DARIEN, ROWAYTON, NEW CANAAN
Market Report
Q3-2023
202 3 EVENTS
We’re passionate in our support of breast cancer walks throughout our communities. Connect with your agent or visit any office to learn how you can help contribute.
MILES OF HOPE BREAST CANCER FOUNDATION WALK
Sunday, October 1, 2023
James Baird State Park Pleasant Valley, NY
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hlre.co/milesofhopeMB2023
SUPPORT CONNECTION SUPPORT-A-WALK
Sunday, October 1, 2023
FDR State Park
Yorktown Heights, NY or
Walk with us wherever you are, near or far in your own community.
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AMERICAN CANCER SOCIETY MAKING STRIDES AGAINST BREAST CANCER
Sunday, October 15, 2023
Manhattanville College
Purchase, NY
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EXECUTIVE SUMMARY
The third quarter of 2023 was marked by a scarcity of available properties north of New York City, perpetuating record low inventory levels.
The average list-to-sale price ratio surpassed 100%, reflecting intense buyer competition in most price categories. Homes spent the lowest amount of time on the market in years, attributed to ready, willing, and able buyers and a large percentage of cash purchases. Consequently, both sales and pending contracts experienced declines due to inventory constraints.
In certain markets, the number of top-price tier listings is beginning to increase, affording more variety for buyers. While the demand might suggest otherwise, buyers remain discerning. Accurate pricing remains critical as overly inflated prices can cause homes to be overlooked and seller disappointment.
We anticipate buyer demand to continue with our markets offering so much, from housing to recreation, culture, and more. It remains an opportune time to sell north of New York City, and we are grateful to our clients and communities for continuing to choose Houlihan Lawrence year after year.
With Warm Regards,
Liz Nunan President and CEOQ3-2023
REPORT
MARKET
QUARTERLY MARKET OVERVIEW
TEN-YEAR MARKET HISTORY
* Homes sold for 2023 are annualized based on actual sales year-to-date.
DARIEN
Q3 2023 Q3 2022 % CHANGE YTD 2023 YTD 2022 % CHANGE HOMES SOLD 74 83 -10.8% 181 225 -19.6% AVERAGE SALE PRICE $2,167,833 $1,932,206 12.2% $2,499,606 $1,969,187 26.9% MEDIAN SALE PRICE $1,765,000 $1,600,000 10.3% $1,867,000 $1,601,000 16.6% AVERAGE PRICE PER SQUARE FOOT $644 $559 15.2% $634 $563 12.6% AVERAGE DAYS ON MARKET 30 30 0.0% 32 36 -11.1% % SALE PRICE TO LIST PRICE 101.5% 103.4% -1.8% 98.6% 103.4% -4.6%
Average Sale Price $1,619,781 $1,705,978 $1,673,646 $1,676,743 $1,603,743 $1,534,435 $1,655,525 $1,929,797 $2,020,720 $2,499,606 Average Sale Price Average Price/SqFt $474 $504 $490 $476 $458 $429 $446 $505 $567 $634 Average Price/SqFt Days On Market 109 105 110 126 122 147 124 70 41 32 Days On Market %Sale Price to List Price 96.9% 95.6% 96.0% 95.5% 94.7% 94.0% 96.3% 99.4% 102.7% 98.6% %Sale Price to List Price
HOULIHANLAWRENCE.COM
SUPPLY/DEMAND ANALYSIS
SOLD PROPERTIES
DARIEN
AS OF SEPTEMBER 30, 2023 AS OF SEPTEMBER 30, 2022 2023 vs. 2022 PRICE RANGE SUPPLY: ACTIVE LISTINGS DEMAND: PENDING SALES SUPPLY/ DEMAND RATIO* SUPPLY: ACTIVE LISTINGS DEMAND: PENDING SALES SUPPLY/ DEMAND RATIO* % CHANGE IN LISTINGS % CHANGE IN PENDINGS $0 - $499,999 0 0 Not Valid 0 1 0 0.0% -100.0% $500,000 - $699,999 1 2 1 4 0 Not Valid -75.0% 0.0% $700,000 - $999,999 2 3 1 4 3 1 -50.0% 0.0% $1,000,000 - $1,499,999 6 3 2 9 5 2 -33.3% -40.0% $1,500,000 - $1,999,999 6 4 2 6 6 1 0.0% -33.3% $2,000,000 - $2,499,999 4 5 1 9 6 2 -55.6% -16.7% $2,500,000 - $2,999,999 1 5 1 4 4 1 -75.0% 25.0% $3,000,000 - $3,999,999 2 4 1 6 7 1 -66.7% -42.9% $4,000,000 and up 17 2 9 9 3 3 88.9% -33.3% MarketTotals 39 28 1 51 35 1 -23.5% -20.0% *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
