Houlihan Lawrence Q4-2023 Darien Rowayton and New Canaan Market Report

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

Market Report

FULL YEAR 2023

P R O U D LY C L O S E D $ 6 . 5 B I L L I O N I N S A L E S A N D R E P R E S E N T E D O V E R 7, 8 0 0 B U Y E R S A N D S E L L E R S I N 2 0 2 3

PUT THE POWER OF THE # 1 B R O K E R AG E

N O R T H O F N YC T O W O R K F O R YO U .

914.220.7000

H O U L I H A N L AW R E N C E .CO M

OKMLS, MHMLS, CGNDMLS, SMARTMLS, 1/1/23-12/31/23, Total Volume Sold by company, Single Family, Westchester, Putnam, Dutchess, Columbia and Fairfield Counties combined. Source: 1/1/2023-12/31/23, total sales both on and off MLS.

FULL YEAR 2023 MARKET REPORT

EXECUTIVE SUMMARY Opportunities and challenges marked the fourth quarter real estate landscape in Darien, Rowayton and New Canaan. Notably, the market saw a continued decline in home sales due to persistent low inventory levels over the past few years. Despite this decline, median prices increased across many markets, offering sellers favorable returns.

Amidst the inventory scarcity, we continue to benefit from the diverse offerings of recreation, cultural amenities, and vibrant communities our region has to offer. Most areas have sustained heightened demand across all price points, further fueling the competitive buyer environment. However, a small sign of change has emerged with a slight uptick in inventory observed in select luxury markets, though this remains an exception rather than the norm. The recent statements from the Federal Reserve indicating a potential reduction in interest rates in mid-2024 may serve as a catalyst, prompting more buyers and sellers to enter the market and start to alleviate the inventory shortage.

As we close the year, we thank our clients for their trust and business. We wish everyone a healthy and happy new year.

