Darien CT Real Estate Market Report March 2023
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*All market data can be found at the bottom of this page
The spring market is here, and if you are thinking of buying in Darien, you are probably wondering if the inventory is coming, and if you should be considering another town. Today, I will review the Darien Real Estate market data, as well as cover my personal experience about what's happening now. Let's go!
If you are new to my website, my name is Charlie Vinci and I am a Darien Realtor. The graphs in the "Darien CT Real Estate Market" section are updated on the first of every month. While you are here, you can create a custom market report below to get updated on the exact segment of the market that is most important to you.
You'd rather watch than read? Below is the latest market report video for Darien.
Darien Months of Supply
Let's start with taking a look at the supply. If you have been watching my market reports, you won't be surprised when I tell you that Darien had just 1.5 months of supply in February. While this is very low, it's actually better than January when we had just 1.1 months, and December when we had only 1 month of supply.
I also said that supply this low would seriously constrain the number of homes that we could sell, and concentrate all of the buyers on just a few homes. To say that it's challenging to buy in Darien right now would be an understatement. I do have a little bit of good news for buyers, but more on that in a moment.
Darien Closed Sales
First we need to take a look at closed sales which were down to just 3 sales last month. Remember when I said that supply would limit sales, here is your evidence. You would probably guess that 3 sales were lower than during our crazy covid market over the past two years, but take a look at the years of 2018 to 2020, which were before our covid market. We had between 10 and 12 sales even then. Frankly, 3 sales is a new historical low.
You can analyze what has sold near you by using our Sold Property Search and Interactive map.
Quick Tip: Zoom in on your home for nearby sales.
Darien Median Sales Price
Here’s the median sales price graph, it was down to just $1.1MM in February. Take a look at the 5 year trend to see how odd this was. With only 3 sales, it's no surprise that this number would be off from what we expect. I pulled the raw data to double check and indeed $1.1MM is accurate.
If you are wondering what your home is worth now, try using our free home valuation tool.
Darien Homes for Sale
Here's the number of homes for sale in Darien which was down to 35 in February. This is a tad better than January when we had only 27 homes, and December when we had just 24.
Good news for buyers is that historically, we know the number of new listings that come to the market should increase through March and April, so you will have some new selection. The challenge will be that competition is going to be fierce. If you are in need of an agent that can help you win in this market, call me.
If you want to explore what is currently available in Darien, you can do so by doing a property search on my website.
Darien Pending Sales
Here’s the number of pending sales, which looks surprisingly good considering how low the inventory is, we had 17 pending sales last month. Taking a look at the 5 year trend, and you can see that we typically had between 15 and 22 sales pending, prior to covid, so 17 isn't terrible, considering how low the inventory is.
Darien Median Days on Market
The median days on market was also down to a shockingly low 14 days, this should be a clear message to buyers that they must move fast, and make the strongest possible offers on the good new listings in Darien. You may also want to consider other markets like New Canaan, Wilton and Rowayton so that you have more options.
Darien Median Percentage of List Price
Given the data I already have shown you, it should come as no surprise that the median percentage of list price earned in February was 100%. I suspect that this will increase in the coming months as the market heats up.
We need the facts, and data can be helpful, but it also helps to have a real world, sort of boots on the ground perspective to understand what this all means for buyers and sellers.
For Buyers
I have noticed that my buyers were frustrated with the quality of the inventory this winter. There wasn't much of it and it seemed overpriced for what it was. There were a few good deals to be had, but probably not as many as I would have expected given my experience during the previous years. The good news is that we know from historical data that more new listings should be on the way, and buyers will have some selection, and be able to find their home, but they also should expect to have competition in the form of multiple offers on the best homes, and they should be wary of rates going up which will increase their cost if they are financing. We are already seeing multiple offers on the best homes, and you should expect that it will continue.
For Sellers
You have heard the stories of your neighbors selling for hundreds of thousands over their asking price last year, and perhaps in the fall. While this is true, it was also true that those homes were fairly priced and buyers saw the value and made strong offers in order to win in a multiple offer situation. If you don't have multiple offers in the first week on the market this spring, it's your sign that you need to lower the price quickly or you risk losing the interest of the buyers. If you wait too long, they will ask the question “what's wrong with this house?” When they start asking that question, your chances of getting a strong offer are out the window. Price competitively, there is enough demand that market forces will get you top dollar if marketed properly.
If you are thinking of buying or selling, and don't currently have an agent, don't hesitate to call me. I would be happy to talk about your sale or purchase. You can find my contact information below.
I look forward to hearing from you!
Best,
203.952.7752
Darien CT Real Estate Market
Each data point represents the past 3 months of data, so you can easily examine the macro level trends of the Darien CT Real Estate Market.
*All Data comes directly from the Realtor's database, the SmartMLS, and is updated on the first of each month.
Quick Tip: Maps are interactive. Touch or Hover to use.