YEAR-TO-DATE YEAR-OVER-YEAR PRICE RANGE 01/01/202309/30/2023 01/01/202209/30/2022 % CHANGE 2023/2022 10/01/202209/30/2023 10/01/202109/30/2022 % CHANGE 2023/2022 $0 - $499,999 2 0 Not Valid 2 0 Not Valid $500,000 - $699,999 7 10 -30.0% 10 14 -28.6% $700,000 - $999,999 20 32 -37.5% 27 42 -35.7% $1,000,000 - $1,499,999 40 57 -29.8% 51 72 -29.2% $1,500,000 - $1,999,999 28 46 -39.1% 37 65 -43.1% $2,000,000 - $2,499,999 35 20 75.0% 46 25 84.0% $2,500,000 - $2,999,999 16 21 -23.8% 21 25 -16.0% $3,000,000 - $4,999,999 29 34 -14.7% 39 47 -17.0% $5,000,000 and up 4 5 -20.0% 7 7 0.0% MarketTotals 181 225 -19.6% 240 297 -19.2%
Source: Smart MLS, Darien, Single Family Homes, Sold
QUARTERLY MARKET OVERVIEW
ROWAYTON
TEN-YEAR MARKET HISTORY
* Homes sold for 2023 are annualized based on actual sales year-to-date.
Q3 2023 Q3 2022 % CHANGE YTD 2023 YTD 2022 % CHANGE HOMES SOLD 18 29 -37.9% 41 63 -34.9% AVERAGE SALE PRICE $1,860,583 $1,998,733 -6.9% $1,995,927 $1,730,608 15.3% MEDIAN SALE PRICE $1,845,000 $1,750,000 5.4% $1,865,000 $1,595,000 16.9% AVERAGE PRICE PER SQUARE FOOT $642 $615 4.4% $646 $604 7.0% AVERAGE DAYS ON MARKET 59 43 37.2% 41 37 10.8% % SALE PRICE TO LIST PRICE 103.8% 100.8% 3.0% 103.0% 103.0% 0.0%
Average Sale Price $1,340,895 $1,273,026 $1,337,148 $1,379,317 $1,273,417 $1,276,696 $1,345,651 $1,774,299 $1,762,701 $1,995,927 Average Sale Price Average Price/SqFt $439 $435 $463 $459 $445 $439 $452 $548 $615 $646 Average Price/SqFt Days On Market 117 136 145 110 92 139 110 80 37 41 Days On Market %Sale Price to List Price 96.2% 94.9% 95.3% 95.0% 95.7% 95.3% 96.6% 99.3% 102.7% 103.0% %Sale Price to List Price
HOULIHANLAWRENCE.COM
SUPPLY/DEMAND ANALYSIS
SOLD PROPERTIES
ROWAYTON
AS OF SEPTEMBER 30, 2023 AS OF SEPTEMBER 30, 2022 2023 vs. 2022 PRICE RANGE SUPPLY: ACTIVE LISTINGS DEMAND: PENDING SALES SUPPLY/ DEMAND RATIO* SUPPLY: ACTIVE LISTINGS 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 0 0 Not Valid 1 0 Not Valid -100.0% 0.0% $700,000 - $999,999 2 0 Not Valid 4 0 Not Valid -50.0% 0.0% $1,000,000 - $1,499,999 3 0 Not Valid 1 1 1 200.0% -100.0% $1,500,000 - $1,999,999 3 2 2 0 1 0 0.0% 100.0% $2,000,000 - $2,499,999 0 0 Not Valid 1 0 Not Valid -100.0% 0.0% $2,500,000 - $2,999,999 0 0 Not Valid 0 1 0 0.0% -100.0% $3,000,000 - $3,999,999 0 1 0 1 2 1 -100.0% -50.0% $4,000,000 and up 2 0 Not Valid 0 2 0 0.0% -100.0% MarketTotals 10 3 3 8 7 1 25.0% -57.1% *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
YEAR-TO-DATE YEAR-OVER-YEAR PRICE RANGE 01/01/202309/30/2023 01/01/202209/30/2022 % CHANGE 2023/2022 10/01/202209/30/2023 10/01/202109/30/2022 % CHANGE 2023/2022 $0 - $499,999 0 0 Not Valid 0 0 Not Valid $500,000 - $699,999 3 5 -40.0% 4 6 -33.3% $700,000 - $999,999 6 10 -40.0% 7 14 -50.0% $1,000,000 - $1,499,999 4 13 -69.2% 8 14 -42.9% $1,500,000 - $1,999,999 10 18 -44.4% 14 21 -33.3% $2,000,000 - $2,499,999 7 6 16.7% 7 9 -22.2% $2,500,000 - $2,999,999 6 8 -25.0% 7 8 -12.5% $3,000,000 - $4,999,999 4 2 100.0% 7 5 40.0% $5,000,000 and up 1 1 0.0% 1 2 -50.0% MarketTotals 41 63 -34.9% 55 79 -30.4%
Source: Smart MLS, Rowayton, Single Family Homes, Sold
QUARTERLY MARKET OVERVIEW
NEW CANAAN
TEN-YEAR MARKET HISTORY
* Homes sold for 2023 are annualized based on actual sales year-to-date.
