to Janis Hennessy, president of the New Canaan Board of Realtors. “The price ranges that saw the biggest gains were in the under $1 million and $2 million to $3 million range.”

Here’s a snapshot of the sales activity:

Sales of condos remained flat in the same time period, the data show. The number of single-family homes on the market is down 2 percent year-over-year, dropping from 324 to 317, the data show, while the year-to-date median sales price of a home is down 11 percent even with the strong April, from $1,499,500 to $1,340,000.

News

Home Sales Up in February As Median Sales Price Declines 

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Sales of single-family homes in New Canaan increased 50 percent in February compared to the year-ago month, though the median sales price declined 21 percent in the same time period, according to new data. Driven mainly by sales of houses in the $1 million to $2 million range, the town saw a total of nine homes sold in February, compared to six in the same month last year, according to information from the New Canaan Board of Realtors. 

Here’s a snapshot of the sales data:

 

Year-over-year, the median sales price of a single-family home declined from $1,417,500 in February 2018 to $1,125,000 last month, the data showed. Year-to-date, the median sales price has declined 12 percent, according to the data. On average, homes are spending 12 percent less time on the market—163 days in February compared to 186 in the year-ago month. Inventory is down 4 percent year-over-year, from 270 homes one year ago to 259 last month.