With Warm Regards, Liz Nunan President and CEO

DARIEN

QUARTERLY MARKET OVERVIEW Q4 2023

Q4 2022

56

59

HOMES SOLD

% FULL YEAR FULL YEAR % CHANGE 2023 2022 CHANGE -5.1%

239

284

-15.8%

AVERAGE SALE PRICE

$2,266,062 $2,217,246

2.2%

$2,443,235

$2,020,720

20.9%

MEDIAN SALE PRICE

$2,075,000 $1,800,929

15.2%

$1,925,000

$1,690,560

13.9%

AVERAGE PRICE PER SQUARE FOOT

$648

$582

11.3%

$638

$567

12.5%

AVERAGE DAYS ON MARKET

47

59

-20.3%

37

41

-9.8%

% SALE PRICE TO LIST PRICE

102.1%

100.6%

1.5%

99.4%

102.7%

-3.2%

TEN-YEAR MARKET HISTORY

Average Sale Price

$1,619,781

$1,705,978

$1,673,646

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

$1,534,435

$1,655,525

Average Price/SqFt

$474

$504

$490

$476

Days On Market

109

105

110

%Sale Price to List Price

96.9%

95.6%

96.0%

$458

$429

$446

$505

$567

$638

Average Price/SqFt

126

122

147

124

70

41

37

Days On Market

95.5%

94.7%

94.0%

96.3%

99.4%

102.7%

99.4%

HOULIHANLAWRENCE.COM

$1,929,797 $2,020,720 $2,443,235 Average Sale Price

%Sale Price to List Price

DARIEN SUPPLY/DEMAND ANALYSIS AS OF DECEMBER 31, 2023

AS OF DECEMBER 31, 2022

2023 vs. 2022

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

0

1

0

1

1

1

-100.0%

0.0%

$700,000 - $999,999

1

2

1

4

2

2

-75.0%

0.0%

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

1

1

1

3

5

1

-66.7%

-80.0%

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

1

4

1

0

1

0

0.0%

300.0%

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

1

0

Not Valid

4

4

1

-75.0%

-100.0%

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

0

0

Not Valid

0

3

0

0.0%

-100.0%

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

2

3

1

6

2

3

-66.7%

50.0%

$4,000,000 and up

10

3

3

4

1

4

150.0%

200.0%

Market Totals

16

14

1

22

20

1

-27.3%

-30.0%

PRICE RANGE

*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

01/01/2023 12/31/2023

$0 - $499,999

3

$500,000 - $699,999 $700,000 - $999,999

YEAR-OVER-YEAR

01/01/2022 12/31/2022

% CHANGE 2023/2022

01/01/2023 12/31/2023

0

Not Valid

3

10

13

-23.1%

22

39

-43.6%

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

48

68

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

39

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

50

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

01/01/2022 12/31/2022

% CHANGE 2023/2022

0

Not Valid

10

13

-23.1%

22

39

-43.6%

-29.4%

48

68

-29.4%

55

-29.1%

39

55

-29.1%

31

61.3%

50

31

61.3%

21

26

-19.2%

21

26

-19.2%

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

39

44

-11.4%

39

44

-11.4%

$5,000,000 and up

7

8

-12.5%

7

8

-12.5%

Market Totals

239

284

-15.8%

239

284

-15.8%

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

ROWAYTON

QUARTERLY MARKET OVERVIEW Q4 2023

Q4 2022

10

14

HOMES SOLD

% FULL YEAR FULL YEAR % CHANGE 2023 2022 CHANGE -28.6%

51

77

-33.8%

AVERAGE SALE PRICE

$1,554,000 $1,907,115

-18.5%

$1,909,274

$1,762,701

8.3%

MEDIAN SALE PRICE

$1,462,500 $1,585,000

-7.7%

$1,730,000

$1,595,000

8.5%

AVERAGE PRICE PER SQUARE FOOT

$645

$669

-3.6%

$646

$615

5.0%

AVERAGE DAYS ON MARKET

29

36

-19.4%

38

37

2.7%

% SALE PRICE TO LIST PRICE

104.7%

101.6%

3.1%

103.3%

102.7%

0.6%

TEN-YEAR MARKET HISTORY

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

$1,909,274 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

38

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%

103.3%

HOULIHANLAWRENCE.COM

%Sale Price to List Price

ROWAYTON SUPPLY/DEMAND ANALYSIS AS OF DECEMBER 31, 2023

AS OF DECEMBER 31, 2022

2023 vs. 2022

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

2

0

Not Valid

-100.0%

0.0%

$700,000 - $999,999

1

1

1

1

2

1

0.0%

-50.0%

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

3

1

3

0

0

Not Valid

0.0%

0.0%

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

1

0

Not Valid

2

0

Not Valid

-50.0%

0.0%

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

2

1

2

0

2

0

0.0%

-50.0%

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

1

0

Not Valid

0

0

Not Valid

0.0%

0.0%

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

0

0

Not Valid

1

0

Not Valid

-100.0%

0.0%

$4,000,000 and up

1

0

Not Valid

1

1

1

0.0%

-100.0%

Market Totals

9

3

3

7

5

1

28.6%

-40.0%

PRICE RANGE

*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

01/01/2023 12/31/2023

YEAR-OVER-YEAR

01/01/2022 12/31/2022

% CHANGE 2023/2022

01/01/2023 12/31/2023

01/01/2022 12/31/2022

% CHANGE 2023/2022

$0 - $499,999

0

0

Not Valid

0

0

Not Valid

$500,000 - $699,999

3

6

-50.0%

3

6

-50.0%

$700,000 - $999,999

8

11

-27.3%

8

11

-27.3%

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

7

17

-58.8%

7

17

-58.8%

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

14

22

-36.4%

14

22

-36.4%

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

7

6

16.7%

7

6

16.7%

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

6

9

-33.3%

6

9

-33.3%

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

5

5

0.0%

5

5

0.0%

$5,000,000 and up

1

1

0.0%

1

1

0.0%

Market Totals

51

77

-33.8%

51

77

-33.8%

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

NEW CANAAN

QUARTERLY MARKET OVERVIEW Q4 2023

Q4 2022

46

50

HOMES SOLD

% FULL YEAR FULL YEAR % CHANGE 2023 2022 CHANGE -8.0%

211

261

-19.2%

AVERAGE SALE PRICE

$2,377,004 $2,110,036

12.7%

$2,234,269

$2,177,383

2.6%

MEDIAN SALE PRICE

$1,928,500 $1,895,000

1.8%

$2,000,000

$1,916,752

4.3%

AVERAGE PRICE PER SQUARE FOOT

$446

$457

-2.4%

$474

$458

3.5%

AVERAGE DAYS ON MARKET

60

64

-6.3%

51

55

-7.3%

% SALE PRICE TO LIST PRICE

99.9%

98.0%

1.9%

99.6%

100.6%

-1.0%

TEN-YEAR MARKET HISTORY

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

Average Price/SqFt

$389

$406

$356

$355

$341

$316

$337

$400

$458

$474

Average Price/SqFt

Days On Market

122

126

148

147

138

164

137

83

55

51

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%

HOULIHANLAWRENCE.COM

$2,234,269 Average Sale Price

%Sale Price to List Price

NEW CANAAN SUPPLY/DEMAND ANALYSIS AS OF DECEMBER 31, 2023

AS OF DECEMBER 31, 2022

2023 vs. 2022

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

1

1

1

6

2

3

-83.3%

-50.0%

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

5

5

1

4

3

1

25.0%

66.7%

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

3

4

1

8

2

4

-62.5%

100.0%

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

2

3

1

3

0

Not Valid

-33.3%

0.0%

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

2

3

1

1

2

1

100.0%

50.0%

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

8

4

2

9

2

5

-11.1%

100.0%

PRICE RANGE

$4,000,000 and up

17

2

9

19

1

19

-10.5%

100.0%

Market Totals

38

23

2

50

13

4

-24.0%

76.9%

*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

01/01/2023 12/31/2023

YEAR-OVER-YEAR

01/01/2022 12/31/2022

% CHANGE 2023/2022

01/01/2023 12/31/2023

01/01/2022 12/31/2022

% CHANGE 2023/2022

$0 - $499,999

0

0

Not Valid

0

0

Not Valid

$500,000 - $699,999

0

4

-100.0%

0

4

-100.0%

$700,000 - $999,999

18

19

-5.3%

18

19

-5.3%

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

36

64

-43.8%

36

64

-43.8%

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

51

50

2.0%

51

50

2.0%

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

40

40

0.0%

40

40

0.0%

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

24

41

-41.5%

24

41

-41.5%

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

35

37

-5.4%

35

37

-5.4%

$5,000,000 and up

7

6

16.7%

7

6

16.7%

Market Totals

211

261

-19.2%

211

261

-19.2%

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

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