Home Sales Continue to Rise at Strong Pace

Darien CT

12 April, 2021

12:15 PM

Description

Home Sales Continue to Rise at Strong Pace in Darien, New Canaan and Rowayton Markets While Inventory of Homes for Sale at Record-Setting Low DARIEN, CT (April 12, 2021) – During the first quarter of 2021, home sales in all local markets continued at the same fevered pace which marked most of last year. Clearly, Darien, New Canaan, and Rowayton remain attractive destinations for homebuyers seeking a more bucolic setting to spend more time at home. According to the Houlihan Lawrence Q1 Market Report released today, home sales in Darien, New Canaan and Rowayton increased 6.7%, 88.6% and 5.9%, respectively. After 12 months of pandemic-fueled demand and record sales, the supply of homes for sale remains at record-setting lows across all local markets. As of the end of March, the number of homes for sale in Darien, New Canaan, and Rowayton are down 44%, 41%, and 64%, respectively, compared to the same date last year. This inventory shortage creates challenges for buyers seeking to relocate from New York City or elsewhere. What is less obvious but equally important is the challenge created for potential sellers who fear having nothing to buy once they sell. Additionally, we see potential “downsizers” choosing to remain in their larger home to accommodate multiple family members who may be working from home. The net result of these factors is a persistent lack of inventory across all local markets. “Demand, on the other hand, is at record-setting levels in our markets. The number of showings has increased substantially year-over-year and, with so few homes for sale, it is not uncommon to have more than one buyer competing for a property. This competition leads to multiple bid situations, which inevitably lead to price increases, and local sellers who price their homes properly benefit,” said Liz Nunan, President and CEO of Houlihan Lawrence. “While the sales data contained herein is welcome news for sellers in our area, we hasten to point out that the vast majority of our buyers continue to place a premium on homes in ‘move-in’ condition. The properties experiencing the highest levels of demand are either newly constructed or recently renovated,” she added. Markets at a Glance DARIEN Homes Sold: Up 6.7% Median Sale Price: Up 4.2% NEW CANAAN Homes Sold: Up 88.6% Median Sale Price: Up 34% ROWAYTON Homes Sold: Up 5.9% Median Sale Price: Up 84.7% PHOTO CAPTION:  Houlihan Lawrence Listing - 599 Middlesex Road, Darien and listed at $4.295,000 About Houlihan Lawrence Houlihan Lawrence is the leading real estate brokerage serving New York City’s northern suburbs. Founded in Bronxville, New York, in 1888, the company is deeply committed to technological innovation and the finest client service. The company has 30 offices and 1,300+ agents serving Westchester, Putnam, Dutchess, Columbia, Ulster and Orange counties in New York and Fairfield County in Connecticut. For more information visit: http://www.houlihanlawrence.com/ | TWITTER: @HoulihanRE | INSTAGRAM: @houlihanlawrence Contact: Dean BenderThompson & Bender(914) [email protected]