Houlihan Lawrence Q2-2022 Market Report for Darien, Rowayton, New Canaan

D A R I E N , R O W AY T O N , N E W C A N A A N

Market Report

Q2-2022

TIME

EMPOWERS US

#

1

R E A L E S TAT E B R O K E R A G E

N O R T H O F N YC

H O U L I H A N L AW R E N C E SC A N TO D I S COV E R W H Y W E ’ R E T H E A R E A’ S H O M E F O R R E A L E S TAT E T I M E E M P O W E R S U S .C O M Source: OKMLS, MHMLS, SmartMLS, GMLS, 1/1/2021-12/31/2021, Westchester, Putnam, Dutchess Counties NY, Greater Greenwich, Darien, New Canaan, total dollar volume sold/rented combined.

Q2 2022 MARKET REPORT

Executive Summary As we downshift into Summer’s slower pace, we are reminded that there is no better place to live than in our area. Whether you’re watching fireworks from your blanket at Waveny Park, jumping off the Bell Island Bridge, or boating on Long Island Sound, there is no shortage of things to do here in the summertime.

It is no surprise that homebuyers love Darien, New Canaan, and Rowayton. For years, buyers have been attracted to our short commute to New York City, low taxes, and great schools. Add to that our incredible beaches, parks, and tree-lined neighborhoods, and it’s hard to imagine a better place to live.

While the allure of our communities is as strong as ever, after an unprecedented two years of the pandemic-fueled buyer activity, we are seeing signs of a return to normal in local real estate markets. The number of homes sold in Darien, New Canaan, and Rowayton during the second quarter was down 47%, 52%, and 20%, respectively, versus the same period last year. Inventory of homes for sale in local markets increased slightly during the second quarter but remained well below normal levels.

Stock market volatility, record-high inflation, and rising mortgage rates are giving buyers a lot to digest, making some seem less inclined to compete for an overpriced home. It is also worth noting that potential “trade-up” buyers who already own a home with a favorable mortgage rate are not inclined to trade their existing loan for a new one with a significantly higher rate.

As buyers exhibit less urgency and become more discerning, successful sellers will keep a close eye on pricing. Our persistent low supply of homes for sale should help prices remain fairly stable in the near term. However, in our view, the art of pricing a home for sale will become more challenging as recent comparable transactions, which may have been driven by “pandemic urgency,” become less relevant. The successful seller may want to consider more historical sales data in developing a proper pricing strategy going forward.

As the #1 brokerage in Greenwich, Darien, and New Canaan, Houlihan Lawrence is uniquely positioned to assist local luxury home buyers and sellers. We look forward to hearing from you!

With Warm Regards, Liz Nunan President and CEO

DARIEN

QUARTERLY MARKET OVERVIEW

HOMES SOLD

Q2 2022

Q2 2021

% CHANGE

YTD 2022

YTD 2021

% CHANGE

89

167

-46.7%

142

231

-38.5%

AVERAGE SALE PRICE

$1,949,980 $1,913,186

1.9%

$1,990,802 $1,808,412

10.1%

MEDIAN SALE PRICE

$1,695,000 $1,650,000

2.7%

$1,687,750 $1,451,000

16.3%

AVERAGE PRICE PER SQUARE FOOT

$577

$512

12.7%

$565

$496

13.9%

AVERAGE DAYS ON MARKET

23

76

-69.7%

40

85

-52.9%

% SALE PRICE TO LIST PRICE

106.3%

99.7%

6.6%

103.4%

99.0%

4.4%

TEN-YEAR MARKET HISTORY

Average Sale Price

$1,618,804

$1,619,781

$1,705,978

$1,673,646

Average Price/SqFt

$467

$474

$504

$490

$476

Days On Market

123

109

105

110

96.1%

96.9%

95.6%

96.0%

%Sale Price to List Price

$1,676,743 $1,603,743

$1,534,435

$1,655,525

$458

$429

$446

$505

$565

126

122

147

124

70

40

95.5%

94.7%

94.0%

96.3%

99.4%

103.4%

* Homes sold for 2022 are annualized based on actual sales year-to-date.

HOULIHANLAWRENCE.COM

$1,929,797 $1,990,802 Average Sale Price Average Price/SqFt Days On Market %Sale Price to List Price

