The home sales last 2017 indicated a strong year ahead.
Darrien, Connecticut is a residential community that spans around 14.9 sq. miles along Island Sound and has around 20,000 residents. From Darien, New York is only 38 miles away so you can ride a car or take the train at the Metro North Commuter for 55 minutes and arrive at Grand Central Station, Manhattan.
Last year, there were 304 single family homes sold, up from 250 in the year 2017. The Sales Volume had an increase of 18%, from $418, 11, 627 in 2016 to $509, 131, 861 in 2017. The equal number of sales or the median home sale price increased from $1, 350, 000 to $1, 420, 000. And while there is an increase in the days on market from 110 to 113, the percentage sales price of the Listing price is still 96%.
Majority of the sales fell to $1, 000, 000 - $2, 000, 000 range.
Currently, on the Darien CT real estate market, there are 194 family homes for sale with their prices ranging from $665, 000 to 18, 900, 000. Also, there are 22 homes that are currently for sale under $1 million and 87 homes listed that fall between $1 million to $2 million ranges.
In the 1st quarter of 2018, Darien CT real estate reflected a trend towards a higher inventory and a lack of urgency on the homebuyer’s part.
A 3.3% increases are seen in the number of homes that are for sale, with 12 fewer closings than last year in the same time period. And even though there were 12 fewer homes selling in the 1st quarter, an increase of 16 pending sales was seen for that same time period.
The sales price’s average for a home in Darien CT was down by 6.5% during the 1st quarter of this year when compared to the same time period last year, from $1, 596, 367 last 2017 to $1, 492, 622 this year 2018.
Moreover, a 60% increase of inventory (the largest increase was seen) was from homes that are priced at $5 million and up. The highest demand was seen from homes with $3 million to $4, 999, 999 and $1 million to $1, 499, 999 price ranges.
Between the $700, 000 and $1, 999, 999 price ranges, there were a total of 24 of the 37 homes sold, so far.
This week, May 13, 2018, to May 19, 2018, Darien CT real estate had 4 homes sold, 7 pending, 8 that continues to show, 25 price reductions and 13 new listings.
The lack of urgency on the homebuyers’ part trends will make it all more important for home sellers to reasonably price their homes and to present attractive properties in this increasingly competitive market
For this time around, buyers might be the winner and can benefit from this opportunity for increased home values.