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
3 GLOBAL NETWORKS - REACHING 56 COUNTRIES & 6 CONTINENTS Leading Real Estate Companies of the World | Luxury Portfolio International Board of Regents Luxury Real Estate