Q3 2023 Q3 2022 % CHANGE YTD 2023 YTD 2022 % CHANGE HOMES SOLD 69 85 -18.8% 165 211 -21.8% AVERAGE SALE PRICE $2,312,515 $2,352,915 -1.7% $2,194,476 $2,193,342 0.1% MEDIAN SALE PRICE $1,950,000 $2,075,000 -6.0% $2,000,000 $1,916,752 4.3% AVERAGE PRICE PER SQUARE FOOT $489 $489 0.0% $482 $458 5.2% AVERAGE DAYS ON MARKET 40 41 -2.4% 48 54 -11.1% % SALE PRICE TO LIST PRICE 99.0% 100.5% -1.5% 99.6% 101.2% -1.6%
Average Sale Price $1,929,472 $1,783,190 $1,770,026 $1,713,201 $1,628,160 $1,424,859 $1,670,517 $1,995,193 $2,177,383 $2,194,476 Average Sale Price Average Price/SqFt $389 $406 $356 $355 $341 $316 $337 $400 $458 $482 Average Price/SqFt Days On Market 122 126 148 147 138 164 137 83 55 48 Days On Market %Sale Price to List Price 94.9% 95.8% 93.8% 94.0% 92.2% 92.8% 95.4% 99.1% 100.6% 99.6% %Sale Price to List Price
HOULIHANLAWRENCE.COM
SUPPLY/DEMAND ANALYSIS
SOLD PROPERTIES
Source: Smart MLS, New Canaan, Single Family Homes, Sold
NEW CANAAN
AS OF SEPTEMBER 30, 2023 AS OF SEPTEMBER 30, 2022 2023 vs. 2022 PRICE RANGE SUPPLY: ACTIVE LISTINGS DEMAND: PENDING SALES SUPPLY/ DEMAND RATIO* SUPPLY: ACTIVE LISTINGS 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 0 1 0 0 1 0 0.0% 0.0% $700,000 - $999,999 2 1 2 8 1 8 -75.0% 0.0% $1,000,000 - $1,499,999 11 7 2 8 6 1 37.5% 16.7% $1,500,000 - $1,999,999 9 4 2 12 7 2 -25.0% -42.9% $2,000,000 - $2,499,999 3 2 2 9 7 1 -66.7% -71.4% $2,500,000 - $2,999,999 10 1 10 2 5 1 400.0% -80.0% $3,000,000 - $3,999,999 14 6 2 9 5 2 55.6% 20.0% $4,000,000 and up 23 3 8 28 2 14 -17.9% 50.0% MarketTotals 72 25 3 76 34 2 -5.3% -26.5% *Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
YEAR-TO-DATE YEAR-OVER-YEAR PRICE RANGE 01/01/202309/30/2023 01/01/202209/30/2022 % CHANGE 2023/2022 10/01/202209/30/2023 10/01/202109/30/2022 % CHANGE 2023/2022 $0 - $499,999 0 0 Not Valid 0 0 Not Valid $500,000 - $699,999 0 4 -100.0% 0 5 -100.0% $700,000 - $999,999 17 14 21.4% 22 17 29.4% $1,000,000 - $1,499,999 24 54 -55.6% 34 73 -53.4% $1,500,000 - $1,999,999 41 37 10.8% 54 57 -5.3% $2,000,000 - $2,499,999 33 32 3.1% 41 37 10.8% $2,500,000 - $2,999,999 20 35 -42.9% 26 40 -35.0% $3,000,000 - $4,999,999 26 29 -10.3% 34 39 -12.8% $5,000,000 and up 4 6 -33.3% 4 7 -42.9% MarketTotals 165 211 -21.8% 215 275 -21.8%
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