Darien, New Canaan & Rowayton Home Sales Remain Strong

Press release from Houlihan Lawrence:

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%

This press release was produced by Houlihan Lawrence. The views expressed here are the author's own.