DARIEN SUPPLY/DEMAND ANALYSIS AS OF JUNE 30, 2022 PRICE RANGE

SUPPLY: ACTIVE LISTINGS

AS OF JUNE 30, 2021

DEMAND: PENDING SALES

SUPPLY/ DEMAND RATIO*

SUPPLY: ACTIVE LISTINGS

2022 vs. 2021

DEMAND: PENDING SALES

SUPPLY/ DEMAND RATIO*

% CHANGE IN LISTINGS

% CHANGE IN PENDINGS

$0 - $499,999

1

1

1

0

1

0

0.0%

0.0%

$500,000 - $699,999

7

0

Not Valid

3

1

3

133.3%

-100.0%

$700,000 - $999,999

10

7

1

7

12

1

42.9%

-41.7%

$1,000,000 - $1,499,999

12

12

1

15

18

1

-20.0%

-33.3%

$1,500,000 - $1,999,999

12

9

1

17

22

1

-29.4%

-59.1%

$2,000,000 - $2,499,999

5

3

2

6

8

1

-16.7%

-62.5%

$2,500,000 - $2,999,999

8

9

1

4

17

1

100.0%

-47.1%

$3,000,000 - $3,999,999

8

7

1

6

9

1

33.3%

-22.2%

$4,000,000 and up

9

3

3

17

6

3

-47.1%

-50.0%

Market Totals

72

51

1

75

94

1

-4.0%

-45.7%

*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand

SOLD PROPERTIES YEAR-TO-DATE

PRICE RANGE $0 - $499,999

01/01/2022 06/30/2022

YEAR-OVER-YEAR

01/01/2021 06/30/2021

% CHANGE 2022/2021

0

3

-100.0%

$500,000 - $699,999

6

12

$700,000 - $999,999

21

31

$1,000,000 - $1,499,999

33

$1,500,000 - $1,999,999

32

07/01/2021 06/30/2022

07/01/2020 06/30/2021

% CHANGE 2022/2021

0

3

-100.0%

-50.0%

12

26

-53.8%

-32.3%

43

72

-40.3%

70

-52.9%

76

154

-50.6%

42

-23.8%

80

105

-23.8%

$2,000,000 - $2,499,999

15

17

-11.8%

33

48

-31.3%

$2,500,000 - $2,999,999

10

27

-63.0%

28

53

-47.2%

$3,000,000 - $4,999,999

20

28

-28.6%

50

52

-3.8%

5

1

400.0%

11

3

266.7%

142

231

-38.5%

333

516

-35.5%

$5,000,000 and up

Market Totals

Source: Smart MLS, Darien, Single Family Homes, Sold

ROWAYTON

QUARTERLY MARKET OVERVIEW

HOMES SOLD

Q2 2022

Q2 2021

% CHANGE

YTD 2022

YTD 2021

% CHANGE

24

30

-20.0%

34

50

-32.0%

AVERAGE SALE PRICE

$1,594,212 $1,734,375

-8.1%

$1,501,914 $1,647,567

-8.8%

MEDIAN SALE PRICE

$1,547,500 $1,637,500

-5.5%

$1,362,500 $1,577,000

-13.6%

AVERAGE PRICE PER SQUARE FOOT

$601

$512

17.4%

$594

$506

17.4%

AVERAGE DAYS ON MARKET

22

84

-73.8%

32

91

-64.8%

% SALE PRICE TO LIST PRICE

106.9%

100.9%

5.9%

105.6%

99.9%

5.7%

$1,337,148

$1,379,317

$1,273,417

$1,276,696

$1,345,651

$1,774,299

TEN-YEAR MARKET HISTORY

Average Sale Price

$1,135,078

Average Price/SqFt

$373

$439

$435

$463

$459

$445

$439

$452

$548

$594

Days On Market

99

117

136

145

110

92

139

111

80

32

93.7%

96.2%

94.9%

95.3%

95.0%

95.7%

95.3%

96.6%

99.3%

105.6%

%Sale Price to List Price

$1,340,895 $1,273,026

* Homes sold for 2022 are annualized based on actual sales year-to-date.

HOULIHANLAWRENCE.COM

$1,501,914 Average Sale Price Average Price/SqFt Days On Market %Sale Price to List Price

ROWAYTON SUPPLY/DEMAND ANALYSIS AS OF JUNE 30, 2022 PRICE RANGE

SUPPLY: ACTIVE LISTINGS

AS OF JUNE 30, 2021

DEMAND: PENDING SALES

SUPPLY/ DEMAND RATIO*

SUPPLY: ACTIVE LISTINGS

2022 vs. 2021

DEMAND: PENDING SALES

SUPPLY/ DEMAND RATIO*

% CHANGE IN LISTINGS

% CHANGE IN PENDINGS

$0 - $499,999

0

0

Not Valid

0

0

Not Valid

0.0%

0.0%

$500,000 - $699,999

1

0

Not Valid

1

0

Not Valid

0.0%

0.0%

$700,000 - $999,999

4

0

Not Valid

3

2

2

33.3%

-100.0%

$1,000,000 - $1,499,999

3

4

1

4

6

1

-25.0%

-33.3%

$1,500,000 - $1,999,999

5

5

1

4

2

2

25.0%

150.0%

$2,000,000 - $2,499,999

2

1

2

2

5

1

0.0%

-80.0%

$2,500,000 - $2,999,999

4

2

2

2

0

Not Valid

100.0%

0.0%

$3,000,000 - $3,999,999

1

2

1

3

1

3

-66.7%

100.0%

2

1

2

2

0

Not Valid

0.0%

0.0%

22

15

1

21

16

1

4.8%

-6.3%

$4,000,000 and up

Market Totals

*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand

SOLD PROPERTIES YEAR-TO-DATE

PRICE RANGE

01/01/2022 06/30/2022

YEAR-OVER-YEAR

01/01/2021 06/30/2021

% CHANGE 2022/2021

07/01/2021 06/30/2022

07/01/2020 06/30/2021

% CHANGE 2022/2021

$0 - $499,999

0

1

-100.0%

0

2

-100.0%

$500,000 - $699,999

4

6

-33.3%

5

12

-58.3%

$700,000 - $999,999

7

8

-12.5%

14

27

-48.1%

$1,000,000 - $1,499,999

8

8

0.0%

16

32

-50.0%

$1,500,000 - $1,999,999

7

12

-41.7%

15

26

-42.3%

$2,000,000 - $2,499,999

4

8

-50.0%

14

18

-22.2%

$2,500,000 - $2,999,999

2

2

0.0%

3

3

0.0%

$3,000,000 - $4,999,999

2

5

-60.0%

7

8

-12.5%

$5,000,000 and up

0

0

Not Valid

1

1

0.0%

34

50

-32.0%

75

129

-41.9%

Market Totals

Source: Smart MLS, Rowayton, Single Family Homes, Sold

NEW CANAAN

QUARTERLY MARKET OVERVIEW

HOMES SOLD AVERAGE SALE PRICE MEDIAN SALE PRICE

Q2 2022

Q2 2021

% CHANGE

YTD 2022

YTD 2021

% CHANGE

74

153

-51.6%

128

237

-46.0%

$2,173,081 $2,104,390

3.3%

$2,071,307 $2,001,925

3.5%

$2,050,000 $1,850,000

10.8%

$1,887,500 $1,737,500

8.6%

AVERAGE PRICE PER SQUARE FOOT

$446

$404

10.4%

$437

$391

11.8%

AVERAGE DAYS ON MARKET

48

87

-44.8%

62

100

-38.0%

% SALE PRICE TO LIST PRICE

103.7%

99.6%

4.1%

101.7%

98.8%

2.9%

TEN-YEAR MARKET HISTORY

Average Sale Price

$1,661,172

$1,929,472

$1,783,190

$1,770,026

$1,713,201

$1,628,160

$1,424,859

$1,670,517

$1,995,193

Average Price/SqFt

$388

$389

$406

$356

$355

$341

$316

$337

$400

$437

Days On Market

123

122

126

148

147

138

164

138

83

62

95.0%

94.9%

95.8%

93.8%

94.0%

92.2%

92.8%

95.4%

99.1%

101.7%

%Sale Price to List Price

* Homes sold for 2022 are annualized based on actual sales year-to-date.

HOULIHANLAWRENCE.COM

$2,071,307 Average Sale Price Average Price/SqFt Days On Market %Sale Price to List Price

NEW CANAAN SUPPLY/DEMAND ANALYSIS AS OF JUNE 30, 2022 PRICE RANGE

SUPPLY: ACTIVE LISTINGS

AS OF JUNE 30, 2021

DEMAND: PENDING SALES

SUPPLY/ DEMAND RATIO*

SUPPLY: ACTIVE LISTINGS

2022 vs. 2021

DEMAND: PENDING SALES

SUPPLY/ DEMAND RATIO*

% CHANGE IN LISTINGS

% CHANGE IN PENDINGS

$0 - $499,999

0

0

Not Valid

0

0

Not Valid

0.0%

0.0%

$500,000 - $699,999

1

0

Not Valid

0

1

0

0.0%

-100.0%

$700,000 - $999,999

6

2

3

7

6

1

-14.3%

-66.7%

$1,000,000 - $1,499,999

17

10

2

23

22

1

-26.1%

-54.5%

$1,500,000 - $1,999,999

15

9

2

24

28

1

-37.5%

-67.9%

$2,000,000 - $2,499,999

11

6

2

16

10

2

-31.3%

-40.0%

$2,500,000 - $2,999,999

8

8

1

16

9

2

-50.0%

-11.1%

$3,000,000 - $3,999,999

14

10

1

20

9

2

-30.0%

11.1%

$4,000,000 and up

26

4

7

25

4

6

4.0%

0.0%

Market Totals

98

49

2

131

89

1

-25.2%

-44.9%

*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand

SOLD PROPERTIES YEAR-TO-DATE

PRICE RANGE

01/01/2022 06/30/2022

YEAR-OVER-YEAR

01/01/2021 06/30/2021

% CHANGE 2022/2021

07/01/2021 06/30/2022

07/01/2020 06/30/2021

% CHANGE 2022/2021

$0 - $499,999

0

0

Not Valid

0

0

Not Valid

$500,000 - $699,999

2

7

-71.4%

4

15

-73.3%

$700,000 - $999,999

10

22

-54.5%

21

57

-63.2%

$1,000,000 - $1,499,999

32

62

-48.4%

86

160

-46.3%

$1,500,000 - $1,999,999

26

48

-45.8%

89

107

-16.8%

$2,000,000 - $2,499,999

19

39

-51.3%

46

66

-30.3%

$2,500,000 - $2,999,999

23

24

-4.2%

42

38

10.5%

$3,000,000 - $4,999,999

14

32

-56.3%

40

57

-29.8%

$5,000,000 and up

2

3

-33.3%

3

5

-40.0%

128

237

-46.0%

331

505

-34.5%

Market Totals

Source: Smart MLS, New Canaan, Single Family Homes, Sold

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